Document:

First Amendment to Amended and Restated Revolving Credit Agreement

 Exhibit 10.1 
  
 FIRST AMENDMENT TO AMENDED AND RESTATED 
 REVOLVING CREDIT AGREEMENT 
  
 THIS FIRST AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT (this “Amendment”), dated as of May 18, 2005 (the “Effective Date”), is among Tidewater Inc., (the “Company”), the Domestic Subsidiaries
of the Company named on Exhibit “A” attached hereto (herein together with the Company called the “Companies”), Fleet National Bank, as administrative agent (the “Administrative Agent”), JPMorgan Chase Bank, N.A.,
as successor to Bank One, NA (Main Office Chicago), as documentation agent (the “Documentation Agent”), and Royal Bank of Canada and Wells Fargo Bank, N.A., as successor to Wells Fargo Bank Texas, N.A., as co-syndication agents (the
“Syndication Agents”) (the Administrative Agent, the Documentation Agent and the Syndication Agents, collectively, the “Agents”), and certain of the banks listed on the signature pages hereof (the “Original Lenders”),
who agree as follows: 
  
 RECITALS 
  
 A. The Companies, the Agents and the Original Lenders have executed an
Amended and Restated Revolving Credit Agreement dated as of August 15, 2003 (the “Credit Agreement”). 
  
 B. The Companies have requested that the Original Lenders (i) increase the Commitments from $295,000,000 to $300,000,000 (with the option, subject to
receiving additional Commitments, to further increase the Commitments to up to $400,000,000), (iii) extend the Termination Date from April 30, 2008 to May 18, 2010, (iii) modify the Applicable Base Rate Margin, Applicable Eurodollar Rate Margin and
Commitment Fee Rate, and (iv) modify certain financial covenants. The Companies have also requested that at least one additional Lender become a party to the Credit Agreement (the Original Lenders and the additional Lender(s) called the
“Lenders”). 
  
 C. The Agent and Lenders are willing to
accept the Companies’ requests on the terms and conditions set forth below. 
  
 D. Capitalized terms used herein, and not otherwise defined herein, shall have the meanings defined in the Credit Agreement. 
  
 NOW, THEREFORE, in consideration of the mutual covenants and undertakings, the parties hereby agree as follows: 
  
 ARTICLE 1 
 AMENDMENTS TO THE CREDIT AGREEMENT 
  
 1.1 Exhibit A (List of Domestic Subsidiaries) attached to the Amendment is hereby substituted for the Exhibit A attached to the Credit Agreement. 
  

 1 

 1.2 Exhibit B (Line of Credit Commitments of the Lenders) attached to this Amendment is hereby
substituted for the Exhibit B attached to the Credit Agreement. The Original Lenders agree that their respective advances outstanding on the Effective Date shall be increased or decreased as necessary to reflect the revised Commitments set forth on
Exhibit B attached to this Amendment. To the extent that any Original Lender’s Pro Rata Share changes as a result of such adjustments, such Original Lender hereby assigns or accepts the interest of the other Lenders in order to effect
such adjustments. 
  
 1.3 Section 1.1 (Line of Credit) of the
Credit Agreement is hereby amended to read as follows: 
  
 1.1 Line of Credit. The Lenders shall severally establish a revolving line of credit (the “Line of Credit”) which may be drawn upon by the Companies on any Business Day during the period from the Effective Date until the
Termination Date, in such amounts (but not less than $5,000,000 per Advance and above $5,000,000 in even multiples of $1,000,000) as the Companies may from time to time request (individually, an “Advance” and, collectively, the
“Advances”), but not exceeding $300,000,000 (as such amount may be increased pursuant to Section 1.1.2 below or decreased pursuant to Section 4.2 hereof), being the aggregate amount of the commitments for the Line of Credit set forth on
Exhibit B hereto (the “Line of Credit Commitments”) as of the Effective Date. The credit available to the Companies from time to time under the Line of Credit shall be reduced by (i) the aggregate amount of any and all unpaid Advances
outstanding on the Line of Credit, (ii) the aggregate amount of any and all unpaid Advances outstanding on the Swing Line Loan, and (iii) the aggregate face amount of all outstanding Letters of Credit, and shall constitute the “Available
Credit.” 
  
 1.4 Section 1.1.2 (Increase of Credit Facility)
of the Credit Agreement is hereby amended and restated to read as follows: 
  
 1.1.2 Increase of Credit Facility. The Companies and the Administrative Agent and Documentation Agent, without the consent of any other Lenders, may increase the Credit Facility one or more times, up to the
aggregate amount of $400,000,000, by either or both of the following methods: (i) one or more existing Lenders voluntarily increases its Line of Credit Commitment and/or (ii) one or more additional lenders approved by the Companies issue Line of
Credit Commitments and become parties to and Lenders under this Agreement; provided, that each of the Lenders shall have the first right to increase its Commitment in an amount equal to its Pro Rata Share of the total increase in the
Commitments; and provided further, that any new Lender shall meet the qualifications applicable for an Eligible Assignee; and provided further, that any Lender organized under a jurisdiction other than the United States has provided
the Administrative Agent and the Company with the tax forms prescribed in Section 11.6 hereof (and provided further that such foreign Lender shall not transfer its interests, rights or obligations under 
  

 - 2 - 

 this Agreement to any Affiliate of such foreign Lender unless such Affiliate provides the Administrative
Agent and the Company with the aforesaid tax forms. In the event of either or both (i) and (ii) above, the Documentation Agent shall amend and restate Exhibit B hereto to reflect the revised Line of Credit Commitments of increasing or new Lenders
and the adjusted Pro Rata Shares of all Lenders; the Documentation Agent shall promptly distribute the revised Exhibit B to the Company and to all Lenders. The Line of Credit Commitment of a Lender may not be increased without the consent of that
Lender. Any additional Lenders shall become a party to this Agreement by delivering to the Administrative Agent an executed signature page of this Agreement. The Company and its Domestic Subsidiaries shall execute and deliver new Line of Credit
Notes to existing Lenders for the increased amount of their Line of Credit Commitments and shall deliver new Line of Credit Notes to new Lenders for the amount of their Line of Credit Commitments. 
  
