Common use of Completion of Requests Clause in Contracts

Completion of Requests. A Request will not be regarded as having been duly completed unless: (a) the Utilisation Date is a Business Day falling within the relevant Availability Period for that Loan and: (i) for an Instalment Loan (other than the Delivery Loan), is the date on which the corresponding Instalment is payable under the terms of the Shipbuilding Contract; (ii) for the Delivery Loan, is the Final Completion Date; or (iii) for an Incidental Vessel Costs Loan: (A) for the first Incidental Vessel Costs Loan, is a date on or after the date of this Agreement; and (B) for any other Incidental Vessel Costs Loan, is a date falling at least three (3) months after the previous Incidental Vessel Costs Loan Utilisation Date; (b) the requested Incidental Costs Loan is in an amount not exceeding the aggregate amount of: (i) the Incidental Loan Costs incurred in the period up to and including the Utilisation Date of the Incidental Costs Loan; (ii) the aggregate amount of the Approved Incidental Vessel Costs payable in the period up to and including the Utilisation Date of the Incidental Costs Loan and supported by invoices or receipts; and (iii) the aggregate estimated amount of Approved Incidental Vessel Costs which will become payable in the period up to and including the Utilisation Date of the Instalment Loan 1, supported by evidence satisfactory to the Facility Agent (acting in its sole discretion); (c) the requested Loan (other than the requested Incidental Costs Loan) is in an amount not exceeding: (i) if a Drilling Charter and a Sister Drilling Charter has been entered into ten (10) Business Days prior to the relevant Utilisation Date and: (A) the Drilling Charter is a Five Year Drilling Charter and the Sister Drilling Charter is a Sister Five Year Drilling Charter; or (B) the Drilling Charter is a Five Year Drilling Charter and the Sister Drilling Charter is a Sister Three Year Drilling Charter; or (C) the Drilling Charter is a Three Year Drilling Charter and the Sister Drilling Charter is a Sister Five Year Drilling Charter, a percentage of the Scheduled Instalment Amount or, as applicable the Approved Incidental Vessel Costs (in each case determined by the Facility Agent) to be derived from an iterative process in a manner that the expected LTC Ratio at the Utilisation Date following the advance of the Loan equals zero point seven (0.7); or (ii) if the conditions in Clause 4.2(c)(i) have not been met, a percentage of the Scheduled Instalment Amount or, as applicable the Approved Incidental Vessel Costs (in each case determined by the Facility Agent) to be derived from an iterative process in a manner that the expected LTC Ratio at the Utilisation Date following the advance of the Loan equals zero point four (0.4), together with the Incidental Loan Costs to be capitalised or, as the case may be, reimbursed on that Utilisation Date in accordance with Clause 4.4; and (d) the amount requested for any Loan when aggregated with: (i) existing Loans advanced by the Lenders; (ii) the amounts to be drawn down under any other Request issued for drawdown on the proposed Utilisation Date; and (e) all amounts capitalised pursuant to Clause 4.4 (Capitalisation of Incidental Loan Costs), does not exceed the Maximum Facility Amount; and (f) subject to Clause 4.3, the amount of the Loan requested is apportioned pro rata to the Eksportfinans Loan, the KEXIM Loan and the Commercial Loan by reference to the proportion of the Total Commitments borne by the Commitments of the Eksportfinans Lenders, the KEXIM Lenders and Commercial Lenders respectively at the relevant time. Only one Loan may be requested in a Request.

