Common use of Minimum Market Value Clause in Contracts

Minimum Market Value. (a) Subject to sub-paragraph (b) below, the Obligors will procure that the Market Value of the Drillship is (i) at least one hundred and twenty five per cent (125%) of the sum of the Loans from the Closing Date and up until the third anniversary thereafter and (ii) at least one hundred and forty per cent (140%) of the sum of the Loans from the third anniversary of the Closing Date and up until the relevant Final Maturity Date. For the avoidance of doubt, Clause 8.4 (Minimum Market Value) will not apply whilst the covenant in this Clause 24.1 is suspended. (b) The covenant in sub-paragraph (a) above has been waived by the Finance Parties up until the Final Maturity Date and the provisions of sub-paragraph (a) above are therefore suspended until the Final Maturity Date.

Minimum Market Value. (a) Subject to sub-paragraph (b) below), the Obligors will procure that the Market Value of all the Drillship Rigs (taken in aggregate) is (i) at least one hundred and twenty thirty five per cent (125135%) of the sum of the Loans from outstanding from, and tested first time with reference to the Closing Date period ending on 31 December 2017 and up until the third anniversary thereafter and (ii) at least one hundred and forty per cent (140%) of the sum of the Loans from the third anniversary of the Closing Date and up until the relevant Final Maturity Date. For the avoidance of doubt, Clause 8.4 (Minimum Market Value) will not apply whilst the covenant in this Clause 24.1 is suspended. (b) The covenant in application of sub-paragraph (a) above has been waived by the Finance Parties up until the Final Maturity Date and the provisions of sub-paragraph (a) above are therefore suspended until the Final Maturity Date. For the avoidance of doubt, Clause 8.3 (Minimum Market Value) will not apply whilst the covenant in Clause 24.1 is suspended.

Minimum Market Value. (a) Subject to sub-paragraph (b) below, the Obligors will procure that the Market Value of the Drillship Drilling Unit is (i) at least one hundred and twenty five per cent (125%) of the sum of the Loans from the Closing Date and up until the third anniversary thereafter and (ii) at least one hundred and forty per cent (140%) of the sum of the Loans from the third anniversary of the Closing Date and up until the relevant Final Maturity Date. For the avoidance of doubt, Clause 8.4 (Minimum Market Value) will not apply whilst the covenant in this Clause 24.1 is suspended. (b) The covenant in sub-paragraph (a) above has been waived by the Finance Parties up until the Final Maturity Date Date. and the provisions of sub-paragraph (a) above are therefore suspended until the Final Maturity Date.