 1.5 Section 6.3(a) of the Credit Agreement is hereby amended and restated to
read as follows: 
  
 6.3 Covenant to Secure
Credit Facility Equally. (a) The Company agrees that if it or any of its Subsidiaries incurs or permits to exist any Debt in any event in excess of an aggregate principal amount equal to $10,000,000 which is secured by any Lien of any kind upon
any of its property or assets, whether now owned or hereafter acquired (except as permitted by Section 6.8(v) hereof), unless prior written consent to the creation or assumption thereof shall have been obtained, the Company will and/or will cause
its Subsidiaries simultaneously to secure the Credit Facility equally and ratably with any and all other Debt thereby secured, as long as any such other Debt shall be so secured. 
  
 1.6 Section 6.8 (Liens) of the Credit Agreement, Clause (vi), is hereby amended to substitute “twenty-five percent
(25%) of Consolidated Stockholders’ Equity” for “fifteen percent (15%) of Consolidated Stockholders’ Equity.” 
  
 1.7 Section 6.10 (Dispositions of Stock and Debt) of the Credit Agreement is hereby amended and restated to read as follows: 
  
 6.10 Sale of Assets. Except as permitted by Section
6.11, the Companies will not, and will not permit any other Subsidiary to, sell, lease, transfer or otherwise dispose of, including by way of merger (collectively a “Disposition”), any assets, including capital stock of Subsidiaries, in
one or a series of transactions, to any Person, other than: 
  
 (a) Dispositions of assets in the ordinary course of business, including the demise charter, time charter and bareboat charter of any vessel; 
  
 (b) Dispositions of assets by a Domestic Subsidiary to the Company or to any other Domestic Subsidiary or by
the Company to any Domestic Subsidiary; 
  
 (c)
Dispositions of assets by a Foreign Subsidiary to the Company or any other Subsidiary; 
  

 - 3 - 

 (d) Subject to Section 6.9(v), Dispositions of the capital stock of a Subsidiary in
connection with the creation of a joint venture; or 
  
 (e) Dispositions of assets not otherwise permitted by this Section 6.10, provided that the aggregate net book value of all assets so disposed of in any fiscal year pursuant to this Section 6.10(e) does not exceed 15% of Consolidated Total
Assets as of the end of the immediately preceding fiscal year. 
  
 Notwithstanding the foregoing, the Company or any Domestic Subsidiary may make a Disposition of assets, and the assets subject to such Disposition shall not be subject to or included in the foregoing limitation and computation contained in
clause (e) of the preceding sentence, to the extent that the net proceeds from such Disposition are within 365 days of such Disposition reinvested in tangible assets to be used in the existing business of the Company or any Domestic Subsidiary,
including the refurbishment of existing or new vessels. 
  
 1.8
Section 6.11 (Mergers and Consolidations) of the Credit Agreement is hereby amended and restated to read as follows: 
  
 6.11 Mergers and Consolidations. The Companies agree that they will not and will not permit any Subsidiary to merge or consolidate
with any other corporation, except that provided no Default has occurred and is continuing and further provided that no Default will occur as a result thereof: 
  

(a) any Subsidiary may merge or consolidate with the Company (provided that the Company shall be the continuing or surviving
corporation) or with any one or more other Subsidiaries; 
  
 (b) the Company may merge or consolidate with any corporation provided that the Company shall be the continuing or surviving corporation; 
  
 (c) any Subsidiary may merge or consolidate with any corporation provided such continuing or surviving
corporation shall remain or become a Subsidiary of the Company; and 
  
 (d) the Companies may make dispositions permitted under Section 6.10. 
  
 1.9 Section 6.12 (Minimum EBITDA to Fixed Charge Ratio), Section 6.13 (Maximum Funded Debt to EBITDA Ratio) and Section 6.14 (Maximum Funded Debt to Total
Capitalization Ratio) of the Credit Agreement are hereby amended and restated to read as follows: 
  
 6.12 Minimum EBITDA to Interest Ratio. The Company agrees that it will not permit its EBITDA to Interest Ratio to be less than 3.00
to 1.00, as of the end of each fiscal quarter of the Company. 
  

 - 4 - 

 6.13 Intentionally Omitted. 
  
 6.14 Maximum Funded Debt to Total Capitalization
Ratio. The Company agrees that it will not permit its Funded Debt to Total Capitalization Ratio to be greater than 0.55 to 1.00, as of the end of each fiscal quarter of the Company. 
  
 1.10 Section 10.6 (Assignments and Participations) of Credit Agreement is hereby amended and restated to read as follows:

  
 10.6 Successors and Assigns Generally,
Assignments and Participations. (a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby,
except that none of the Companies may assign or otherwise transfer any of their rights or obligations hereunder without the prior written consent of the Administrative Agent and all of the Lenders, and no Lender may assign or otherwise transfer any
of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section, or (iii)
by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or
implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants as defined in and to the extent provided in subsection (d) of this Section and, to the
extent expressly contemplated hereby, the Affiliates of each of the Administrative Agent, and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
  
 (b) Assignments by Lenders. Any Lender may at any
time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b), participations in Letters
of Credit and in Swing Line Loans) at the time owing to it); provided that 
  
 (i) except in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time
owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the
Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the
Administrative Agent or, if “Trade Date” is specified in the Assignment and Acceptance, as of the Trade Date, shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is
continuing, the Company otherwise consents; 
  

 - 5 - 

 (ii) each partial assignment shall be made as an assignment of a proportionate part of
all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall not apply to rights in respect of Swing Line Loans; 
  
 (iii) any assignment of a Commitment must be approved by the
Administrative Agent (such approval not to be unreasonably withheld), unless the Person that is the proposed assignee is itself a Lender (whether or not the proposed assignee would otherwise qualify as an Eligible Assignee); and 
  
 (iv) the parties to each assignment shall execute and
deliver to the Administrative Agent an Assignment and Acceptance, substantially in the form of Exhibit “E” hereto (the “Assignment and Acceptance”), together with a processing and recordation fee of $2,500 payable to the
Administrative Agent for its own account, and the Eligible Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire in a form supplied by the Administrative Agent. 
  