Completion of Requests. A Request will not be regarded as having been duly completed unless: (a) the Utilisation Date is a Business Day falling within the relevant Availability Period for that Loan and: (i) for an Instalment Loan (other than the Delivery Loan), is the date on which the corresponding Instalment is payable under the terms of the Shipbuilding Contract; (ii) for the Delivery Loan, is the Final Completion Date; or (iii) for an Incidental Vessel Costs Loan: (A) for the first Incidental Vessel Costs Loan, is a date on or after the date of this Agreement; and (B) for any other Incidental Vessel Costs Loan, is a date falling at least three (3) months after the previous Incidental Vessel Costs Loan Utilisation Date; (b) the requested Incidental Costs Loan is in an amount not exceeding the aggregate amount of: (i) the Incidental Loan Costs incurred in the period up to and including the Utilisation Date of the Incidental Costs Loan; (ii) the aggregate amount of the Approved Incidental Vessel Costs payable in the period up to and including the Utilisation Date of the Incidental Costs Loan and supported by invoices or receipts; and (iii) the aggregate estimated amount of Approved Incidental Vessel Costs which will become payable in the period up to and including the Utilisation Date of the Instalment Loan 1, supported by evidence satisfactory to the Facility Agent (acting in its sole discretion); (c) the requested Loan (other than the requested Incidental Costs Loan) is in an amount not exceeding: (i) if a Drilling Charter and a Sister Drilling Charter has been entered into ten (10) Business Days prior to the relevant Utilisation Date and: (A) the Drilling Charter is a Five Year Drilling Charter and the Sister Drilling Charter is a Sister Five Year Drilling Charter; or (B) the Drilling Charter is a Five Year Drilling Charter and the Sister Drilling Charter is a Sister Three Year Drilling Charter; or (C) the Drilling Charter is a Three Year Drilling Charter and the Sister Drilling Charter is a Sister Five Year Drilling Charter, a percentage of the Scheduled Instalment Amount or, as applicable the Approved Incidental Vessel Costs (in each case determined by the Facility Agent) to be derived from an iterative process in a manner that the expected LTC Ratio at the Utilisation Date following the advance of the Loan equals zero point seven (0.7); or (ii) if the conditions in Clause 4.2(c)(i) have not been met, a percentage of the Scheduled Instalment Amount or, as applicable the Approved Incidental Vessel Costs (in each case determined by the Facility Agent) to be derived from an iterative process in a manner that the expected LTC Ratio at the Utilisation Date following the advance of the Loan equals zero point four (0.4), together with the Incidental Loan Costs to be capitalised or, as the case may be, reimbursed on that Utilisation Date in accordance with Clause 4.4; and (d) the amount requested for any Loan when aggregated with: (i) existing Loans advanced by the Lenders; (ii) the amounts to be drawn down under any other Request issued for drawdown on the proposed Utilisation Date; and (e) all amounts the amount capitalised pursuant to Clause 4.4 (Capitalisation of Incidental Loan Costs), does not exceed the Maximum Facility Amount; and (f) subject to Clause 4.3, the amount of the Loan requested is apportioned pro rata to the Eksportfinans Loan, the KEXIM Loan and the Commercial Loan by reference to the proportion of the Total Commitments borne by the Commitments of the Eksportfinans Lenders, the KEXIM Lenders and Commercial Lenders respectively at the relevant time. Only one Loan may be requested in a Request.

Completion of Requests. A Request will not be regarded as having been duly completed unless: (a) the Utilisation Date is a Business Day falling within the relevant Availability Period for that Loan and: (i) for an Instalment Loan (other than the Delivery Loan), is the date on which the corresponding Instalment is payable under the terms of the Shipbuilding Contract or, in the case of an Instalment Loan which is to be used to refinance an Instalment, is a date after the date on which the Owner has paid the corresponding Instalment to the Builder under the Shipbuilding Contract; (ii) for the Delivery Loan, is the Final Completion Date; or (iii) for an Incidental Vessel Costs Loan: (A) for the first Incidental Vessel Costs Loan, is a date on or after the date of this Agreement; and (B) for the second Incidental Vessel Costs Loan, is a date not earlier than 31 October 2008 and for any other Incidental Vessel Costs Loan, is a date falling at least three (3) months after the previous Incidental Vessel Costs Loan Utilisation Date; (b) the requested Incidental Costs Loan is in an amount not exceeding the aggregate amount of: (i) the Incidental Loan Costs incurred in the period up to and including the Utilisation Date of the Incidental Costs Loan; (ii) the aggregate amount of the Approved Incidental Vessel Costs payable in the period up to and including the Utilisation Date of the Incidental Costs Loan and supported by invoices or receipts; and (iii) the aggregate estimated amount of Approved Incidental Vessel Costs which will become payable in the period up to and including the Utilisation Date of the Instalment Loan 1, supported by evidence satisfactory to the Facility Agent (acting in its sole discretion); (c) the requested Loan (other than the requested Incidental Costs Loan) is in an amount not exceeding: (i) if either: (A) the Petrobras Charter has been entered into at least ten (10) Business Days prior to the relevant Utilisation Date; or (B) if a Drilling Charter and a Sister Drilling Charter has been entered into ten (10) Business Days prior to the relevant Utilisation Date Date; and: (AI) the Drilling Charter is a Five Year Drilling Charter and the Sister Drilling Charter is a Sister Five Year Drilling Charter; or (BII) the Drilling Charter is a Five Year Drilling Charter and the Sister Drilling Charter is a Sister Three Year Drilling Charter; or (CIII) the Drilling Charter is a Three Year Drilling Charter and the Sister Drilling Charter is a Sister Five Year Drilling Charter, a percentage of the Scheduled Instalment Amount or, as applicable the Approved Incidental Vessel Costs (in each case determined by the Facility Agent) to be derived from an iterative process in a manner that the expected LTC Ratio at the Utilisation Date following the advance of the Loan equals zero point seven (0.7); or (ii) if the conditions in Clause 4.2(c)(i) have not been met, a percentage of the Scheduled Instalment Amount or, as applicable the Approved Incidental Vessel Costs (in each case determined by the Facility Agent) to be derived from an iterative process in a manner that the expected LTC Ratio at the Utilisation Date following the advance of the Loan equals zero point four (0.4), together with the Incidental Loan Costs to be capitalised or, as the case may be, reimbursed on that Utilisation Date in accordance with Clause 4.4; and (d) the amount requested for any Loan when aggregated with: (i) existing Loans advanced by the Lenders; (ii) the amounts to be drawn down under any other Request issued for drawdown on the proposed Utilisation Date; and (e) all amounts capitalised pursuant to Clause 4.4 (Capitalisation of Incidental Loan Costs)4.4, does do not exceed the Maximum Facility Amount; and (f) subject to Clause 4.3, the amount of the Loan requested is apportioned pro rata to the Eksportfinans Loan, the KEXIM Loan and the Commercial Loan by reference to the proportion of the Total Commitments borne by the Commitments of the Eksportfinans Lenders, the KEXIM Lenders and Commercial Lenders respectively at the relevant time. Only one Loan may be requested in a Request.

