on the corresponding task and all prior tasks on the Amended
Production Schedule has been completed in all respects in accordance with the
Contract, Plans and Specifications and ABS Standards.
Buyer's inspector certifies that he has inspected the work required on the
referenced milestone and on the corresponding task and all prior tasks on the
Amended Production Schedule and that it has been completed in all respects in
accordance with the Contract, Plans, and Specifications and ABS Standards.
SENESCO Marine further certifies that there are no liens created by SENESCO
Marine on the vessel being Hull Number #46, and that SENESCO Marine has not
encumbered said vessel in any way.
SENESCO Marine hereby agrees to indemnify and hold Buyer/Financial Institution
harmless from any claim, liens or encumbrances, incurred by Buyer/Financial
Institution arising out of any misrepresentation herein.
This request for payment is subject to the Contract and nothing in this request
for payment alters or amends the Contract or the respective obligations of the
parties hereto.
SENESCO Marine
USC ATB LLC
Project Manager
Buyer's Inspector
Dated: _______________
Dated: _______________
36
APPENDIX 8a
AMENDED TUG LETTER OF CREDIT
AMENDED IRREVOCABLE STANDBY LETTER OF CREDIT NO. RS64136375
DATE OF ISSUE: OCTOBER 21, 2004
DATE OF AMENDMENT: NOVEMBER
, 2005
ISSUING BANK:
[
]
APPLICANT:
MALCOLM G. CHACE
C/O POINT GAMMON CORP
1 PROVIDENCE WASHINGTON BLDG
PROVIDENCE, RI 02903
BENEFICIARY:
USCS ATB LLC
PO BOX 2945
EDISON, NEW JERSEY 08818-2945
ATTN: ALAN E. COLLETTI
AMOUNT/CURRENCY:
USD 3,000,000.00
THREE MILLION AND 00/100'S US DOLLARS
DATE AND PLACE OF EXPIRY:
DECEMBER 31, 2007 OUR COUNTERS
GENTLEMEN:
WE HEREBY AMEND OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. RS64136375 IN YOUR
FAVOR AS BENEFICIARY IN THE AMOUNT USD 3,000,000.00 (THREE MILLION UNITED STATES
DOLLARS), WHICH CREDIT IS AVAILABLE WITH BANK OF AMERICA BY PAYMENT OF
BENEFICIARY'S DRAFT(S) AT SIGHT DRAWN ON BANK OF AMERICA.
THE EXPIRY DATE IS CHANGED TO DECEMBER 31, 2007.
DRAFTS MUST BE ACCOMPANIED BY:
1.
THE ORIGINAL LETTER OF CREDIT AND ALL AMENDMENTS, IF ANY.
37
THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: RS64136375
2.
A BENEFICIARY'S DATED STATEMENT ON BENEFICIARY'S LETTERHEAD PURPORTEDLY SIGNED
BY AN AUTHORIZED OFFICER STATING "UNDER PENALTY OF PERJURY, WE HEREBY CERTIFY
THAT" AND ONE OF THE FOLLOWING:
QUOTE
THERE IS A BREACH OR DEFAULT ON THE PART OF SOUTHEASTERN NEW ENGLAND
SHIPBUILDING CORPORATION D/B/A SENESCO MARINE ("SENESCO") UNDER THE ARTICULATED
TUG BARGE BUILDING AGREEMENT DATED AS OF AUGUST 7, 2004 (AS AMENDED, THE
"AGREEMENT") BETWEEN SENESCO, BENEFICIARY, AS BUYER, AND UNITED STATES CHEMICAL
SHIPPING LLC, AS GUARANTOR, FOR THE CONSTRUCTION OF A TUG BOAT KNOWN AS HULL
NO. 318 (THE "TUG") FOR WHICH THERE IS NO APPLICABLE CURE PERIOD OR FOR WHICH
THE APPLICABLE CURE PERIOD HAS EXPIRED WITHOUT CURE; AND THE BENEFICIARY HAS
(A) TAKEN OVER OR OTHERWISE CONTRACTED FOR THE COMPLETION OF THE CONSTRUCTION OF
THE TUG, AND (B) INCURRED REASONABLE COSTS, IN ADDITION TO AMOUNTS PAID FOR
BUYER FURNISHED EQUIPMENT (AS DEFINED IN THE AGREEMENT) AND TO SENESCO UNDER THE