 Subject to acceptance and recording thereof by the Administrative Agent
pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment and Acceptance, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such
Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under
this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits
of Sections 3.2 and 11.5 with respect to facts and circumstances occurring prior to the effective date of such assignment. Upon request of the Administrative Agent, the Companies (at their expense) shall execute and deliver a new Note to the
Eligible Assignee. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such
rights and obligations in accordance with subsection (d) of this Section. 
  
 (c) Register. The Administrative Agent, acting solely for this purpose as an agent of the Companies, shall maintain at the Administrative Agent’s office a copy of each Assignment and Acceptance delivered
to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans and Letters of Credit owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive, and the Companies, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender
hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Companies at any reasonable time and from time to time upon reasonable prior notice. In addition, at any time
that a request for a consent 
  

 - 6 - 

 for a material or substantive change to this Agreement, the Notes or any other related documents is
pending, any Lender may request and receive from the Administrative Agent a copy of the Register. 
  
 (d) Participations. Any Lender may at any time, without the consent of, or notice to, the Companies or the Administrative Agent,
sell participations to any Person (other than a natural person or the Companies or any of the Companies’ Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations
under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in Letters of Credit and/or Swing Line Loans) owing to it); provided that (i) such Lender’s obligations
under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Companies, the Administrative Agent, and the Lenders shall continue to
deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. 
  
 Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole
right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant,
agree to any amendment, waiver or other modification described in Section 11.12 that affects such Participant. Subject to subsection (e) of this Section, the Companies agree that each Participant shall be entitled to the benefits of Sections 3.2 and
11.5 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.6(c) as
though it were a Lender, provided such Participant agrees to be subject to Section 11.6(c) as though it were a Lender. 
  
 (e) Limitations upon Participant Rights. A Participant shall not be entitled to receive any greater payment under this Agreement,
the Notes and the Letters of Credit than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Companies’
prior written consent. A Participant that would be a foreign Lender if it were a Lender shall not be entitled to the benefits of Section 11.6 unless the Companies are notified of the participation sold to such Participant and such Participant
agrees, for the benefit of the Companies, to comply with Section 11.6 as though it were a Lender. 
  
 (f) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this
Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from
any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
  

 - 7 - 

 (g) Electronic Execution of Assignments. The words “execution,”
“signed,” “signature,” and words of like import in any Assignment and Acceptance shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature or the use of a paper-based record keeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and
National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 
  
 (h) Resignation as Letter of Credit Issuer or Swing Line Lender after Assignment. Notwithstanding
anything to the contrary contained herein, if at any time Fleet National Bank assigns all of its Commitment and Loans pursuant to subsection (b) above, Fleet National Bank may, (i) upon 30 days’ notice to the Company and the Lenders, resign as
an issuer of Letters of Credit and/or (ii) upon 30 days’ notice to the Company, resign as Swing Line Lender. In the event of any such resignation as an issuer of Letters of Credit or Swing Line Lender, the Company shall be entitled to appoint
from among the Lenders a successor issuer of Letters of Credit or Swing Line Lender hereunder; provided, however, that no failure by the Company to appoint any such successor shall affect the resignation of Fleet National Bank as
issuer of Letters of Credit or Swing Line Lender, as the case may be. If Fleet National Bank resigns as issuer of Letters of Credit, it shall retain all the rights, powers, privileges and duties of the issuer of Letters of Credit hereunder with
respect to all Letters of Credit outstanding as of the effective date of its resignation as issuer of Letters of Credit and all Letter of Credit obligations with respect thereto. If Fleet National Bank resigns as Swing Line Lender, it shall retain
all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation. Upon the appointment of a successor issuer of Letters of Credit and/or Swing
Line Lender, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring issuer of Letters of Credit or Swing Line Lender, as the case may be, and (b) the successor issuer of Letters of
Credit shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Fleet National Bank to effectively assume the obligations of Fleet National
Bank with respect to such Letters of Credit. 
  
 (h) Certain Definitions. For the purposes of this Section 10.6, the following terms shall have the meanings indicated: 
  
 “Approved Fund” shall mean any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an
entity or an Affiliate of an entity that administers or manages a Lender. “Fund” shall mean any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and
similar extensions of credit in the ordinary course of its business. 
  

 - 8 - 

 “Eligible Assignees” shall mean (a) a Lender, (b) an Affiliate of a Lender, (c)
an Approved Fund, and (d) any other Person (other than a natural person) approved by (i) the Administrative Agent and (ii) unless an Event of Default has occurred and is continuing, the Company (each such approval not to be unreasonably withheld or
delayed); provided, that notwithstanding the foregoing, “Eligible Assignee” shall not include the Company or any of the Domestic Subsidiaries or any Affiliates of the Company or any Domestic Subsidiary. 
  