Completion of Requests. A Request for a Loan will not be regarded as having been duly completed unless: (a) the Utilisation Date is a Business Day falling within the relevant Term Loan Availability Period for that Loan or the Revolving Credit Availability Period and, in respect of a Drawing under a Term Loan, is a date which falls not more than forty eight (48) hours prior to the date on which the relevant Instalment under the relevant Shipbuilding Contract falls due; (b) in respect of a Drawing under a Loan: (i) for an Instalment Loan (other than the Delivery Loan), is the date on which the corresponding Instalment is payable under the terms in respect of the Shipbuilding Contractfirst Drawing it is in an amount of at least nine million nine hundred and thirty five thousand eight hundred Dollars (US$9,935,800) being that part of the Junior Revolver relating to that Vessel (the Subordinated Portion) but not exceeding the aggregate of (x) the balance of the amount of the Instalment paid or payable to the relevant Builder after deducting therefrom the Subordinated Portion and (y) the Vessel Costs in respect of that Vessel due on the relevant Utilisation Date; (ii) for in respect of a Drawing other than the Drawing referred to in paragraph (i) and the Drawing of a Delivery LoanDate Instalment, is the Final Completion Date; or (iii) for an Incidental Vessel Costs Loan: (A) for the first Incidental Vessel Costs Loan, is a date on or after the date of this Agreement; and (B) for any other Incidental Vessel Costs Loan, is a date falling at least three (3) months after the previous Incidental Vessel Costs Loan Utilisation Date; (b) the requested Incidental Costs Loan is in an amount not exceeding the aggregate amount of: of (ix) the Incidental Loan Costs incurred in the period up to and including the Utilisation Date balance of the Incidental Costs Loan; (ii) the aggregate amount of the Approved Incidental Instalment paid or payable to the relevant Builder, (y) the Vessel Costs payable in the period up to and including the Utilisation Date respect of the Incidental Costs Loan and supported by invoices or receipts; and (iii) the aggregate estimated amount of Approved Incidental that Vessel Costs which will become payable in the period up to and including the Utilisation Date of the Instalment Loan 1, supported by evidence satisfactory to the Facility Agent (acting in its sole discretion); (c) the requested Loan (other than the requested Incidental Costs Loan) is in an amount not exceeding: (i) if a Drilling Charter and a Sister Drilling Charter has been entered into ten (10) Business Days prior to due on the relevant Utilisation Date and: (Aless the amount of any Vessel Costs which have been reimbursed to the Borrower in an earlier Drawing) and (z) the Drilling Charter is a Five Year Drilling Charter and the Sister Drilling Charter is a Sister Five Year Drilling Charter; or (B) the Drilling Charter is a Five Year Drilling Charter and the Sister Drilling Charter is a Sister Three Year Drilling Charter; or (C) the Drilling Charter is a Three Year Drilling Charter and the Sister Drilling Charter is a Sister Five Year Drilling Charter, a percentage of the Scheduled Instalment Amount or, as applicable the Approved Incidental Vessel Costs (in each case determined by the Facility Agent) to be derived from an iterative process in a manner that the expected LTC Ratio at the Utilisation Date following the advance of the Loan equals zero point seven (0.7); or (ii) if the conditions in Clause 4.2(c)(i) have not been met, a percentage of the Scheduled Instalment Amount or, as applicable the Approved Incidental Vessel Costs (in each case determined by the Facility Agent) to be derived from an iterative process in a manner that the expected LTC Ratio at the Utilisation Date following the advance of the Loan equals zero point four (0.4), together with the Incidental Loan Costs sums to be capitalised or, as the case may be, reimbursed on that Utilisation Date in accordance with Clause 4.4; and4.4 (Capitalisation); (diii) in respect of the Drawing on the Delivery Date, it is in an amount not exceeding (x) the balance of the amount of the Delivery Date Instalment payable to the relevant Builder less the Equity Contribution, (y) the Vessel Costs in respect of that Vessel not taken into account in paragraphs (i) and (ii) above and (z) the sums to be capitalised on that Utilisation Date in accordance with Clause 4.4 (Capitalisation); (iv) the amount requested for any Loan the Drawing does not exceed, when aggregated with: with (ix) existing Loans advanced by the Lenders; Drawings under that Loan, (iiy) the amounts to be drawn down under any other Request under that Loan issued for drawdown on the proposed Utilisation Date and (z) any amounts capitalised or to be capitalised on the proposed Utilisation Date pursuant to Clause 4.4 (Capitalisation) the Maximum Available Loan Amount. (c) it requests that the amount of the Drawing shall be drawn down pro rata between the Tranche A Loan, Tranche B Loan and Senior Revolver for any Drawing other than a Drawing in respect of a Delivery Date and pro rata between the Tranche A Loan, Tranche B Loan and