Indexable cutting tool

A cutting tool, comprising:

• a shank having an elongated cavity at the cutting end;
• an indexable insert having at least one side surface and a plurality of cutting edges;
• means rotatably connecting said cutting insert to said shank including a lock pin slidably and rotatably extending through said shank having a ratcheting means about a portion of its length;
• a seat adapted to said shank for supporting said insert;
• means to secure said cutting insert on said seat in a cutting position comprising a plate moveably mounted to said shank having a pocket for engaging the side surface of the insert in the cutting position;
• and
• means to index said cutting insert adapted to cooperate with said ratcheting means of said lock pin and with said moveable plate;
• said indexing means being effective for rotating said cutting insert upon withdrawing said moveable plate from said insert which pushingly engages said indexing means in said cavity of said shank wherein said indexing means cooperates with said ratcheting means to effect a first partial rotation of said lock pin and said cutting insert attached thereto then retracting said moveable plate and said indexing means to again cooperate with said ratcheting means to effect a second partial rotation of said lock pin and said cutting insert, then further retracting said moveable plate to secure said cutting insert on the cutting position.