Minimum Market Value. The Obligors will procure that the Market Value of all the Rigs: (a) is higher than 115% of the sum of the Loans outstanding and the Lenders’ Available Commitments from the signing of the Agreement and up until the 2nd anniversary thereof; and (b) thereafter is higher than 120% of the sum of the Loans outstanding and the Lenders’ Available Commitments. For the purpose of this Clause 26.1, the Market Value allocated to each of the “West Capella” and the “West Aquarius”, respectively, shall always be the lower of (i) the Market Value as calculated in accordance with the definition of “Market Value” in Clause 1.1 (Definitions) and (ii) the “West Aquarius Liability Amount” and “the West Capella Liability Amount” respectively.
Appears in 3 contracts
Sources: Senior Secured Credit Facility Agreement, Senior Secured Credit Facility Agreement (Seadrill Partners LLC), Senior Secured Credit Facility Agreement (Seadrill Partners LLC)