Revolving Credit for any Drawing in respect of a Drawing on a Delivery Date; (d) the amount requested for the Drawing during the Post-Delivery Period under the Revolving Credit exceeds one million Dollars (US$1,000,000); and (e) all amounts capitalised pursuant to Clause 4.4 (Capitalisation of Incidental Loan Costs), does not exceed the Maximum Facility Amount; and (f) subject to Clause 4.3, the amount of the Loan requested is apportioned pro rata to the Eksportfinans Loan, the KEXIM Loan and the Commercial Loan by reference to the proportion of the Total Commitments borne by the Commitments of the Eksportfinans Lenders, the KEXIM Lenders and Commercial Lenders respectively at the relevant timeproposed Term complies with this Agreement. Only one Loan Drawing may be requested in a Request.

Completion of Requests. A Request for a Drawing under a Loan will not be regarded as having been duly completed unless: (a) the Utilisation Date is a Business Day falling within the relevant Availability Period and is a date which either (i) falls on or after the date on which the relevant Instalment under the relevant Shipbuilding Contract falls due or (ii) in respect of a Request for that Loan andIncidental Costs only is the last day of a Term and such request is submitted with the relevant original invoices and/or receipts (or, in the case of costs to be paid after the Delivery Date, pro-forma invoices) relating to such costs; (b) in respect of a Drawing under a Loan: (i) for an Instalment Loan (other than the Delivery Loan), is the date on which the corresponding Instalment is payable under the terms in respect of the Shipbuilding Contract; (ii) for the Delivery Loan, is the Final Completion Date; or (iii) for an Incidental Vessel Costs Loan: (A) for the first Incidental Vessel Costs Loan, is a date on or after the date of this Agreement; and (B) for any other Incidental Vessel Costs Loan, is a date falling at least three (3) months after the previous Incidental Vessel Costs Loan Utilisation Date; (b) the requested Incidental Costs Loan Drawing it is in an amount not exceeding the aggregate of (x) the balance of the amount of: of the Instalments paid or payable to the Builder after deducting therefrom an amount equal to the Equity Contribution and (iy) the Incidental Loan Vessel Costs incurred in the period up to and including the Utilisation Date respect of the Incidental Costs Loanrelevant Vessel on the relevant Utilisation Date; (ii) in respect of a Drawing other than the aggregate amount Drawing referred to in paragraph (i) and the Drawing of the Approved Delivery Date Instalment, it is in an amount not exceeding the Incidental Vessel Costs payable in respect of the period up to and including relevant Vessel on the relevant Utilisation Date less the amount of any such Incidental Vessel Costs which have been reimbursed to the Incidental Costs Loan and supported by invoices or receipts; andrelevant Borrower in an earlier Drawing; (iii) in respect of the Drawing on the Delivery Date, it is in an amount not exceeding the aggregate estimated of (x) the balance of the amount of Approved the Instalment payable to the Builder on the Delivery Date, and (y) the Incidental Vessel Costs which will become payable not taken into account under sub-paragraphs (i) and (ii) above and (z) an amount equal to the reduction (if any) in the period up Equity Contribution calculated in accordance with the Equity Contribution Side Letter, in respect of the relevant Vessel on the relevant Utilisation Date; (iv) the amount requested for the Drawing in respect of Incidental Vessel Costs or Incidental Loan Costs, when aggregated with any other amount in respect of Incidental Vessel Costs and Incidental Loan Costs drawndown under the Loan and any amounts capitalised or to and including be capitalised on the proposed Utilisation Date pursuant to Clause 4.3(a) in respect of Incidental Loan Costs, does not exceed US$6,100,000 in aggregate; (v) the Instalment amount requested for the Drawing does not exceed, when aggregated with (x) existing Drawings under that Loan, (y) the amounts to be drawndown under any other Request under that Loan 1issued for drawdown on the proposed Utilisation Date and (z) any amounts capitalised or to be capitalised on the proposed Utilisation Date pursuant to Clause 4.3(a) in respect of Incidental Loan Costs for that Loan, supported by evidence satisfactory to the Facility Agent (acting in its sole discretion)Maximum Available Loan Amount; (c) it requests that the requested amount of the Drawing shall be drawn pro-rata between the Tranche A Loan (other than the requested Incidental Costs Loan) is in an amount not exceeding: (i) if a Drilling Charter and a Sister Drilling Charter has been entered into ten (10) Business Days prior to the relevant Utilisation Date and: (A) the Drilling Charter is a Five Year Drilling Charter and the Sister Drilling Charter is a Sister Five Year Drilling Charter; or (B) the Drilling Charter is a Five Year Drilling Charter and the Sister Drilling Charter is a Sister Three Year Drilling Charter; or (C) the Drilling Charter is a Three Year Drilling Charter and the Sister Drilling Charter is a