 1.11 Section 11.1 (Definitions) of the Credit Agreement is hereby amended to
read as follows: 
  
 (a) The following definitions are amended to
read as follows: 
  
 “Applicable Base
Margin” shall mean the following per annum interest rate applicable to Base Rate Advances from time to time depending on the Total Debt to Capitalization Ratio Level of the Company: 
  

			
	 Level

	  	Applicable Base Rate Margin

	 Level I
	  	0.000%
	 Level II
	  	0.000%
	 Level III
	  	0.000%
	 Level IV
	  	0.000%

  
 The Applicable Base
Rate Margin for any fiscal quarter shall be determined by reference to the Total Debt to Capitalization Ratio as of the last day of the second fiscal quarter prior to the quarter for which the Applicable Base Rate Margin is determined. For example,
the Applicable Base Rate Margin for the fiscal quarter beginning April 1, 2005 shall be determined on the basis of the Total Debt to Capitalization Ratio of the Company as of December 31, 2004. 
  
 “Applicable Commitment Fee Rate” shall mean the
following per annum commitment fee interest rate applicable to the Available Credit from time to time depending on the Total Debt to Capitalization Ratio Level of the Company: 
  

			
	 Level

	  	Applicable Commitment Fee Rate

	 Level I
	  	0.25%
	 Level II
	  	0.20%
	 Level III
	  	0.15%
	 Level IV
	  	0.10%

  
 The Applicable
Commitment Fee Rate for any fiscal quarter shall be determined by reference to the Total Debt to Capitalization Ratio as of the last day of the second fiscal quarter prior to the quarter prior to the quarter for which the Applicable Commitment Fee
Rate is determined. For example, the Applicable Commitment Fee Rate for the fiscal quarter beginning April 1, 2005 shall be determined on the basis of the Total Debt to Capitalization Ratio of the Company as of December 31, 2004. 
  

 - 9 - 

 “Applicable Eurodollar Rate Margin” shall mean the following per annum interest
rate applicable to Eurodollar Rate Advances from time to time depending on the Total Debt to Capitalization Ratio Level of the Company: 
  

			
	 Level

	  	Applicable Eurodollar Rate Margin

	 Level I
	  	1.125%
	 Level II
	  	0.875%
	 Level III
	  	0.625%
	 Level IV
	  	0.500%

  
 The Applicable
Eurodollar Rate Margin for any fiscal quarter shall be determined by reference to the Total Debt to Capitalization Ratio as of the last day of the second fiscal quarter prior to the quarter for which the Applicable Eurodollar Rate Margin is
determined. For example, the Applicable Eurodollar Rate Margin for the fiscal quarter beginning April 1, 2005 shall be determined on the basis of the Total Debt to Capitalization Ratio of the Company as of December 31, 2004. 
  
 *     *     *    
*     * 
  
 “Level”
shall mean the following levels based on the Total Debt to Capitalization Ratio indicated: 
  

			
	 Funded Debt to Total Capitalization Ratio

	  	Level

	 Greater than or equal to 40%
	  	I
	 Less than 40% but greater than or equal to 30%
	  	II
	 Less than 30% but greater than or equal to 20%
	  	III
	 Less than 20%
	  	IV

  
 *     *     *     *     * 
  
 “Termination Date” shall mean May 18, 2010. 
  

	 	(b)	The following definitions are added to read as follows: 

  
 “Consolidated Interest Expense” means all interest expense due (and whether or not paid) on all Debt of the Company and its
Subsidiaries, determined on a consolidated basis in accordance with generally accepted accounting principles, minus, to the extent included in consolidated interest expense, fees and other interest costs that are capitalized and subject to
amortization under generally acceptable accounting principles. 
  

 - 10 - 

 “Consolidated Total Assets” shall mean the total assets of the Company and its
Subsidiaries determined on a consolidated basis, as shown on the Company’s financial statements prepared in accordance with generally accepted accounting principles. 
  
 “EBITDA to Interest Ratio” shall mean the ratio of (i) Consolidated EBITDA for the immediately
preceding four consecutive fiscal quarters, less the tax expense for taxes actually paid during such period, to (ii) Consolidated Interest Expense for such period. 
  
 (c) The following definitions are hereby deleted: Consolidated Fixed Charge, EBITDA to Fixed Charge Ratio, Funded Debt to
EBITDA Ratio and Lease Rental Expenses. 
  
 1.12 Section 11.10
(Successors) of the Credit Agreement is hereby deleted. 
  
 1.13 A
new Section 11.15 (PATRIOT Act) is hereby added to the Credit Agreement to read as follows: 
  
 11.15 PATRIOT Act. Each Lender hereby notifies the Companies that pursuant to the requirements of the Uniting and Strengthening by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of P.L. No. 107-56) (known as “The PATRIOT Act”), each Lender is required to obtain, verify and record information that identifies the
Companies, which information includes the name and address of the Companies and other information that will allow such Lender to identify the Companies in accordance with The PATRIOT Act. 
  
 1.14 Except as specifically amended hereby, all of the remaining terms and conditions of the Credit Agreement remain in full
force and effect. 
  
 ARTICLE 2 
  
 MISCELLANEOUS 
  
 2.1 On the effective date of this Amendment, the Company will pay each Lender
the closing fee set forth in a separate letter with the Company dated April 4, 2005. 
  
 2.2 On the effective date of this Amendment, the Company will pay the arrangers and the Agents the arrangement and closing fees set forth in a separate fee letter with the Company dated April 4, 2005. 
  
 2.3 The Companies agree to execute any and all other documents reasonably
required by the Agents to conform to the provisions of this Amendment, including without limitation, new Line of Credit Notes. 
  
 2.4. This Amendment shall be effective as of the Effective Date but only upon the satisfaction of the following conditions: 
  
 (i) Payment of all fees described in Sections 2.1 and 2.2 of
this Amendment. 
  

 - 11 - 

 (ii) Receipt of this Amendment, new Notes (if requested) and all other documents required
by the Agents to conform to the provisions of this Agreement, executed by all parties thereto. 
  
