Common use of Postponement of Advance Clause in Contracts

Postponement of Advance. If Lenders make a Loan requested pursuant to the Advance Request and the conditions precedent to such Advance have not been satisfied on the date specified in the Advance Request, Lessee shall pay to Trust Company, for the benefit of each Lender, interest on the amount funded by each Lender at a rate equal to the Alternate Base Rate for the period from the date of each such Advance to the date such Advance is returned to such Lender or such Advance date shall have occurred, less any interest earned by Trust Company on behalf of Lenders by investing such funded amounts. Trust Company (or its assignee) shall not be required to invest such funds in interest bearing investments, but Trust Company (or its assignee) shall upon direction of Lessee (or, if an Event of Default exists, the Required Lenders) invest such funds in Cash Equivalents to the extent it is practicably able to do so. Such interest shall be due and payable by Lessee upon the occurrence of such Advance Date or upon return of such funds to Lenders. Such payment of interest shall be an additional condition precedent to such Advance Date. If the Advance Date shall not have occurred by the third Business Day following the Advance Date in respect thereof, then all such interest shall be due and payable on such date, and Trust Company shall refund to each Lender all amounts funded by such Lender and all accrued interest allocable to such Lender. No additional Advance Request shall be required if the Advance Date is postponed and thereafter consummated. SECTION 2.6.

Postponement of Advance. If the Lenders make a Loan requested pursuant to the an Advance Request and the conditions precedent to such Advance have not been satisfied on the date specified in the Advance Request, Lessee Lessees shall pay to Trust Companythe Bank, for the benefit of each Lender, interest on the amount funded by each Lender at a rate equal to the Alternate Base Assumed Rate for the period from the date of each such Advance to the date such Advance is Participation Agreement returned to such Lender or such Advance date Date shall have occurred, less any interest earned by Trust Company the Bank on behalf of the Lenders by investing such funded amounts. Trust Company The Bank (or its assignee) shall not be required to invest such funds in interest interest-bearing investments, but Trust Company the Bank (or its assignee) shall upon direction of Lessee Lessees (or, if an Event of Default exists, the Required Lenders) invest such funds in Cash Equivalents to the extent it is practicably able to do so. Such interest shall be due and payable by Lessee Lessees upon the occurrence of such Advance Date or upon return of such funds to the Lenders. Such payment of interest shall be an additional condition precedent to such Advance Date. If the any Advance Date shall not have occurred by the third Business Day following the proposed Advance Date in respect thereof, then all such interest shall be due and payable on such date, and Trust Company the Bank shall refund to each Lender all amounts funded by such Lender and all accrued interest allocable to such LenderLender to the extent the Bank has received such interest. No additional Advance Request shall be required if the an Advance Date is postponed and thereafter consummated. SECTION 2.6.

Postponement of Advance. If Lenders make a Loan the Certificate Purchasers ------------------------- have made Advances requested pursuant to the an Advance Request and the conditions precedent to such Advance have not been satisfied or waived on the date specified in the Advance RequestRequest (each, Lessee a "Postponed Advance"), Deepwater shall ----------------- pay to Trust Companythe Charter Trustee and the Investment Trust, for the benefit of each LenderCertificate Purchaser which has made a Postponed Advance, interest yield (the "Postponement Yield") on the amount Advance funded by each Lender such Certificate Purchaser at a ------------------- rate equal to the Alternate Base Rate for Certificate Return Rate. Neither the period from Investment Trust nor the date of each such Advance to the date such Advance is returned to such Lender or such Advance date Charter Trustee shall have occurred, less any interest earned by Trust Company on behalf of Lenders by investing such funded amounts. Trust Company (or its assignee) shall not be required to invest such funds in interest interest-bearing investmentsaccounts, but Trust Company (or its assignee) shall the Charter Trustee shall, upon the direction of Lessee Deepwater (or, if an Event of Default exists, the Required Lenders) Certificate Purchasers), invest such funds in Cash Equivalents Permitted Investments to the extent it is practicably able to do so. Such interest Amounts held by the Charter Trustee and the Investment Trust may be pooled for this purpose. The Postponement Yield shall be due and payable by Lessee Deepwater upon the occurrence of such the postponed Advance Date or upon return of and such funds to Lenders. Such payment of interest shall be an additional condition precedent to such Advance Date. If On such postponed Advance Date, the Charter Trustee is hereby directed to liquidate any Permitted Investments then held pursuant to this Section 2.8, to distribute the Postponed Advances in accordance with Section 2.6 and to distribute any proceeds of Permitted Investments held pursuant to this Section 2.8 in excess of the amount of the Postponed Advances to each Certificate Purchaser pro rata (based on the relation that such --- ---- Certificate Purchaser's Postponed Advance Date shall not have occurred by bears to the third Business Day following the Advance Date in respect thereof, then aggregate of all such interest Postponed Advances) for application to Deepwater's obligation to pay Postponement Yield. Any accrued Postponement Yield thereafter remaining unpaid shall be due deemed to be Certificate Return and payable on such dateshall be capitalized to the extent permitted under Section 2.9 (and, and Trust Company to the extent so capitalized, shall refund to each Lender all amounts funded by such Lender and all accrued interest allocable to such Lenderconstitute Capitalized Certificate Return). No additional Advance Request shall be required if the an Advance Date is postponed and thereafter timely consummated. SECTION 2.6If any Advance Date (including the Initial Advance Date) has not occurred by the third Business Day following the date specified in the Advance Request in respect thereof, then all Postponement Yield shall be due and payable on such third Business Day (and shall not be capitalized pursuant to Section 2.9), and the Charter Trustee is hereby directed to liquidate any Permitted Investments then held pursuant to this Section 2.8 and to pay to each Certificate Purchaser on such third Business Day (i) the Postponed Advance funded by such Certificate Purchaser and (ii) the proceeds of any Permitted Investments held pursuant to this Section 2.8 in excess of the amount of the Postponed Advances refunded to such Certificate Purchaser pro rata based on the relation that such Certificate Purchaser's Postponed Advance bears to the aggregate of all such Postponed Advances to be applied to Deepwater's obligation to pay Postponement Yield.