Sister Five Year Drilling Charter, a percentage of the Scheduled Instalment Amount or, as applicable the Approved Incidental Vessel Costs (in each case determined by the Facility Agent) to be derived from an iterative process in a manner that the expected LTC Ratio at the Utilisation Date following the advance of the Loan equals zero point seven (0.7); or (ii) if the conditions in Clause 4.2(c)(i) have not been met, a percentage of the Scheduled Instalment Amount or, as applicable the Approved Incidental Vessel Costs (in each case determined by the Facility Agent) to be derived from an iterative process in a manner that the expected LTC Ratio at the Utilisation Date following the advance of the Loan equals zero point four (0.4), together with the Incidental Loan Costs to be capitalised or, as the case may be, reimbursed on that Utilisation Date in accordance with Clause 4.4Tranche B Loan; and (d) the amount requested for any Loan when aggregated with: (i) existing Loans advanced by the Lenders; (ii) the amounts to be drawn down under any other Request issued for drawdown on the proposed Utilisation Date; and (e) all amounts capitalised pursuant to Clause 4.4 (Capitalisation of Incidental Loan Costs), does not exceed the Maximum Facility Amount; and (f) subject to Clause 4.3, the amount of the Loan requested is apportioned pro rata to the Eksportfinans Loan, the KEXIM Loan and the Commercial Loan by reference to the proportion of the Total Commitments borne by the Commitments of the Eksportfinans Lenders, the KEXIM Lenders and Commercial Lenders respectively at the relevant timeTerm complies with this Agreement. Only one Loan Drawing may be requested in a Request.

Completion of Requests. A Request will not be regarded as having been duly completed unless: (a) the Utilisation Date is a Business Day falling within the relevant Availability Period for that Loan and: (i) for an Instalment Loan (other than the Delivery Loan), is the date on which the corresponding Instalment is payable under the terms of the Shipbuilding Contract or, in the case of an Instalment Loan which is to be used to refinance an Instalment, is a date after the date on which the Owner has paid the corresponding Instalment to the Builder under the Shipbuilding Contract; (ii) for the Delivery Loan, is the Final Completion Delivery Date; or (iii) for an Incidental Vessel Costs Loan: (A) for the first Incidental Vessel Costs Loan, is a date on or after the date of this Agreement; and (B) for the second Incidental Vessel Costs Loan, is a date not earlier than 31 October 2008 and for any other Incidental Vessel Costs Loan, is a date falling at least three (3) months after the previous Incidental Vessel Costs Loan Utilisation Date; (b) the requested Incidental Costs Loan is in an amount not exceeding the aggregate amount of: (i) the Incidental Loan Costs incurred in the period up to and including the Utilisation Date of the Incidental Costs Loan; (ii) the aggregate amount of the Approved Incidental Vessel Costs payable in the period up to and including the Utilisation Date of the Incidental Costs Loan and supported by invoices or receipts; and (iii) the aggregate estimated amount of Approved Incidental Vessel Costs which will become payable in the period up to and including the Utilisation Date of the Instalment Loan 1, supported by evidence satisfactory to the Facility Agent (acting in its sole discretion); (c) the requested Loan (other than the requested Incidental Costs Loan) is in an amount not exceeding: (i) if either: (A) the Petrobras Charter has been entered into at least ten (10) Business Days prior to the relevant Utilisation Date; or (B) if a Drilling Charter and a Sister Drilling Charter has been entered into ten (10) Business Days prior to the relevant Utilisation Date Date; and: (AI) the Drilling Charter is a Five Year Drilling Charter and the Sister Drilling Charter is a Sister Five Year Drilling Charter; or (BII) the Drilling Charter is a Five Year Drilling Charter and the Sister Drilling Charter is a Sister Three Year Drilling Charter; or (CIII) the Drilling Charter is a Three Year Drilling Charter and the Sister Drilling Charter is a Sister Five Year Drilling Charter, a percentage of the Scheduled Instalment Amount or, as applicable the Approved Incidental Vessel Costs (in each case determined by the Facility Agent) to be derived from an iterative process in a manner that the expected LTC Ratio at the Utilisation Date following the advance of the Loan equals zero point seven (0.7); or (ii) if the conditions in Clause 4.2(c)(i) have not been met, a percentage of the Scheduled Instalment Amount or, as applicable the Approved Incidental Vessel Costs (in each case determined by the Facility Agent) to be derived from an iterative process in a manner that the expected LTC Ratio at the Utilisation Date following the advance of the Loan equals zero point four (0.4), together with the Incidental Loan Costs to be capitalised or, as the case may be, reimbursed on that Utilisation Date in accordance with Clause 4.4; and (d) the amount requested for any Loan when aggregated with: (i) existing Loans advanced by the Lenders; (ii) the amounts to be drawn down under any other Request issued for drawdown on the proposed Utilisation Date; and (e) all amounts capitalised pursuant to Clause 4.4 (Capitalisation of Incidental Loan Costs)4.4, does do not exceed the Maximum Facility Amount; and (f) subject to Clause 4.3, the amount of the Loan requested is apportioned pro rata to the Eksportfinans Loan, the KEXIM Loan and the Commercial Loan by reference to the proportion of the Total Commitments borne by the Commitments of the Eksportfinans Lenders, the KEXIM Lenders and Commercial Lenders respectively at the relevant time. Only one Loan may be requested in a Request.