 (iii) receipt of an opinion of counsel for the Companies as to the due authorization, execution and validity and enforceability of this
Amendment and the new Notes, and such other matters as the Agents and their counsel shall reasonably require. 
  
 (iv) Receipt of certificates of the chief financial officer and secretary of the Companies as the Agents and their counsel shall
reasonably require. 
  
 2.5. Except as otherwise specifically
amended hereby, all of the covenants, terms and conditions of the Credit Agreement shall remain in full force and effect. Any references to the Credit Agreement contained in the notes or other loan documents shall refer to the Credit Agreement as
amended by this Amendment. 
  
 2.6. This Amendment shall be a
contract made under and governed by the laws of the State of Louisiana. 
  
 2.7 This Amendment may be executed in any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. This Amendment shall be effective as of the date first written
above upon execution by the Companies, the Agents and all of the Lenders. 
  
 [SIGNATURES ON FOLLOWING PAGES] 
  

 - 12 - 

 IN WITNESS WHEREOF, the Company, the Domestic Subsidiaries, the Agents and all of the Lenders have
executed this Amendment as of the date first above written. 
  

					
	COMPANY:	 	TIDEWATER INC.
			
	 	 	By:	 	 /s/ J. Keith Lousteau

	 	 	Name:	 	J. Keith Lousteau
	 	 	Title:	 	Executive Vice President
	 	 	 	 	and Chief Financial Officer
		
	DOMESTIC SUBSIDIARIES:	 	GULF FLEET SUPPLY VESSELS, L.L.C.
	 	 	HILLIARD OIL & GAS, INC.
	 	 	JACKSON MARINE, L.L.C.
	 	 	JAVA BOAT CORPORATION
	 	 	QUALITY SHIPYARDS, L.L.C.
	 	 	S.O.P., INC.
	 	 	SEAFARER BOAT CORPORATION
	 	 	POINT MARINE, L.L.C.
	 	 	T. BENETEE, L.L.C.
	 	 	TIDEWATER OFFSHORE (GP-1984), INC.
	 	 	TIDEWATER MARINE, L.L.C.
	 	 	TIDEWATER MARINE ALASKA, INC.
	 	 	TIDEWATER MARINE SAKHALIN, L.L.C.
	 	 	TIDEWATER MARINE SERVICE, L.L.C.
	 	 	TIDEWATER MARINE WESTERN, INC.
	 	 	TT BOAT CORPORATION
	 	 	TWENTY GRAND (BRAZIL), L.L.C.
	 	 	TWENTY GRAND MARINE SERVICE, L.L.C.
	 	 	TWENTY GRAND OFFSHORE, INC.
	 	 	ZAPATA GULF MARINE, L.L.C.
	 	 	ZAPATA GULF MARINE OPERATORS, L.L.C.
	 	 	ZAPATA GULF PACIFIC, L.L.C.
			
	 	 	By:	 	 /s/ J. Keith Lousteau

	 	 	Name:	 	J. Keith Lousteau
	 	 	Title:	 	Authorized Representative

  

 - 13 - 

					
	ADMINISTRATIVE AGENT	 	FLEET NATIONAL BANK
	AND LENDER:	 	 	 	 
	 	 	By:	 	 /s/ William Latham

	 	 	Name:	 	William Latham
	 	 	Title:	 	Director
		
	DOCUMENTATION AGENT	 	JPMORGAN CHASE BANK, N.A.
	AND LENDER:	 	 	 	 
	 	 	By:	 	 /s/ J. Charles Freel, Jr.

	 	 	Name:	 	J. Charles Freel, Jr.
	 	 	Title:	 	Vice President
		
	CO-SYNDICATION AGENTS	 	ROYAL BANK OF CANADA
	AND LENDERS:	 	 	 	 
	 	 	By:	 	 /s/ Jason York

	 	 	Name:	 	Jason York
	 	 	Title:	 	Attorney-in-Fact
		
	 	 	WELLS FARGO BANK, N.A.,
			
	 	 	By:	 	 /s/ Philip C. Lavinger, III

	 	 	Name:	 	Philip C. Lavinger, III
	 	 	Title:	 	Vice President
		
	LENDERS:	 	WHITNEY NATIONAL BANK
			
	 	 	By:	 	 /s/ M.J. Shannon

	 	 	Name:	 	Michael Jesse Shannon
	 	 	Title:	 	Senior Vice President
		
	 	 	AMSOUTH BANK
			
	 	 	By:	 	 /s/ Bill Hinrichs

	 	 	Name:	 	Bill Hinrichs
	 	 	Title:	 	Vice President

  

 - 14 - 

			
	DnB NOR BANK ASA, New York Branch
		
	By:	 	 /s/ Barbara Gronquist

	Name:	 	Barbara Gronquist
	Title:	 	Senior Vice President
	
	HIBERNIA NATIONAL BANK
		
	By:	 	 /s/ Gary Culbertson

	Name:	 	Gary Culbertson
	Title:	 	Vice President

  

 - 15 -EXHIBIT 4.1

 Exhibit 4.1 
  
 CHASE ISSUANCE TRUST 
 as Issuer 
  
 CLASS
C(2005-2) TERMS DOCUMENT 
 dated as of May 19, 2005 
  
 to 
  
 AMENDED AND RESTATED 
 CHASESERIES
INDENTURE SUPPLEMENT 
 dated as of October 15, 2004 
  
 to 
  
 AMENDED AND RESTATED 
 INDENTURE

 dated as of October 15, 2004 
  
 WELLS FARGO BANK, NATIONAL ASSOCIATION 
 as Indenture Trustee and Collateral Agent 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	PAGE

