Concerning Section 6.01 Clause Samples

Concerning Section 6.01. (A) In connection with Section 6.01(b), add the following Security Defaults:

Concerning Section 6.01. Section 6.01 (a) is hereby amended by adding at the end thereof the following additional provision: “Notwithstanding any provisions of this Section 6.01(a) or any other provisions of this Security Agreement to the contrary, in the event of any Payment Default in the payment of any interest or principal with respect to any Obligations of any Series, such Payment Default shall constitute a Default as to all Series for all purposes under this Security Agreement, following which the Secretary may exercise the Secretary’s rights, remedies and privileges as to all Obligations of all such Series.” Section 6.01 (b) is hereby amended by replacing the words “The following shall constitute” with the words “Each of the following events, if continued for the greater period of ninety (90) days after the occurrence of such event or the time specified therein, shall constitute” in the first clause thereof. Section 6.01 (b) is hereby amended by adding the words “either K-Sea LP’s or” after the words “Secretary shall have assumed” in the last clause thereof. Section 6.01 (b)(7) is hereby amended by adding at the end thereof the following additional provision: “or any payment default by either the Shipowner or K-Sea LP under any of either’s credit or loan arrangements with other lenders;” Section 6.01 (b)(9) is hereby deleted in its entirety.