Common use of Assumption of Original Security Agreement Clause in Contracts

Assumption of Original Security Agreement. Pursuant to Section 8.01(b) of the Original Security Agreement, K-Sea LP and K-Sea OLP, jointly and severally, hereby expressly assume all of the respective former, present and future obligations, duties, right, title and interest of K-Sea LLC and EW Holding, as assumed by K-Sea LP1, L.P., K-Sea LP2, L.P., K-Sea OLP, K-Sea Transition4 Corp., and K-Sea LP4, L.P., respectively, in the Assumptions of Mortgage, Security Agreement and Secretary's Note (including, but not limited to the Construction Contract and Hull 422 thereunder), in and to the Original Security Agreement, as amended and restated hereby, together with all documents and instruments evidencing any such obligations, duties, right, title and interest thereto, and K-Sea LP and K-Sea OLP expressly agree, jointly and severally, specifically to perform all of the respective agreements and obligations of K-Sea LLC and EW Holding under the Original Security Agreement, as assumed as set forth above, and as amended and restated hereby. For the avoidance of doubt, pursuant to Section 8.01(b) of the Original Security Agreement, as assumed as set forth above, K-Sea LP and K-Sea OLP expressly assume (i) the payment of the principal of (and premium, if any) and interest on the Outstanding Obligations in accordance with the terms of the Obligations, (ii) the payment of the principal of and interest on the Secretary's Note and (iii) the performance of the agreements of K-Sea LLC and EW Holding in the Original Indenture, the Original Security Agreement, as assumed as set forth above, and as amended and restated hereby, the Ship Mortgage, the Fleet Mortgage, the Original Depository Agreement, the Original Commitment and any related document, and in the case of K-Sea OLP only, the Construction Contract and Hull 422 thereunder.