	ARTICLE I Definitions and Other Provisions of General Application	  	 
			
	Section 1.01	  	Definitions	  	1
	Section 1.02	  	Governing Law	  	4
	Section 1.03	  	Counterparts	  	4
	Section 1.04	  	Ratification of Indenture and Indenture Supplement	  	4
		
	ARTICLE II The Class C(2005-2) Notes	  	 
			
	Section 2.01	  	Creation and Designation	  	5
	Section 2.02	  	Interest Payment	  	5
	Section 2.03	  	Calculation Agent; Determination of LIBOR	  	5
	Section 2.04	  	Payments of Interest and Principal	  	6
	Section 2.05	  	Targeted Amount to be on Deposit in the Class C Reserve Sub-Account	  	6
	Section 2.06	  	Form of Delivery of Class C(2005-2) Notes; Depository; Denominations	  	7
	Section 2.07	  	Delivery and Payment for the Class C(2005-2) Notes	  	8
	Section 2.08	  	Supplemental Indenture	  	8
	Section 2.09	  	Appointment of co-Paying Agent and co-Transfer Agent	  	8

 THIS CLASS C(2005-2) TERMS DOCUMENT (this “Terms Document”), by and between the CHASE ISSUANCE
TRUST, a statutory business trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at c/o Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890-1600, and WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national banking association, as indenture trustee (the “Indenture Trustee”) and collateral agent (the “Collateral Agent”), is made and entered into as of May 19, 2005. 
  
 Pursuant to this Terms Document, the Issuer and the Indenture Trustee shall
create a new Tranche of CHASEseries Class C Notes and shall specify the principal terms thereof. 
  
 ARTICLE I 
  
 Definitions and Other Provisions of General Application 
  
 Section 1.01 Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires: 
  
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as
the singular; 
  
 (2) all other terms used herein which are
defined in the Indenture Supplement, the Indenture or the Asset Pool Supplement, either directly or by reference therein, have the meanings assigned to them therein; 
  
 (3) as used in this Terms Document and in any certificate or other document made or delivered pursuant hereto or thereto,
accounting terms not defined in this Terms Document or in any such certificate or other document, and accounting terms partly defined in this Terms Document or in any such certificate or other document to the extent not defined, shall have the
respective meanings given to them under GAAP. To the extent that the definitions of accounting terms in this Terms Document or in any such certificate or other document are inconsistent with the meanings of such terms under GAAP, the definitions
contained in this Terms Document or in any such certificate or other document shall control; 
  
 (4) the words “hereof,” “herein,” “hereunder” and words of similar import when used in this Terms Document shall refer to this Terms Document as a whole and not to any particular
provision of this Terms Document; references to any subsection, Section, clause, Schedule or Exhibit are references to subsections, Sections, clauses, Schedules and Exhibits in or to this Terms Document unless otherwise specified; the term
“including” means “including without limitation”; references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; references to any Person include that
Person’s successors and assigns; and references to any agreement refer to such agreement, as amended, supplemented or otherwise modified from time to time; 
  

 1 

 (5) in the event that any term or provision contained herein shall conflict with or be inconsistent with
any term or provision contained in the Indenture Supplement, the Indenture or the Asset Pool Supplement, the terms and provisions of this Terms Document shall be controlling; and 
  
 (6) each capitalized term defined herein shall relate only to the Class C(2005-2) Notes and no other Tranche of CHASEseries
Notes issued by the Issuer. 
  
 “Asset Pool
Supplement” means the Amended and Restated Asset Pool One Supplement to the Indenture, dated as of October 15, 2004, as amended by the First Amendment thereto, dated as of May 10, 2005, among the Issuer, the Indenture Trustee and the
Collateral Agent. 
  
 “BDL” means Banque de
Luxembourg. 
  
 “Calculation Agent” is defined in
Section 2.03(a). 
  
 “Class C Reserve Account
Percentage” means, for any Monthly Period, (i) zero, if the Quarterly Excess Spread Percentage for such Monthly Period is greater than or equal to 4.50%, (ii) 1.50%, if the Quarterly Excess Spread Percentage for such Monthly Period is less
than 4.50% and greater than or equal to 4.00%, (iii) 2.00%, if the Quarterly Excess Spread Percentage for such Monthly Period is less than 4.00% and greater than or equal to 3.50%, (iv) 3.00%, if the Quarterly Excess Spread Percentage is less than
3.50% and greater than or equal to 3.00%; (v) 4.00%, if the Quarterly Excess Spread Percentage for such Monthly Period is less than 3.00% and greater than or equal to 2.50%, (vi) 5.00%, if the Quarterly Excess Spread Percentage is less than 2.50%
and greater than or equal to 2.00%, (vii) 6.00%, if the Quarterly Excess Spread Percentage for such Monthly Period is less than 2.00% and greater than or equal to 0.00% and (viii) 7.25%, if the Quarterly Excess Spread Percentage for such Monthly
Period is less than 0.00%. 
  
 “Class C(2005-2)
Note” means any Note, substantially in the form set forth in Exhibit A-3 to the Indenture Supplement, designated therein as a Class C(2005-2) Note and duly executed and authenticated in accordance with the Indenture. 
  
 “Class C(2005-2) Noteholder” means a Person in whose name a
Class C(2005-2) Note is registered in the Note Register. 
  
 “Class C(2005-2) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class C(2005-2) Notes is paid in full, (b) the Legal Maturity Date and
(c) the date on which the Indenture is discharged and satisfied pursuant to Article V thereof. 
  
 “Controlled Accumulation Amount” means $12,500,000; provided, however, if the Accumulation Period Length is determined to be less than twelve months pursuant to Section 3.12(b)(ii) of
the Indenture Supplement, the Controlled Accumulation Amount for any Note Transfer Date with respect to the Class C(2005-2) Notes will be the amount specified in the definition of “Controlled Accumulation Amount” in the Indenture
Supplement. 
  