Postponement of Advance. If the Lenders make a Loan ----------------------- requested pursuant to the an Advance Request and the conditions precedent to such Advance have not been satisfied or otherwise waived in writing on the date specified in the such Advance Request, Lessee shall pay to Trust CompanyLessor, for the benefit of each Lender, interest on the amount funded by each Lender at a rate equal to the sum of the Alternate Base Rate plus two percent (2.00%) (determined as of the date of such funding) for the period from the date of each such Advance Loan to the date the proceeds of such Advance is Loan are returned to such Lender or such Advance date Date shall have occurred, less any interest earned by Trust Company Lessor on behalf of the Lenders by investing such funded amounts. Trust Company Lessor (or its assignee) shall not be required to invest such funds in interest interest-bearing investments, but Trust Company Lessor (or its assignee) shall upon direction of Lessee (or, if an Event of Default exists, the Required Lenders) ), invest such funds in Cash Equivalents to the extent it is practicably able to do so. Such interest shall be due and payable by Lessee upon the occurrence of such Advance Date or upon return of such funds Loan proceeds to the Lenders. Such payment of interest shall be an additional condition precedent to such Advance Daterequested Advance. If the any Advance Date shall not have occurred by the third Business Day following the original requested date therefor and the conditions precedent to such Advance Date in respect thereofhave not been satisfied due to an action or omission of Lessee or any other Person other than the Participants, then all such interest shall be due and payable on such datethird Business Day following the requested Advance Date, and Trust Company Lessor shall refund to each Lender all amounts funded by such Lender and all accrued interest allocable to such Lender. No additional Advance Request shall be required if the an Advance Date is postponed and thereafter consummated. SECTION 2.6.

