Amendment no. 2 to title xi reserve fund and financial agreement
AMENDMENT NO. 2 TO TITLE XI RESERVE FUND AND FINANCIAL AGREEMENT
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Contract No. MA-13452
AMENDMENT NO. 2 TO
TITLE XI RESERVE FUND
AND FINANCIAL AGREEMENT
THIS AMENDMENT NO 2 TO TITLE XI RESERVE FUND AND FINANCIAL AGREEMENT,
DATED November 5, 1998, as amended by Amendment No. 1 thereto dated as of
January 21, 2000 (the "Financial Agreement"), dated July 30, 2001 between Chiles
Coronado Inc., a Delaware corporation (the "Company"), and THE UNITED STATES OF
AMERICA (the "United States"), represented by the Secretary of Transportation,
acting by and through the Maritime Administrator (the "Secretary").
WHEREAS the Company is a party to the Financial Agreement by its
Intervention dated July 13,2001 into the Master Assumption Agreement,
Supplemental Indenture No. 1 and Amendment to Title XI Finance Agreements dated
January 20, 2001;
WHEREAS the Company and the Secretary desire to amended the Financial
NOW THEREFORE the Company and the Secretary agree as follows:
SECTION 1. Amendments. The Financial Agreement is amended as follows:
(a) Section 2(b)(2)(B) is amended by changing the period at the end
thereof to a semicolon and adding thereafter " provided however, if, at the end
of any fiscal year of the Company, (x) the Company's Working Capital is equal to
at least one dollar, (y) the Company's Long-Term Debt does not exceed two times
the Company's Net Worth and (z) the Company's Net Worth is at least the amount
specified in Attachment A hereto, the Company shall not be required to make any
deposits into the Title XI Reserve Fund."
(b) Section 8(a)(1)(B)(iii) is amended by changing "or" to "of."
(c) Section 8(a)(3)(A) is amended by changing "(I)" to "(i)" on the
fourth line thereof.
(d) Section 8(b)(2) is amended by eliminating "two times."
(e) Section 9(a) is amended to revert to its language in the Financial
Agreement before it was amended by Paragraph 3 of Amendment No. 1 to Title XI
Reserve Fund and Financial Agreement dated as of January 21, 2000.
(f) Attachment A hereto is substituted for Attachment A to the
(g) Section 11 is amended by changing the name and address of the
Company to the following:
The Company as: Chiles Coronado Inc.
Houston, Texas 77082-2618
SECTION 2. Counterparts. This Amendment No 2 to Financial Agreement may
be executed in any number of counterparts. All such counterparts shall be deemed
to be originals, and shall together constitute but one and the same instrument.
IN WITNESS WHEREOF, this Amendment No. 2 to Title XI Reserve Fund and
Financial Agreement has been executed by the parties hereto as of the day and
year first above written.
CHILES CORONADO INC.
BY: /s/ Dick Fagerstal
UNITED STATES OF AMERICA
SECRETARY OF TRANSPORTATION
Attest: MARITIME ADMINISTRATOR
BY: /s/ Joel C. Richard
/s/ Patricia E. Byrne
TITLE XI RESERVE FUND AND FINANCIAL AGREEMENT
(Contract No. MA - 13452)
1. This Financial Agreement shall apply to the following Vessel: One
LeTourneau design Super 116C Jack-up Drilling Unit named Chiles Coronado
2. The Company's aggregate original equity investment for use in Section 2 is
3. The Company's Net Worth for use in Section 8(b) is $50,512,501.