Common use of SALE AND PURCHASE; CONSIDERATION Clause in Contracts

SALE AND PURCHASE; CONSIDERATION. A. SELLER does hereby agree to sell the Rig to BUYER and BUYER does hereby agree to purchase the Rig from SELLER upon the basis of the terms and conditions set forth in this Agreement. B. As consideration for the sale of the Rig, BUYER hereby agrees to execute and deliver to SELLER upon the Closing Date, a promissory note in the amount of U.S.$85,000,000. Said Promissory Note shall be substantially in the form of Exhibit "A" attached hereto and incorporated herein. C. On the Closing Date, representatives of SELLER and BUYER shall meet for the purpose of closing the sale of the Rig. At the closing, upon receiving BUYER'S Promissory Note in the amount of the lump sum sales price, SELLER'S representative at the closing shall deliver to BUYER'S representative at the closing the following: 1. A Bill of Sale of the Rxx in a form similar to Exhibit "B" attached hereto as well as any other documentation reasonably requested by BUYER to enable it to register the Rig in BUYER'S name.

SALE AND PURCHASE; CONSIDERATION. A. SELLER does hereby agree to sell the Rig to BUYER and BUYER does hereby agree to purchase the Rig from SELLER upon the basis of the terms and conditions set forth in this Agreement. B. As consideration for the sale of the Rig, BUYER hereby agrees to execute and deliver to SELLER upon the Closing Date, a promissory note in the amount of U.S.$85,000,000U.S. $340,000,000. Said Promissory Note shall be substantially in the form of Exhibit "A" attached hereto and incorporated herein. C. On the Closing Date, representatives of SELLER and BUYER shall meet for the purpose of closing the sale of the Rig. At the closing, upon receiving BUYER'S Promissory Note in the amount of the lump sum sales price, SELLER'S representative at the closing shall deliver to BUYER'S representative at the closing the following: 1. A Bill of Sale of the Rxx in a form similar to Exhibit "B" attached hereto as well as any other documentation reasonably requested by BUYER to enable it to register the Rig in BUYER'S name.

SALE AND PURCHASE; CONSIDERATION. A. SELLER does hereby agree to sell the Rig to BUYER and BUYER does hereby agree to purchase the Rig from SELLER upon the basis of the terms and conditions set forth in this Agreement. B. As Upon the Closing Date, as consideration for the sale of the Rig, BUYER hereby agrees to execute assign and deliver to SELLER upon the Closing Date, a promissory note an undivided interest in the Revolving Credit Participation in a principle amount of U.S.$85,000,000. Said Promissory Note shall be substantially equal to U.S$165,000,000 in the a form of similar to Exhibit "A" attached hereto and incorporated hereinhereto. C. On the Closing Date, representatives of SELLER and BUYER shall meet for the purpose of closing the sale of the Rig. At the closing, upon receiving BUYER'S Promissory Note in the amount of the lump sum sales priceconsideration referred to above, SELLER'S representative at the closing shall deliver to BUYER'S representative at the closing the following: 1. A Bill of Sale of the Rxx in a form similar to Exhibit "B" attached hereto as well as any other documentation reasonably requested by BUYER to enable it to register the Rig in BUYER'S name.

SALE AND PURCHASE; CONSIDERATION. A. SELLER does hereby agree to sell the Rig to BUYER and BUYER does hereby agree to purchase the Rig from SELLER upon the basis of the terms and conditions set forth in this Agreement. B. As Upon the Closing Date, as consideration for the sale of the Rig, BUYER hereby agrees to execute assign and deliver to SELLER upon the Closing Date, a promissory note an undivided interest in the Revolving Credit Participation in a principle amount of U.S.$85,000,000. Said Promissory Note shall be substantially equal to U.S$65,000,000 in the a form of similar to Exhibit "A" attached hereto and incorporated hereinhereto. C. On the Closing Date, representatives of SELLER and BUYER shall meet for the purpose of closing the sale of the Rig. At the closing, upon receiving BUYER'S Promissory Note in the amount of the lump sum sales priceconsideration referred to above, SELLER'S representative at the closing shall deliver to BUYER'S representative at the closing the following: 1. A Bill of Sale of the Rxx in a form similar to Exhibit "B" attached hereto as well as any other documentation reasonably requested by BUYER to enable it to register the Rig in BUYER'S name.