OR INVESTMENT ARRANGEMENTS, DEPOSIT OR CHECKING ACCOUNTS
OR SAFE DEPOSIT BOXES; (B) THE TYPES OF THOSE ARRANGEMENTS AND ACCOUNTS,
INCLUDING, AS APPLICABLE, NAMES IN WHICH ACCOUNTS OR BOXES ARE HELD, THE ACCOUNT
OR BOX NUMBERS AND THE NAME OF EACH PERSON AUTHORIZED TO DRAW THEREON OR HAVE
ACCESS THERETO; AND (C) THE NAME OF EACH PERSON HOLDING A GENERAL OR SPECIAL
POWER OF ATTORNEY FROM SEA COAST AND A DESCRIPTION OF THE TERMS OF EACH SUCH
POWER.
SECTION 3.14
CONDITION OF ASSETS; ELIGIBILITY FOR
COASTWISE TRADE.
(A)
SCHEDULE 3.14(A)(1) SETS FORTH A LIST OF ALL MATERIAL ASSETS
OF SEA COAST OTHER THAN THE VESSELS, WHICH ARE LISTED ON SCHEDULE 3.14(B).
EXCEPT AS SET FORTH IN SCHEDULE 3.14(A)(2), ALL TANGIBLE ASSETS OF SEA COAST ARE
IN GOOD, SERVICEABLE CONDITION, SUBJECT ONLY TO NORMAL MAINTENANCE REQUIREMENTS
AND NORMAL WEAR AND TEAR REASONABLY EXPECTED IN THE ORDINARY COURSE OF BUSINESS.
EXCEPT AS SET FORTH ON SCHEDULE 3.14(A)(3), THERE ARE NO MATERIAL ASSETS
(WHETHER OR NOT OWNED BY SEA COAST) NOT LISTED ON SCHEDULE 3.14(A)(1) OR
SCHEDULE 3.14(B) THAT ARE USED IN OR NECESSARY FOR THE OPERATION OF THE BUSINESS
OF SEA COAST AS CURRENTLY CONDUCTED.
(B)
SCHEDULE 3.14(B) SETS FORTH A LIST OF EACH VESSEL (INCLUDING
VESSELS UNDER CONSTRUCTION) (THE "VESSELS") OF SEA COAST, WITH AN INDICATION (AS
APPLICABLE) OF VESSEL TYPE, YEAR BUILT, AMERICAN BUREAU OF SHIPPING
CLASSIFICATION (INCLUDING ANY RECOMMENDATIONS), FLAG, CAPACITY (AND/OR
HORSEPOWER AS APPLICABLE), ASSOCIATED LIENS, GROSS TONNAGE AND OPA 90 PHASE-OUT
DATES AND DATE OF LAST DRYDOCKING.
13
(C)
EXCEPT AS SET FORTH IN SCHEDULE 3.14(C), EACH OF THE VESSELS
IS SEAWORTHY IN ALL MATERIAL RESPECTS.
EACH SUCH VESSEL IS EQUIPPED WITH THE
MACHINERY, ENGINES, INSTRUMENTS, RIGGING, ANCHORS, CHAINS, CABLES, TACKLE,
APPAREL, ACCESSORIES, EQUIPMENT, RADIO INSTALLATION AND NAVIGATIONAL EQUIPMENT,
INVENTORY, SPARE PARTS AND ALL OTHER APPURTENANCES NECESSARY FOR THE OPERATION
OF SUCH VESSEL IN THE ORDINARY COURSE OF BUSINESS CONSISTENT WITH PAST
PRACTICES.
EXCEPT AS SET FORTH ON SCHEDULE 3.14(C), SINCE THE VESSELS' LAST
DRYDOCKING, NO VESSEL HAS BEEN GROUNDED, STRANDED OR SUFFERED ANY OTHER
OCCURRENCE OR CASUALTY THAT COULD HAVE CAUSED OR ACTUALLY DID CAUSE ANY DAMAGE
TO SUCH VESSEL.
(D)
EXCEPT AS SET FORTH ON SCHEDULE 3.14(D), EACH OF THE VESSELS
IS DULY DOCUMENTED IN SEA COAST'S NAME UNDER THE LAWS AND FLAG OF THE UNITED
STATES OF AMERICA AND SATISFIES THE REQUIREMENTS FOR COASTWISE DOCUMENTATION,
HAS NOT BEEN "SOLD FOREIGN" WITHIN THE MEANING OF THE JONES ACT (46 U.S.C. APP.
883) AND ALL COASTWISE LICENSES, PERMITS, CERTIFICATES, REGISTRATIONS, APPROVALS
AND OTHER AUTHORIZATIONS NECESSARY TO OPERATE THE VESSELS AS CURRENTLY OPERATED
ARE VALID AND CURRENT.
(E)
EXCEPT AS SET FORTH IN SCHEDULE 3.14(E), EACH VESSEL HAS A
VALID, CURRENT AND UNEXTENDED U.S. COAST GUARD INSPECTION CERTIFICATE, WHERE
APPLICABLE, AND ALL OTHER LICENSES, PERMITS, CERTIFICATES, REGISTRATIONS,
APPROVALS AND OTHER AUTHORIZATIONS (INCLUDING CERTIFICATES OF FINANCIAL
RESPONSIBILITY (WATER POLLUTION)) THAT ARE REQUIRED BY APPLICABLE LAW.
THERE
ARE NO OUTSTANDING CG-835 CERTIFICATES OR CAPTAIN OF THE PORT ORDERS WITH
RESPECT TO THE VESSELS OR THE OPERATION THEREOF.
SECTION 3.15