Completion of Requests. A Request for a Drawing under a Loan will not be regarded as having been duly completed unless: (a) the Utilisation Date is a Business Day falling within the relevant Availability Period and is a date which either (i) falls on or after the date on which the relevant Instalment under the relevant Shipbuilding Contract falls due or (ii) in respect of a Request for that Loan andIncidental Costs only, is the last day of a Term; (b) in respect of a Drawing under a Loan: (i) for an Instalment Loan (other than the Delivery Loan), is the date on which the corresponding Instalment is payable under the terms in respect of the Shipbuilding Contract; (ii) for the Delivery Loan, is the Final Completion Date; or (iii) for an Incidental Vessel Costs Loan: (A) for the first Incidental Vessel Costs Loan, is a date on or after the date of this Agreement; and (B) for any other Incidental Vessel Costs Loan, is a date falling at least three (3) months after the previous Incidental Vessel Costs Loan Utilisation Date; (b) the requested Incidental Costs Loan Drawing it is in an amount not exceeding the aggregate of (x) the balance of the amount of: of the Instalments paid or payable to the Builder after deducting therefrom an amount equal to the Equity Contribution and (iy) the Incidental Loan Vessel Costs incurred in the period up to and including the Utilisation Date respect of the Incidental Costs Loanrelevant Vessel on the relevant Utilisation Date; (ii) the aggregate amount in respect of the Approved Incidental Vessel Costs payable in the period up to and including the Utilisation Date of the Incidental Costs Loan and supported by invoices or receipts; and (iii) the aggregate estimated amount of Approved Incidental Vessel Costs which will become payable in the period up to and including the Utilisation Date of the Instalment Loan 1, supported by evidence satisfactory to the Facility Agent (acting in its sole discretion); (c) the requested Loan (a Drawing other than the requested Incidental Costs LoanDrawing referred to in paragraph (i) and the Drawing of the Delivery Date Instalment, it is in an amount not exceeding: (i) if a Drilling Charter and a Sister Drilling Charter has been entered into ten (10) Business Days prior to exceeding the Incidental Vessel Costs in respect of the relevant Vessel on the relevant Utilisation Date and: (A) less the Drilling Charter is a Five Year Drilling Charter and the Sister Drilling Charter is a Sister Five Year Drilling Charter; or (B) the Drilling Charter is a Five Year Drilling Charter and the Sister Drilling Charter is a Sister Three Year Drilling Charter; or (C) the Drilling Charter is a Three Year Drilling Charter and the Sister Drilling Charter is a Sister Five Year Drilling Charter, a percentage amount of the Scheduled Instalment Amount or, as applicable the Approved any such Incidental Vessel Costs which have been reimbursed in an earlier Drawing; (iii) in each case determined by the Facility Agent) to be derived from an iterative process in a manner that the expected LTC Ratio at the Utilisation Date following the advance respect of the Loan equals zero point seven Drawing on the Delivery Date, it is in an amount not exceeding the aggregate of (0.7); or x) the balance of the amount of the Instalment payable to the Builder on the Delivery Date, and (y) the Incidental Vessel Costs not taken into account under sub-paragraphs (i) and (ii) above and (z) an amount equal to the reduction (if any) in the conditions in Clause 4.2(c)(i) have not been met, a percentage of the Scheduled Instalment Amount or, as applicable the Approved Incidental Vessel Costs (in each case determined by the Facility Agent) to be derived from an iterative process in a manner that the expected LTC Ratio at the Utilisation Date following the advance of the Loan equals zero point four (0.4), together with the Incidental Loan Costs to be capitalised or, as the case may be, reimbursed on that Utilisation Date Equity Contribution calculated in accordance with Clause 4.4; andthe Equity Contribution Side Letter, in respect of the relevant Vessel on the relevant Utilisation Date; (div) the amount requested for any Loan the Drawing in respect of Incidental Vessel Costs when aggregated with: (i) existing Loans advanced by with any other amount in respect of Incidental Vessel Costs drawndown under the LendersLoan and any amounts capitalised or to be capitalised on the proposed Utilisation Date pursuant to Clause 4.3 in respect of Incidental Loan Costs, does not exceed US$6,910,000; (iiv) the