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 Mortgxxx. Xxxx the filing of the Mortgage for the Mortgaged Rig Deepwater IV, the Company and the Lender agree that the $16,000,000 of the 7-year Tranche and $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 $32,000,000. (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 $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.
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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 MortgxxxMoxxxxxx. Xxxx Xxxn the filing of the Mortgage for the Mortgaged Rig Deepwater IV, the Company and the Lender agree that the $16,000,000 21,350,000 of the 7-year Tranche and $16,000,000 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 $32,000,00042,700,000. (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 $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.
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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 MortgxxxMoxxxxxx. Xxxx Xxxn the filing of the Mortgage for the Mortgaged Rig Deepwater IV, the Company and the Lender agree that the $16,000,000 29,200,000 of the 7-year Tranche and $16,000,000 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 $32,000,00058,400,000. (ii)The 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 $52,650,000 112,800,000 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.
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Samples: R&b Falcon Corp
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 MortgxxxMortgaxx. Xxxx the filing of the Mortgage for the Mortgaged Rig Deepwater IV, the Company and the Lender agree that the $16,000,000 2,050,000 of the 7-year Tranche and $16,000,000 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 $32,000,0004,100,000. (ii)The 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 $52,650,000 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.
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