Collateral Rig Value definition

Collateral Rig Value means, at any time, without duplication, (a) the Fair Market Value of Collateral Rigs (other than Excluded Collateral Rigs) that are then Contracted Rigs wholly directly owned by a Loan Party that is a direct or indirect Subsidiary or Local Content Entity of Holdco 7, Holdco 8, or Holdco 9, plus (b) the Fair Market Value of Collateral Rigs (other than Excluded Collateral Rigs) that are then Marketed Rigs wholly directly owned by a Loan Party that is a direct or indirect Subsidiary or Local Content Entity of Holdco 7, Holdco 8, or Holdco 9, minus (c) the aggregate amount of obligations secured by Permitted Collateral Liens on the Collateral Rigs set forth in clause (c) of Section 6.11 (to the extent such amount remains overdue for more than thirty (30) days if such Liens arise with respect to domestic assets and for more than ninety (90) days if such Liens arise with respect to foreign assets), clause (d) of Section 6.11 (to the extent such amount of Taxes is more than ninety (90) days past due and cannot thereafter be paid without penalty) and clause (e) of Section 6.11, in each case, only to the extent such obligations are not being contested in good faith by appropriate proceedings or reserves in conformity with GAAP have not been provided therefor; provided that at least 80% of Collateral Rig Value must be comprised of Fair Market Value attributable to Collateral Rigs that are Contracted Rigs wholly directly owned by a Loan Party.
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Collateral Rig Value means the sum of the Rig Value of the Rigs that are directly owned, operated, and chartered by Credit Parties, in each case to the extent (x) such Rigs are subject to the first out, first priority liens securing the Obligations under the Credit Facility and no other liens securing indebtedness for borrowed money (other than the Last Out Term Loan, Last Out Notes, and Last Out Incremental Debt) and (y) such Rig is not subject to any financing arrangement (provided that the Rig Value attributable to non-marketed Rigs shall not constitute more than 5% of the Rig Value as calculated hereunder.
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Collateral Rig Value means, at any time, without duplication, (a) the aggregate Rig Value of Collateral Rigs (other than Excluded Collateral Rigs) plus (b) the Appraised Fair Market Value of all Related Yard Equipment, as reflected in the Appraisal Report most recently delivered pursuant to Section 5.10(c), minus (c) the aggregate amount of obligations secured by Permitted Collateral Liens (other than Permitted Collateral Liens referenced in clause (b) of the definition thereof) on the Collateral Rigs (other than Excluded Collateral Rigs).
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Examples of Collateral Rig Value in a sentence

  • Notwithstanding the foregoing, in the case of any Sale and Lease-Back Transaction involving any asset that is a Collateral Rig, such Sale and Lease-Back Transaction shall only be permitted if, after giving effect thereto, the Collateral Rig Value is not less than the Collateral Coverage Threshold on a pro forma basis.

  • In the case of a Revolving Loan, the Collateral Rig Value shall not be less than the Collateral Coverage Threshold on a pro forma basis after giving effect to such Revolving Loan.

  • For purposes of calculating the Collateral Rig Value, as the case may be, on a pro forma basis for any transaction, the Collateral Rig Value shall be measured giving pro forma effect to such transaction and any use of proceeds of such transaction as if it had occurred on the last day of the fiscal period most recently ended for which an officer’s certificate pursuant to Section 5.01(c) is required to have been delivered.

  • For the avoidance of doubt, notwithstanding anything to the contrary contained herein, the Collateral Rig Value being less than the Collateral Coverage Threshold at the end of any fiscal quarter shall not constitute a Default or Event of Default so long as Holdings and/or its Subsidiaries shall have taken the actions specified in the preceding sentence prior to the expiration of the Collateral Coverage Cure Period.

  • On the Amendment and Restatement Effective Date and at the time of each Credit Event and immediately after giving effect thereto, the Aggregate Collateral Rig Value shall be at least 150% of the sum of the aggregate outstanding amount of Loans and Letters of Credit Outstanding at such time.

  • At the time of each Credit Event, the Administrative Agent shall have received evidence from the Parent reasonably satisfactory to the Administrative Agent demonstrating that after giving effect to such Credit Event, the Aggregate Collateral Rig Value is at least 150% of the sum of the aggregate outstanding amount of Loans at such time.

