Common use of Scheduled Payments of Loan Clause in Contracts

Scheduled Payments of Loan. (i) One of the Other Loan Agreements relates to the Mortgaged Rig Deepwater IV, which Mortgaged Rig is presently under construction pursuant to a construction contract and which has an expected completion date during the third calendar quarter of 2000. Upon completion of the Mortgaged Rig Deepwater IV, the Company is required to grant a Lien on such Mortgaged Rig pursuant to a Moxxxxxx. Xxxn the filing of the Mortgage for the Mortgaged Rig Deepwater IV, the Company and the Lender agree that the $29,200,000 of the 7-year Tranche and $29,200,000 of the 10-year Tranche will be exchanged for additional advances under the Other Loan Agreement relating to the Mortgaged Rig Deepwater IV in an aggregate principal amount of $58,400,000. (ii) The Company shall pay on or before 10:00 a.m. on the date of the final Maturity of the 7-year Tranche of the Loan all of the principal amount of the 7-year Tranche remaining outstanding, which amount will be $112,800,000 principal amount of the Loan, reduced by any previous prepayments of principal made on the 7-year Tranche of the Loan to the extent that such payments have been allocated pursuant to the provisions of Section 2.3 hereof and the Indenture to the 7-year Secured Notes, together with accrued and unpaid interest, fees and a pro rata portion of the amount of the Special Interest and Additional Amounts, if any, due on the 7-year Secured Notes. The Company shall pay on or before 10:00 a.m. on the date of the final Maturity of the 10-year Tranche all of the principal amount of the 10-year Tranche then remaining outstanding, reduced by any previous prepayments of principal made on the 10-year Tranche of the Loan to the extent that such payments have been allocated pursuant to the provisions of Section 2.3 hereof and the Indenture to the 10-year Secured Notes, together with accrued and unpaid interest fees and a pro rata portion of the amount of the Special Interest and Additional Amounts, if any, due on the 10-year Secured Notes. Such payments shall be made directly to the Trustee for deposit in the Issuer Escrow Account established pursuant to the Issuer Escrow Agreement.

Scheduled Payments of Loan. (i) One of the Other Loan Agreements relates to the Mortgaged Rig Deepwater IV, which Mortgaged Rig is presently under construction pursuant to a construction contract and which has an expected completion date during the third calendar quarter of 2000. Upon completion of the Mortgaged Rig Deepwater IV, the Company is required to grant a Lien on such Mortgaged Rig pursuant to a MoxxxxxxMortgxxx. Xxxn Xxxx the filing of the Mortgage for the Mortgaged Rig Deepwater IV, the Company and the Lender agree that the $29,200,000 16,000,000 of the 7-year Tranche and $29,200,000 16,000,000 of the 10-year Tranche will be exchanged for additional advances under the Other Loan Agreement relating to the Mortgaged Rig Deepwater IV in an aggregate principal amount of $58,400,00032,000,000. (ii) The Company shall pay on or before 10:00 a.m. on the date of the final Maturity of the 7-year Tranche of the Loan all of the principal amount of the 7-year Tranche remaining outstanding, which amount will be $112,800,000 52,650,000 principal amount of the Loan, reduced by any previous prepayments of principal made on the 7-year Tranche of the Loan to the extent that such payments have been allocated pursuant to the provisions of Section 2.3 hereof and the Indenture to the 7-year Secured Notes, together with accrued and unpaid interest, fees and a pro rata portion of the amount of the Special Interest and Additional Amounts, if any, due on the 7-year Secured Notes. The Company shall pay on or before 10:00 a.m. on the date of the final Maturity of the 10-year Tranche all of the principal amount of the 10-year Tranche then remaining outstanding, reduced by any previous prepayments of principal made on the 10-year Tranche of the Loan to the extent that such payments have been allocated pursuant to the provisions of Section 2.3 hereof and the Indenture to the 10-year Secured Notes, together with accrued and unpaid interest fees and a pro rata portion of the amount of the Special Interest and Additional Amounts, if any, due on the 10-year Secured Notes. Such payments shall be made directly to the Trustee for deposit in the Issuer Escrow Account established pursuant to the Issuer Escrow Agreement.

Scheduled Payments of Loan. (i) One of the Other Loan Agreements relates to the Mortgaged Rig Deepwater IV, which Mortgaged Rig is presently under construction pursuant to a construction contract and which has an expected completion date during the third calendar quarter of 2000. Upon completion of the Mortgaged Rig Deepwater IV, the Company is required to grant a Lien on such Mortgaged Rig pursuant to a Moxxxxxx. Xxxn the filing of the Mortgage for the Mortgaged Rig Deepwater IV, the Company and the Lender agree that the $29,200,000 21,350,000 of the 7-year Tranche and $29,200,000 21,350,000 of the 10-year Tranche will be exchanged for additional advances under the Other Loan Agreement relating to the Mortgaged Rig Deepwater IV in an aggregate principal amount of $58,400,00042,700,000. (ii) The Company shall pay on or before 10:00 a.m. on the date of the final Maturity of the 7-year Tranche of the Loan all of the principal amount of the 7-year Tranche remaining outstanding, which amount will be $112,800,000 principal amount of the Loan, reduced by any previous prepayments of principal made on the 7-year Tranche of the Loan to the extent that such payments have been allocated pursuant to the provisions of Section 2.3 hereof and the Indenture to the 7-year Secured Notes, together with accrued and unpaid interest, fees and a pro rata portion of the amount of the Special Interest and Additional Amounts, if any, due on the 7-year Secured Notes. The Company shall pay on or before 10:00 a.m. on the date of the final Maturity of the 10-year Tranche all of the principal amount of the 10-year Tranche then remaining outstanding, reduced by any previous prepayments of principal made on the 10-year Tranche of the Loan to the extent that such payments have been allocated pursuant to the provisions of Section 2.3 hereof and the Indenture to the 10-year Secured Notes, together with accrued and unpaid interest fees and a pro rata portion of the amount of the Special Interest and Additional Amounts, if any, due on the 10-year Secured Notes. Such payments shall be made directly to the Trustee for deposit in the Issuer Escrow Account established pursuant to the Issuer Escrow Agreement.

