Concerning Section 2. 09. With respect to clause (1) of the proviso to Section 2.09 of Exhibit 1 to the Indenture, a written agreement of indemnity which is satisfactory in form and substance to the Secretary, the Shipowner, and the Indenture Trustee, executed and delivered by an institutional Holder having a capital and surplus of at least $100,000,000 shall be considered sufficient indemnity to the Secretary, the Shipowner, and the Indenture Trustee in connection with the execution, authentication and delivery of any new Obligations or the making of any payment as contemplated by said Section 2.09.
Concerning Section 2. 04. The Shipowner and the Indenture Trustee shall not enter into any Supplemental Indenture, and the Indenture Trustee shall not enter into any supplement to the Authorization Agreement, pursuant to Section 2.04 of Exhibit 1 to this Indenture, except to provide for the issuance of additional Obligations of any series and Stated Maturity theretofore issued, or of one or more additional series for the purpose of aiding in financing or refinancing the construction, reconstruction or reconditioning of one or more of the Vessels, or to refund Obligations issued for such purpose.
Concerning Section 2. 02. Section 2.02(a) is hereby amended and restated as follows:
Concerning Section 2. 10 of Exhibit 1 to the Indenture, on and after the Effective Date, the Shipowner shall not execute and the Indenture Trustee shall not authenticate, transfer, exchange or deliver any Obligation unless in the form of Exhibit A to Supplement No. 2 to Indenture.
Concerning Section 2. 02. Section 2.02(c) is revised to read as follows:
Concerning Section 2. 06. Interest at the Applicable Interest Rate shall be due on each Disbursement at the end of each Interest Period. The Indenture Trustee, based on information received from the Facility Agent (but only in connection with the Floating Rate Note), will determine the Applicable Interest Rate for each Interest Period.
Concerning Section 2. 10. The first paragraph of Section 2.10(c) is revised to read as follows:
Concerning Section 2. 08. The notice in Section 2.08(c) shall read as follows with respect to each Vessel: "NOTICE OF MORTGAGE" "This Vessel is owned by K-SEA OPERATING PARTNERSHIP L.P., a Delaware limited partnership (the "Shipowner"), and is covered by a First Preferred Fleet Mortgage in favor of the United States of America, under authority of Chapter 000, Xxxxx 00 xx xxx Xxxxxx Xxxxxx Code. Under the terms of said Fleet Mortgage neither the Shipowner, any charterer, the master or agent of this Vessel nor any other person has any right, power or authority to create, incur or permit to be placed or imposed upon this Vessel any lien whatsoever other than statutory liens incident to current operations that are subordinate to said Fleet Mortgage."
Concerning Section 2. 04. Prior to the earlier of (i) August 15, 2002, or (ii) two (2) years from the Delivery Date, the Shipowner and the Indenture Trustee may enter into a Supplemental Indenture, and the Indenture Trustee may enter into a supplement to the Authorization Agreement, pursuant to Section 2.04 of Exhibit 1 to this Indenture, to provide for the issuance of fixed rate obligations in the form of Exhibit 3 hereto for the purpose of repaying the Floating Rate Note; PROVIDED HOWEVER, that the Shipowner and Indenture Trustee have obtained the prior written consent of the Secretary and FURTHER PROVIDED, that (a) except for the final issuance, each issuance of a Fixed Rate Note must be in a minimum aggregate principal amount of $50,000,000, and (b) the proceeds from the issuance of Fixed Rate Notes shall be used to pay off, satisfy and cancel the Floating Rate Note; PROVIDED, HOWEVER, that during the Construction Period, the Floating Rate Note need not be paid off in its entirety and need only be reduced by the net proceeds from the issuance of the Fixed Rate Notes.
Concerning Section 2. 14. Section 2.14 is hereby deleted.
