Initial Borrowing. This Agreement shall become effective, and the obligation of each Lender to advance the initial Loans hereunder, shall only take effect, on the date (the “Effective Date”) on which each of the following conditions has been satisfied (or waived in accordance with Section 10.11):
Appears in 3 contracts
Samples: Credit Agreement (Transocean Ltd.), Day Revolving Credit Agreement (Transocean Inc), 364 Day Revolving Credit Agreement (Transocean Inc)
Initial Borrowing. This Agreement shall become effective, and the obligation of each Lender to advance the initial Loans hereunder, and of each Issuing Bank to issue any Letter of Credit hereunder, shall only take effect, on the date (the “Effective Date”) on which each of the following conditions has been satisfied (or waived in accordance with Section 10.11):
Appears in 2 contracts
Samples: Revolving Credit Agreement (Transocean Inc), Year Revolving Credit Agreement (Transocean Inc)
Initial Borrowing. This Agreement shall become effective, and the obligation of each Lender to advance the initial Term Loans hereunder, hereunder shall only take effect, on the date (the “Effective Date”) on which each of the following conditions has been satisfied (or waived in accordance with Section 10.11):
Appears in 2 contracts
Samples: Term Credit Agreement (Transocean Inc), Term Credit Agreement (Transocean Inc)
Initial Borrowing. This Agreement shall become effective, and the obligation of each Lender to advance the initial Loans and to purchase the initial participations in Letters of Credit hereunder, and of each Issuing Bank to issue any Letter of Credit hereunder, shall only take effect, on the date (the “Effective Date”) on which each of the following conditions has been satisfied (or waived in accordance with Section 10.11):
Appears in 2 contracts
Samples: Credit Agreement (Transocean Ltd.), Credit Agreement (Transocean Ltd.)
