EXHIBIT 10.60.1
AMENDMENT AGREEMENT
For good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, it is mutually agreed that the Loan and Security
Agreement dated the 30th day of August, 1995 by Xxxxx Indiana, Inc., a Delaware
corporation("Borrower") in favor of debis Financial Services, Inc. d/b/a DDC-MTU
Financial Services, Inc. ("Lender") is hereby amended as follows:
In Section One, Advances to Borrower, Section 1.3 shall be deleted in its
entirety and replaced by the following:
1.3 Advances shall be disbursed in arrears, for work that has actually
been completed, for materials that have been incorporated into the Vessel,
and/or for value that has otherwise been added to the Vessel. Borrower shall be
entitled to request an Advance in the amounts specified below at the following
times:
(a) $3,600,000.00 Due upon completion of deck, bottom and sides of
first module of approximately 35 feet in length;
(b) $3,150,000.00 Due upon completion of installation of engines in
Vessel;
(c) $3,000,000.00 Due upon launching of Vessel and satisfactory
completion of sea trials;
(d) $3,750,000.00 Due when the Vessel is ready to depart from
Atlantic Marine, Inc. on its delivery voyage to
Gary, Indiana;
(e) $1,500,000.00 Due upon delivery to and acceptance by Borrower,
and tender to Lender of original Builder's
Certificate of Completion, together with all
necessary surveys and safety inspections
Except for the above stated modification, the Loan and Security Agreement shall
remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment Agreement as of
this 25th day of October, 1995.
BORROWER: XXXXX INDIANA, INC.
BY: /s/ Xxxxxxxx X. Xxxxx
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XXXXXXXX X. XXXXX
PRESIDENT
LENDER: DEBIS FINANCIAL SERVICES, INC. D/B/A
DDC-MTU FINANCIAL SERVICES
BY: /s/ Xxxxx Xxxxxxx
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XXXXX XXXXXXX
VICE-PRESIDENT
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