amount requested for the Drawing does not exceed, when aggregated with (x) existing Drawings under that Loan, (y) the amounts to be drawn down drawndown under any other Request under that Loan issued for drawdown on the proposed Utilisation Date; and Date and (ez) all any amounts capitalised or to be capitalised on the proposed Utilisation Date pursuant to Clause 4.4 (Capitalisation 4.3 in respect of Incidental Loan Costs)Costs for that Loan, does not exceed the Maximum Facility Available Loan Amount; and (fc) subject to Clause 4.3, the amount of the Loan requested is apportioned pro rata to the Eksportfinans Loan, the KEXIM Loan and the Commercial Loan by reference to the proportion of the Total Commitments borne by the Commitments of the Eksportfinans Lenders, the KEXIM Lenders and Commercial Lenders respectively at the relevant timeproposed Term complies with this Agreement. Only one Loan Drawing may be requested in a Request.

Completion of Requests. A Request will not be regarded as having been duly completed unless: (a) the Utilisation Date is a Business Day falling within the relevant Availability Period for that Loan and: (i) for an Instalment Loan (other than the Delivery Loan), is the date on which the corresponding Instalment is payable under the terms of the Shipbuilding Contract or, in the case of an Instalment Loan which is to be used to refinance an Instalment, is a date after the date on which the Owner has paid the corresponding Instalment to the Builder under the Shipbuilding Contract; (ii) for the Delivery Loan, is the Final Completion Date; or (iii) for an Incidental Vessel Costs Loan: (A) for the first Incidental Vessel Costs Loan, is a date on or after the date of this Agreement; and (B) for the second Incidental Vessel Costs Loan, is a date not earlier than 31 October 2008 and for any other Incidental Vessel Costs Loan, is a date falling at least three (3) months after the previous Incidental Vessel Costs Loan Utilisation Date; (b) the requested Incidental Costs Loan is in an amount not exceeding the aggregate amount of: (i) the Incidental Loan Costs incurred in the period up to and including the Utilisation Date of the Incidental Costs Loan; (ii) the aggregate amount of the Approved Incidental Vessel Costs payable in the period up to and including the Utilisation Date of the Incidental Costs Loan and supported by invoices or receipts; and (iii) the aggregate estimated amount of Approved Incidental Vessel Costs which will become payable in the period up to and including the Utilisation Date of the Instalment Loan 1, supported by evidence satisfactory to the Facility Agent (acting in its sole discretion); (c) the requested Loan (other than the requested Incidental Costs Loan) is in an amount not exceeding: (i) if either: (A) the Vessel Drilling Charter Date has occurred at least ten (10) Business Days prior to the relevant Utilisation Date; or (B) if a Drilling Charter and a Sister Drilling Charter has have been entered into ten (10) Business Days prior to the relevant Utilisation Date Date; and: (AI) the Drilling Charter is a Five Year Drilling Charter and the Sister Drilling Charter is (x) a Sister Five Year Drilling Charter or (y) the Approved Petrobras Charter; or (BII) the Drilling Charter is a Five Year Drilling Charter and the Sister Drilling Charter is (x) a Sister Three Year Drilling Charter or (y) the Approved Petrobras Charter; or (CIII) the Drilling Charter is a Three Year Drilling Charter and the Sister Drilling Charter is (x) a Sister Five Year Drilling Charter or (y) the Approved Petrobras Charter, a percentage of the Scheduled Instalment Amount or, as applicable the Approved Incidental Vessel Costs (in each case determined by the Facility Agent) to be derived from an iterative process in a manner that the expected LTC Ratio at the Utilisation Date following the advance of the Loan equals zero point seven (0.7); or (ii) if the conditions in Clause 4.2(c)(i) have not been met, a percentage of the Scheduled Instalment Amount or, as applicable the Approved Incidental Vessel Costs (in each case determined by the Facility Agent) to be derived from an iterative process in a manner that the expected LTC Ratio at the Utilisation Date following the advance of the Loan equals zero point four (0.4), together with the Incidental Loan Costs to be capitalised or, as the case may be, reimbursed on that Utilisation Date in accordance with Clause 4.4; and (d) the amount requested for any Loan when aggregated with: (i) existing Loans advanced by the Lenders; (ii) the amounts to be drawn down under any other Request issued for drawdown on the proposed Utilisation Date; and (e) all amounts capitalised pursuant to Clause 4.4 (Capitalisation of Incidental Loan Costs), does do not exceed the Maximum Facility Amount; and (f) subject to Clause 4.3, the amount of the Loan requested is apportioned pro rata to the Eksportfinans Loan, the KEXIM Loan and the Commercial Loan by reference to the proportion of the Total Commitments borne by the Commitments of the Eksportfinans Lenders, the KEXIM Lenders and Commercial Lenders respectively at the relevant time. Only one Loan may be requested in a Request.