  • At the time of each Credit Event, the Administrative Agent shall have received evidence from the Parent reasonably satisfactory to the Administrative Agent demonstrating that after giving effect to such Credit Event, the Aggregate Collateral Rig Value is at least 150% of the sum of the aggregate outstanding amount of Loans at such time 56 SECTION 8.

  • In the case of a Canadian Revolving Loan, the Canadian Collateral Rig Value shall not be less than the Canadian Collateral Coverage Threshold on a pro forma basis after giving effect to such Canadian Revolving Loan.

  • For the avoidance of doubt, notwithstanding anything to the contrary contained herein, the Canadian Collateral Rig Value being less than the Canadian Collateral Coverage Threshold shall not constitute a Default or Event of Default so long as Holdings and/or its Subsidiaries shall have taken the actions specified in the preceding sentence prior to the expiration of the Canadian Collateral Coverage Cure Period.

  • As of the end of each fiscal quarter of Holdings, the Borrower shall not permit the ratio of (a) Collateral Rig Value as of such date to (b) the Revolving Credit Commitments Amount as of such date, to be less than 1.75 to 1.00 (the “Collateral Coverage Ratio”).


More Definitions of Collateral Rig Value

Collateral Rig Value means, as of any date of determination, the sum of the Rig Value of all Rigs that are directly owned, operated, and chartered by the Issuers and the Guarantors, in each case to the extent (x) each such Rig is subject to an Acceptable Security Interest and not subject to any other Liens securing Indebtedness for borrowed money (other than the Revolving Loans and L/C Obligations, Last Out Term Loans, the Notes and the Last Out Incremental Debt), and (y) each such Rig is not subject to any other financing arrangement (other than the Revolving Loans and L/C Obligations, Last Out Term Loans, the Notes and the Last Out Incremental Debt); provided that the Rig Value attributable to non-marketed Rigs shall not constitute more than 5% of the Collateral Rig Value as calculated hereunder.
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Collateral Rig Value means, at any time, without duplication, (a) the aggregate Rig Value of Collateral Rigs (other than Excluded Collateral Rigs) plus
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Collateral Rig Value means, at any time, without duplication, (a) the Fair Market Value of Collateral Rigs (other than Excluded Collateral Rigs) that are then Contracted Rigs wholly directly owned by a Loan Party that is a direct or indirect Subsidiary or Local Content Entity of Holdco 4, Holdco 5, or Holdco 6, plus (b) the Fair Market Value of Collateral Rigs (other than Excluded Collateral Rigs) that are then Marketed Rigs wholly directly owned by a Loan Party that is a direct or indirect Subsidiary or Local Content Entity of Holdco 4, Holdco 5, or Holdco 6, minus (c) the aggregate amount of obligations secured by Permitted Collateral Liens on the Collateral Rigs set forth in clause (c) of Section 6.11 (to the extent such amount remains overdue for more than thirty (30) days if such Liens arise with respect to domestic assets and for more than ninety
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Related to Collateral Rig Value

  • S&P Collateral Value With respect to any Defaulted Obligation or Long Dated Obligation, the lesser of (i) the S&P Recovery Amount of such Defaulted Obligation or Long Dated Obligation, as applicable, as of the relevant Measurement Date and (ii) the Market Value of such Defaulted Obligation or Long Dated Obligation, as applicable, as of the relevant Measurement Date.

  • Collateral Value The appraised value of a Mortgaged Property based upon the lesser of (i) the appraisal (as reviewed and approved by the Seller) made at the time of the origination of the related Mortgage Loan, or (ii) the sales price of such Mortgaged Property at such time of origination. With respect to a Mortgage Loan the proceeds of which were used to refinance an existing mortgage loan, the appraised value of the Mortgaged Property based upon the appraisal (as reviewed and approved by the Seller) obtained at the time of refinancing.

  • Original Collateral Sale Price means JPY 6,399,647,993. Notwithstanding anything to the contrary in the Collateral Sale Agreement, the consideration for the Initial Charged Assets is the Issue Price of the Notes plus the entry into the Swap Agreement by the Issuer.

  • Assigned Value means the Market/Offer Price, as defined in Section 7.

  • Portfolio Value means the aggregate amount of portfolio of investments including cash balance without netting off of leverage undertaken by the CDMDF.