Scheduled Payments of Loan. (i) One of the Other Loan Agreements relates to the Mortgaged Rig Deepwater IV, which Mortgaged Rig is presently under construction pursuant to a construction contract and which has an expected completion date during the third calendar quarter of 2000. Upon completion of the Mortgaged Rig Deepwater IV, the Company is required to grant a Lien on such Mortgaged Rig pursuant to a MoxxxxxxMortgaxx. Xxxn Xxxx the filing of the Mortgage for the Mortgaged Rig Deepwater IV, the Company and the Lender agree that the $29,200,000 2,050,000 of the 7-year Tranche and $29,200,000 2,050,000 of the 10-year Tranche will be exchanged for additional advances under the Other Loan Agreement relating to the Mortgaged Rig Deepwater IV in an aggregate principal amount of $58,400,0004,100,000. (ii) The Company shall pay on or before 10:00 a.m. on the date of the final Maturity of the 7-year Tranche of the Loan all of the principal amount of the 7-year Tranche remaining outstanding, which amount will be $112,800,000 5,400,000 principal amount of the Loan, reduced by any previous prepayments of principal made on the 7-year Tranche of the Loan to the extent that such payments have been allocated pursuant to the provisions of Section 2.3 hereof and the Indenture to the 7-year Secured Notes, together with accrued and unpaid interest, fees and a pro rata portion of the amount of the Special Interest and Additional Amounts, if any, due on the 7-year Secured Notes. The Company shall pay on or before 10:00 a.m. on the date of the final Maturity of the 10-year Tranche all of the principal amount of the 10-year Tranche then remaining outstanding, reduced by any previous prepayments of principal made on the 10-year Tranche of the Loan to the extent that such payments have been allocated pursuant to the provisions of Section 2.3 hereof and the Indenture to the 10-year Secured Notes, together with accrued and unpaid interest fees and a pro rata portion of the amount of the Special Interest and Additional Amounts, if any, due on the 10-year Secured Notes. Such payments shall be made directly to the Trustee for deposit in the Issuer Escrow Account established pursuant to the Issuer Escrow Agreement.

Scheduled Payments of Loan. (i) One of the Other Loan Agreements relates to the Mortgaged Rig Deepwater IV, which Mortgaged Rig is presently under construction pursuant to a construction contract and which has an expected completion date during the third calendar quarter of 2000. Upon completion of the Mortgaged Rig Deepwater IV, the Company is required to grant a Lien on such Mortgaged Rig pursuant to a MoxxxxxxMorxxxxx. Xxxn Xxxx the filing of the Mortgage for the Mortgaged Rig Deepwater IV, the Company and the Lender agree that the $29,200,000 14,850,000 of the 7-year Tranche and $29,200,000 14,850,000 of the 10-year Tranche will be exchanged for additional advances under the Other Loan Agreement relating to the Mortgaged Rig Deepwater IV in an aggregate principal amount of $58,400,00029,700,000. (ii) The Company shall pay on or before 10:00 a.m. on the date of the final Maturity of the 7-year Tranche of the Loan all of the principal amount of the 7-year Tranche remaining outstanding, which amount will be $112,800,000 83,000,000 principal amount of the Loan, reduced by any previous prepayments of principal made on the 7-year Tranche of the Loan to the extent that such payments have been allocated pursuant to the provisions of Section 2.3 hereof and the Indenture to the 7-year Secured Notes, together with accrued and unpaid interest, fees and a pro rata portion of the amount of the Special Interest and Additional Amounts, if any, due on the 7-year Secured Notes. The Company shall pay on or before 10:00 a.m. on the date of the final Maturity of the 10-year Tranche all of the principal amount of the 10-year Tranche then remaining outstanding, reduced by any previous prepayments of principal made on the 10-year Tranche of the Loan to the extent that such payments have been allocated pursuant to the provisions of Section 2.3 hereof and the Indenture to the 10-year Secured Notes, together with accrued and unpaid interest fees and a pro rata portion of the amount of the Special Interest and Additional Amounts, if any, due on the 10-year Secured Notes. Such payments shall be made directly to the Trustee for deposit in the Issuer Escrow Account established pursuant to the Issuer Escrow Agreement.