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 Morxxxxx. Xxxx the filing of the Mortgage for the Mortgaged Rig Deepwater IV, the Company and the Lender agree that the $14,850,000 of the 7-year Tranche and $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 $29,700,000.

Scheduled Payments of Loan. (i) One 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 MorxxxxxMoxxxxxx. Xxxx Xxxn the filing of the Mortgage for the Mortgaged Rig Deepwater IV, the Company and the Lender agree that the $14,850,000 21,350,000 of the 7-year Tranche and $14,850,000 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 $29,700,00042,700,000.

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 MorxxxxxMoxxxxxx. Xxxx Xxxn the filing of the Mortgage for the Mortgaged Rig Deepwater IV, the Company and the Lender agree that the $14,850,000 29,200,000 of the 7-year Tranche and $14,850,000 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 $29,700,00058,400,000.

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 MorxxxxxMortgaxx. Xxxx the filing of the Mortgage for the Mortgaged Rig Deepwater IV, the Company and the Lender agree that the $14,850,000 2,050,000 of the 7-year Tranche and $14,850,000 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 $29,700,0004,100,000.

Scheduled Payments of Loan. (i) One 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 MorxxxxxMortgxxx. Xxxx the filing of the Mortgage for the Mortgaged Rig Deepwater IV, the Company and the Lender agree that the $14,850,000 16,000,000 of the 7-year Tranche and $14,850,000 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 $29,700,00032,000,000.