 2 

 “Indenture” means the Amended and Restated Indenture, dated as of October 15, 2004,
between the Issuer and the Indenture Trustee. 
  
 “Indenture Supplement” means the Amended and Restated CHASEseries Indenture Supplement, dated as of October 15, 2004, among the Issuer, the Indenture Trustee and the Collateral Agent. 
  
 “Initial Dollar Principal Amount” means $150,000,000.

  
 “Interest Payment Date” means June 15, 2005
and the 15th day of each month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day. 
  
 “Interest Period” means, with respect to any Interest Payment Date, the period from and including the previous Interest Payment Date (or
in the case of the initial Interest Payment Date, from and including the Issuance Date) to but excluding such Interest Payment Date. 
  
 “Issuance Date” means May 19, 2005. 
  
 “Legal Maturity Date” means January 15, 2015. 
  
 “LIBOR” means, for any Interest Period, the London interbank offered rate for one-month United States dollar deposits determined by the
Trustee on the LIBOR Determination Date for each Interest Period in accordance with the provisions of Section 2.04. 
  
 “LIBOR Determination Date” means (1) May 17, 2005 for the period from and including the Issuance Date through but excluding June 15, 2005
and (2) for each interest period thereafter, the second London Business Day prior to the commencement of the second and each subsequent Interest Period. 
  
 “London Business Day” means any Business Day on which dealings in deposits in United States Dollars are transacted in the London
interbank market. 
  
 “Note Interest Rate” means
a rate per annum equal to 0.44% in excess of LIBOR as determined by the Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period. 
  
 “Paying Agent” means Wells Fargo Bank, National Association. 
  
 “Predecessor Note” means, with respect to any particular
Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 3.06 of the Indenture in lieu of a
mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
  

 3 

 “Quarterly Excess Spread Percentage” means, for each Determination Date, the percentage
equivalent of a fraction the numerator of which is the sum of the Excess Spread Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three. 
  
 “Record Date” means, for any Note Transfer Date, the last
Business Day of the preceding Monthly Period. 
  
 “Reference Banks” means four major banks in the London interbank market selected by the Beneficiary. 
  
 “Scheduled Principal Payment Date” means May 15, 2012. 
  
 “Stated Principal Amount” means $150,000,000. 
  
 “Telerate Page 3750” means the display page currently so designated on the Bridge Telerate Market Report
(or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices). 
  
 Section 1.02 Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 1.03 Counterparts. This Terms Document may be executed in any number of counterparts, each of which so
executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 
  
 Section 1.04 Ratification of Indenture and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture, the Asset Pool
Supplement and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Asset Pool Supplement and the Indenture Supplement as so supplemented by this Terms Document shall be read, taken and
construed as one and the same instrument. 
  
 [END OF ARTICLE I]

  

 4 

 ARTICLE II 
  
 The Class C(2005-2) Notes 
  
 Section 2.01 Creation and Designation. There is hereby created a Tranche of CHASEseries Class C Notes to be issued pursuant to the Indenture and
the Indenture Supplement to be known as the “CHASEseries Class C(2005-2) Notes.” 
  
 Section 2.02 Interest Payment. 
  
 (a) For each Interest Payment Date, the amount of interest due with respect to the Class C(2005-2) Notes shall be an amount equal to the product of (i)(A) a fraction, the numerator of which is the actual number of days in the related
Interest Period and the denominator of which is 360, times (B) the Note Interest Rate in effect with respect to the related Interest Period, times, (ii) the Outstanding Dollar Principal Amount of the Class C(2005-2) Notes determined as
of the close of business on the Interest Payment Date preceding the related Note Transfer Date for the Class C(2005-2) Notes; provided, however, that for the first Interest Payment Date the amount of interest due with respect to the
Class C(2005-2) Notes shall be an amount equal to the product of (x) the Outstanding Dollar Principal Amount of the Class C(2005-2) Notes on the Issuance Date, (y) 27 divided by 360 and (z) the Note Interest Rate in effect with respect to the Class
C(2005-2) Notes determined on March 15, 2005. Interest on the Class C(2005-2) Notes will be calculated on the basis of the actual number of days elapsed and a 360-day year. 
  
 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each Note Transfer Date with respect to the Class C(2005-2)
Notes, the Indenture Trustee shall deposit into the Class C(2005-2) Interest Funding Sub-Account the portion of CHASEseries Available Finance Charge Collections allocable to the Class C(2005-2) Notes.  
  
 Section 2.03 Calculation Agent; Determination of LIBOR. 
  
 (a) The Issuer hereby agrees that for so long as any Class C(2005-2) Notes
are Outstanding, there shall at all times be an agent appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuer hereby initially appoints the Indenture Trustee as the Calculation Agent for purposes of
determining LIBOR for each Interest Period. The Calculation Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer, or if the Calculation Agent fails to determine
LIBOR for an Interest Period, the Issuer shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuer or its Affiliates. The Calculation Agent may not resign its duties,
and the Issuer may not remove the Calculation Agent, without a successor having been duly appointed. 
  
 (b) On each LIBOR Determination Date, the Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States dollars for a
one-month period which appears on Telerate Page 3750 or on such comparable system as 
  

 5 

 is customarily used to quote LIBOR as of 11:00 a.m., London time, on such date. If such rate does not appear on Telerate
Page 3750 or on a comparable system as is customarily used to quote LIBOR the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at
approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period. The Calculation Agent shall request the principal London office of each of the Reference Banks to provide a quotation of its
rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be
the arithmetic mean of the rates quoted by major banks in New York City, selected by the Beneficiary, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a one-month period.

  
 (c) The Note Interest Rate applicable to the then current and
the immediately preceding Interest Periods may be obtained by telephoning the Indenture Trustee at its corporate trust office at (612) 667-8058 or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior
written notice by the Indenture Trustee to each Noteholder from time to time. 
  