Postponement of Advance. If Lenders make a Loan the Certificate Purchasers have made Advances requested pursuant to on the Closing Date or any Postponed Advance Request Date and the conditions precedent to such Advance have not been satisfied or waived on the such date specified in the Advance Request(as such, Lessee a "Postponed Advance"), Deepwater shall pay to Trust Companythe Charter Trustee and the Investment Trust, for the benefit of each LenderCertificate Purchaser which has made a Postponed Advance, interest yield (the "Postponement Yield") on the amount Advance funded by each Lender such Certificate Purchaser at a rate equal to the Alternate Base Rate for Certificate Return Rate. Neither the period from Investment Trust nor the date of each such Advance to the date such Advance is returned to such Lender or such Advance date Charter Trustee shall have occurred, less any interest earned by Trust Company on behalf of Lenders by investing such funded amounts. Trust Company (or its assignee) shall not be required to invest such funds in interest interest-bearing investmentsaccounts, but Trust Company (or its assignee) shall the Charter Trustee shall, upon the direction of Lessee Deepwater (or, if an Event of Default exists, the Required Lenders) Certificate Purchasers), invest such funds in Cash Equivalents Permitted Investments to the extent it is practicably able to do so. Such interest Amounts held by the Charter Trustee and the Investment Trust may be pooled for this purpose. The Postponement Yield shall be due and payable by Lessee Deepwater upon the occurrence of such the postponed Advance Date or upon return of and such funds to Lenders. Such payment of interest shall be an additional condition precedent to such Advance Date. If On such postponed Advance Date, the Charter Trustee is hereby directed to liquidate any Permitted Investments then held pursuant to this Section 2.8, to distribute the Postponed Advances in accordance with Section 2.6 and to distribute any proceeds of Permitted Investments held pursuant to this Section 2.8 in excess of the amount of the Postponed Advances to each Certificate Purchaser pro rata (based on the relation that such Certificate Purchaser's Postponed Advance Date shall not have occurred by bears to the third Business Day following the Advance Date in respect thereof, then aggregate of all such interest Postponed Advances) for application to Deepwater's obligation to pay Postponement Yield. Any accrued Postponement Yield thereafter remaining unpaid shall be due deemed to be Certificate Return and payable on such date, shall be capitalized and Trust Company the amount thereof shall refund be added to the Certificate Purchaser Amount of each Lender all amounts funded by such Lender and all accrued interest allocable to such LenderCertificate Purchaser entitled thereto. No additional Advance Request shall be required if the an Advance Date is postponed and thereafter timely consummated. SECTION 2.6If the Advance Date has not occurred by the third Business Day following the date specified in the Advance Request in respect thereof, then all Postponement Yield shall be due and payable on such third Business Day (and shall not be capitalized pursuant to this Section), the Charter Trustee is hereby directed to liquidate any Permitted Investments then held pursuant to this Section 2.8 and to pay to each Certificate Purchaser on such third Business Day (i) the Postponed Advance funded by such Certificate Purchaser and (ii) the proceeds of any Permitted Investments held pursuant to this Section 2.8 in excess of the amount of the Postponed Advances refunded to such Certificate Purchaser pro rata based on the relation that such Certificate Purchaser's Postponed Advance bears to the aggregate of all such Postponed Advances to be applied to Deepwater's obligation to pay Postponement Yield. If the Advance Date has not occurred by the third Business Day following the date specified in the Advance Request in respect thereof, upon satisfaction or waiver of the conditions to the Advance Date, and upon payment in full of all Postponement Yield due and payable to the Certificate Purchasers, Deepwater shall have the right upon delivery of a new Advance Request to the Certificate Purchasers and Trustee to set a new date for the advances (the Postponed Advance Date ) which shall for all purposes be deemed the Advance Date under the Transaction Documents. Notwithstanding the foregoing, in no event shall Deepwater have the right to set any Postponed Advance Date to be a date later than ten Business Days after the Closing Date.

Postponement of Advance. If Lenders the Holders make a Loan Certificate Advance requested pursuant to the an Advance Request and the conditions precedent to such Advance have not been satisfied on the date specified in such Advance Request and as a result no Advance is then made to Lessee, the Advance Request, Lessee shall pay to Trust Companythe Trustee, for the benefit of each LenderHolder, interest on the amount funded by each Lender Holder at a rate equal to the sum of the Alternate Base Rate plus the Alternate Base Rate Margin (determined as of the date of such funding) for the period from the date of each such Advance to the date such Advance is returned to such Lender Holder or such Advance date Date shall have occurred, less any interest earned by Trust Company the Trustee on behalf of Lenders the Holders by investing such funded amounts. Trust Company Trustee (or its assignee) shall not be required to invest such funds in interest interest-bearing investments, but Trust Company Trustee (or its assignee) shall upon direction of Lessee (or, if an Event of Default exists, the Required LendersRequisite Holders) invest such funds in Cash Equivalents short term money market instruments at the written authorization and direction of Lessee (or if an Event of Default exists, the Requisite Holders), to the extent it is practicably able to do so. The Trustee shall provide a written statement of any such investments to the Holders reasonably promptly thereafter. Such interest shall be due and payable by the Lessee upon the occurrence of such postponed Advance Date or upon return of such funds to Lendersthe Holders. Such payment of interest shall be an additional condition precedent to such the postponed Advance Date. If the any Advance Date shall not have occurred by the third Business Day following the Advance Date in respect thereof, then all such interest shall be due and payable on such date, and Trust Company the Trustee shall refund to each Lender Holder all amounts funded by such Lender Holder and all accrued interest allocable to such LenderHolder. No additional Advance Request shall be required if the an Advance Date is postponed and thereafter consummated. SECTION 2.6.