Concerning Subsection 1.03(a). Subsection 1.03(a) is hereby amended by deleting it in its entirety and substituting the following provision in its place:
(a) In order to create a present security interest in the Secretary, the Assuming Shipowner does hereby grant, sell, convey, assign, transfer, mortgage, pledge, set over and confirm unto the Secretary continuing security interests in all of the right, title and interest of the Assuming Shipowner in and to all of the following, whether now owned or existing or hereafter arising or acquired:
(1) All goods, whether equipment or inventory appertaining to or relating to the Vessel, whether or not on board or ashore and not covered by the Mortgage, and any charter and charter hire relating to such Vessel;
(2) The Title XI Reserve Fund, all monies, instruments, negotiable documents, chattel paper, and proceeds thereof currently on deposit or hereafter deposited in, or credited to, the Title XI Reserve Fund;
(3) All monies, instruments, negotiable documents, chattel paper and proceeds thereof held by the Depository under the Depository Agreement;
(4) Proceeds of Policies of Insurance relating to the Vessel and, whether or not insured, any general average claims or loss of hire claims the Assuming Shipowner may have with respect to the Vessel;
(5) The indemnification of the Assuming Shipowner by Delaware North Park Services, Inc. pursuant to the Asset Purchase Agreement relating to the Assuming Shipowner’s receipt of clear title to the Vessel; and
(6) All proceeds of the collateral described in paragraphs (1) through (5) of this section. The Secretary shall have, as further security, certain right, title and interest in and to the following:
(7) The Mortgage, executed and delivered by the Original Shipowner in favor of the Secretary, as mortgagee, as assumed by the Assuming Shipowner pursuant to the Mortgage Assumption.