 (d) On each LIBOR Determination Date, the Calculation Agent shall send to the Indenture Trustee and the Beneficiary, by facsimile transmission, notification of LIBOR for the following Interest Period. 
  
 Section 2.04 Payments of Interest and Principal. 
  
 (a) Any installment of interest or principal, if any, payable on any Class
C(2005-2) Note which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class C(2005-2)
Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person not
later than the close of business on the third Business Day preceding the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on
such Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee.

  
 (b) The right of the Class C(2005-2) Noteholders to receive
payments from the Issuer will terminate on the first Business Day following the Class C(2005-2) Termination Date. 
  
 Section 2.05 Targeted Amount to be on Deposit in the Class C Reserve Sub-Account. The amount targeted, with respect to any Monthly Period, to be on
deposit in the Class C Reserve Sub-Account for the Class C(2005-2) Notes on the Note Transfer 
  

 6 

 Date in the immediately succeeding Monthly Period, will, on the issuance date, be zero and, thereafter, will be an amount
equal to the product of (A) the Class C Reserve Account Percentage for such Monthly Period times (B) the Initial Outstanding Dollar Principal Amount of the CHASEseries Notes (exclusive of (x) any Class or Tranche of CHASEseries Notes which will be
paid in full on the applicable Payment Date for such Class or Tranche of CHASEseries Notes in the immediately succeeding Monthly Period and (y) any Class or Tranche of CHASEseries Notes which will have a Nominal Liquidation Amount of zero on the
applicable Payment Date for such Class or Tranche of CHASEseries Notes in the immediately succeeding Monthly Period) times (C) a fraction, the numerator of which is the Nominal Liquidation Amount of the Class C(2005-2) Notes as of the close of
business on the last day of such Monthly Period (exclusive of the amount deposited with respect to the Targeted Principal Deposit Amount on the applicable Note Transfer Date for such Tranche of CHASEseries Class C Notes in the next succeeding
Monthly Period) and the denominator of which is the Nominal Liquidation Amount of all Class C Notes in the CHASEseries as of the close of business on the last day of such Monthly Period (exclusive of the amount deposited with respect to the Targeted
Principal Deposit Amount on the applicable Note Transfer Date for all Tranches of CHASEseries Class C Notes in the next succeeding Monthly Period); provided however, that if an Early Redemption Event or Event of Default occurs with respect to the
Class C(2005-2) Notes, the amount targeted to be on deposit will be the Initial Outstanding Dollar Principal Amount of the Class C(2005-2) notes. 
  
 The Issuer may change the percentage and methodology set forth above for calculating the amount targeted to be on deposit in the Class C Reserve
Sub-Account for the Class C(2005-2) Notes without the consent of any Noteholder so long as the Issuer has (i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes of the CHASEseries that the change in such
percentage or formula will not result in a Ratings Effect with respect to any Outstanding Class C(2005-2)Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuer Tax Opinion. 

 

	Section	2.06 Form of Delivery of Class C(2005-2) Notes; Depository; Denominations. 

  
 (a) The Class C(2005-2) Notes shall each be delivered in the form of a global Registered Note as provided in Sections 2.02
and 3.01(i) of the Indenture, respectively. 
  
 (b) The
Depository for the Class C(2005-2) Notes shall be The Depository Trust Company, and the Class C(2005-2) Notes shall initially be registered in the name of Cede & Co., its nominee. 
  
 (c) The Class C(2005-2) Notes will be issued in minimum denominations of $1,000 and integral multiples of that amount.

  

 7 

 Section 2.07 Delivery and Payment for the Class C(2005-2) Notes. The Issuer shall execute and
deliver the Class C(2005-2) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class C(2005-2) Notes when authenticated, each in accordance with Section 3.03 of the Indenture. 
  
 Section 2.08 Supplemental Indenture. The Issuer may enter into a
supplemental indenture with respect to the Class C(2005-2) Notes as provided in Section 9.01 of the Indenture; provided, however, that any supplemental indenture which provides for an additional or alternative form of credit
enhancement for the Class C(2005-2) Notes shall, in addition to the requirements set forth in Section 9.01 of the Indenture, require confirmation from the Note Rating Agencies that have rated any Outstanding Notes of the CHASEseries that such change
in credit enhancement will not result in a Ratings Effect with respect to any Outstanding Notes of the CHASEseries. 
  
 Section 2.09 Appointment of co-Paying Agent and co-Transfer Agent. BDL is appointed as co-paying agent and as co-transfer agent in Luxembourg with
respect to the Class C(2005-2) Notes for so long as the Class C(2005-2) Notes are listed on the Luxembourg Stock Exchange. Any reference in this Terms Document, the Indenture Supplement, the Asset Pool Supplement and the Indenture to the Paying
Agent or the Transfer Agent shall be deemed to include BDL as co-paying agent or co-transfer agent, as the case may be, unless the context requires otherwise. 
  

[END OF ARTICLE II] 
  

 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all as of the
day and year first above written. 
  

			
	CHASE ISSUANCE TRUST
		
	By:	 	CHASE BANK USA,
	 	 	NATIONAL ASSOCIATION
	 	 	 (formerly known as Chase Manhattan Bank
 USA, National
Association),

	 	 	as Beneficiary and not in its individual capacity
		
	By:	 	 /s/ Keith W. Schuck

	Name:	 	Keith W. Schuck
	Title:	 	President
	
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, as Indenture Trustee and Collateral Agent

		
	By:	 	 /s/ Cheryl C. Zimmerman

	Name:	 	Cheryl C. Zimmerman, CCTS
	Title:	 	Assistant Vice President

  
 Signature Page to
the Chase Issuance Trust 
 CHASEseries Class C(2005-2) Terms Document 
  

 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}]]