Completion of Requests. A Request will not be regarded as having been duly completed unless: (a) the The Utilisation Date is a Business Day falling within the relevant Availability Period for that Loan and: (i) for an Instalment Loan (other than the Delivery Loan), is the date on which the corresponding Instalment is payable under the terms of the Shipbuilding Contract or, in the case of an Instalment Loan which is to be used to refinance an Instalment, is a date after the date on which the Owner has paid the corresponding Instalment to the Builder under the Shipbuilding Contract; (ii) for the Delivery Loan, is the Final Completion Delivery Date; or (iii) for an Incidental Vessel Costs Loan: (A) for the first Incidental Vessel Costs Loan, is a date on or after the date of this Agreement; and (B) for the second Incidental Vessel Costs Loan, is a date not earlier than 31 October 2008 and for any other Incidental Vessel Costs Loan, is a date falling at least three (3) months after the previous Incidental Vessel Costs Loan Utilisation Date; (b) the requested Incidental Costs Loan is in an amount not exceeding the aggregate amount of: (i) the Incidental Loan Costs incurred in the period up to and including the Utilisation Date of the Incidental Costs Loan; (ii) the aggregate amount of the Approved Incidental Vessel Costs payable in the period up to and including the Utilisation Date of the Incidental Costs Loan and supported by invoices or receipts; and (iii) the aggregate estimated amount of Approved Incidental Vessel Costs which will become payable in the period up to and including the Utilisation Date of the Instalment Loan 1, supported by evidence satisfactory to the Facility Agent (acting in its sole discretion); (c) the requested Loan (other than the requested Incidental Costs Loan) is in an amount not exceeding: (i) if either: (A) the Vessel Drilling Charter Date has occurred at least ten (10) Business Days prior to the relevant Utilisation Date; or (B) if a Drilling Charter and a Sister Drilling Charter has have been entered into ten (10) Business Days prior to the relevant Utilisation Date Date; and: (AI) the Drilling Charter is a Five Year Drilling Charter and the Sister Drilling Charter is (x) a Sister Five Year Drilling Charter or (y) the Approved Kithira Petrobras Charter; or (BII) the Drilling Charter is a Five Year Drilling Charter and the Sister Drilling Charter is (x) a Sister Three Year Drilling Charter or (y) the Approved Kithira Petrobras Charter; or (CIII) the Drilling Charter is a Three Year Drilling Charter and the Sister Drilling Charter is (x) a Sister Five Year Drilling Charter or (y) the Approved Kithira Petrobras Charter, a percentage of the Scheduled Instalment Amount or, as applicable the Approved Incidental Vessel Costs (in each case determined by the Facility Agent) to be derived from an iterative process in a manner that the expected LTC Ratio at the Utilisation Date following the advance of the Loan equals zero point seven (0.7); or (ii) if the conditions in Clause 4.2(c)(i) have not been met, a percentage of the Scheduled Instalment Amount or, as applicable the Approved Incidental Vessel Costs (in each case determined by the Facility Agent) to be derived from an iterative process in a manner that the expected LTC Ratio at the Utilisation Date following the advance of the Loan equals zero point four (0.4), together with the Incidental Loan Costs to be capitalised or, as the case may be, reimbursed on that Utilisation Date in accordance with Clause 4.4; and (d) the amount requested for any Loan when aggregated with: (i) existing Loans advanced by the Lenders; (ii) the amounts to be drawn down under any other Request issued for drawdown on the proposed Utilisation Date; and (e) all amounts capitalised pursuant to Clause 4.4 (Capitalisation of Incidental Loan Costs), does do not exceed the Maximum Facility Amount; and (f) subject to Clause 4.3, the amount of the Loan requested is apportioned pro rata to the Eksportfinans Loan, the KEXIM Loan and the Commercial Loan by reference to the proportion of the Total Commitments borne by the Commitments of the Eksportfinans Lenders, the KEXIM Lenders and Commercial Lenders respectively at the relevant time. Only one Loan may be requested in a Request.