Rig Value definition

Rig Value means, with respect to any Rig, the net book value (determined in accordance with GAAP) of such Rig, as reflected in Holdings’ most recent balance sheet; provided that, with respect to the determination of the Rig Value of any Rig acquired after the last day of the most recently ended fiscal quarter for which financial statements have been delivered pursuant to this Agreement, or to be acquired on the date of such determination, the Rig Value of such Rig shall be as reasonably agreed by the Borrower and the Administrative Agent; provided, further that any Rig that has suffered an Event of Loss shall be deemed to have a net book value equal to its insured value until the date that is the earlier of (i) 180 days after such Event of Loss and (ii) the date that the insurer(s) in respect thereof has formally declined coverage for such Event of Loss.

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Rig Value means, with respect to any Rig at any date of determination, the Appraised Fair Market Value of such Rig, as reflected in the Appraisal Report most recently delivered pursuant to Section 5.10(c), and with respect to a Covered Asset, for the purposes of Section 6.10 at any date of determination, the net book value (determined in accordance with GAAP) of such Covered Asset.

Rig Value means, with respect to any rig or other Covered Asset at any date of determination, the net book value (determined in accordance with GAAP) of such rig or other Covered Asset, as reflected in the officer’s certificate most recently delivered pursuant to Section 7.01(c).

Examples of 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.

More Definitions of Rig Value

Rig Value means, with respect to any Rig, the net book value (determined in accordance with GAAP) of such Rig, as reflected in the Rig Value Certificate most recently delivered pursuant to Section 5.01(c) or otherwise pursuant to this Agreement; provided that, with respect to the determination of the Rig Value of any Rig acquired after the last day of the most recently ended fiscal quarter for which financial statements and a Rig Value Certificate have been delivered pursuant to this Agreement, the Rig Value of such Rig shall be as reasonably agreed by the Parent and the Administrative Agent.

Rig Value means, with respect to each Rig, the aggregate contract price for the acquisition or construction of such Rig, in each case together with all related spares, equipment and any additions or improvements thereto (or the acquisition of the Capital Stock of any Person owning such Rig), as applicable, plus any Ready for Sea Cost with respect to such Rig.

Rig Value means (a) with respect to any Rig (other than the Atwood Archer , the Atwood Admiral , the Atwood Achiever , and the Atwood Advantage ), the net book value (determined in accordance with GAAP) of such Rig, as reflected in the Parent’s balance sheet

Rig Value means, as of any date of determination, with respect to any Rig (and all related owned equipment), other than a cold-stacked Rig, the value of such Rig (and all related owned equipment), calculated as the average reflected in the most recent appraisals of such Rig conducted and delivered in compliance with clause (x) of “Affirmative Covenants” above; provided that the Rig Value of any Rig shall be equal to (w) 100.0% of such appraised value, for any Rig that is contracted with less than 12 months until its relevant contract start date or a Rig that has been idle for up to 6 months, (x) 75.0% of such appraised value, for any Rig idle for six (6) months or longer but less than nine (9) months as of such date of determination, (y) 50.0% of such appraised value, for any Rig idle for nine (9) months or longer but less than twelve (12) months as of such date of determination and (z) 0.0% of such appraised value, for any Rig idle for twelve (12) months or longer as of such date of determination; provided further that if any such Rig is stacked or otherwise idle, the Rig Value attributable to such Rig (i) shall be reduced by the amount of any reactivation costs necessary or advisable to return such Rig to working status and (ii) shall in no event be less than $0.00; provided further that, notwithstanding the foregoing, during the period from the Closing Date until the six month anniversary of the Closing Date, the Rig Value of the Great White shall not at any time be less than 50.0% of such appraised value.

Rig Value means, as of any date of determination, with respect to any Rig (and all related equipment) owned by any Credit Party or Restricted Subsidiary, the value of such Rig (and all related equipment) as reflected in the most recent third-party appraisal (which shall not include any allowance for depreciation and obsolescence since the delivery of such appraisal and with respect to “idle” Rigs shall not include any discount for current markets and demand) delivered to the Administrative Agent for such Rig; provided that (a) the Rig Value of any Rig shall be equal to (i) 100% of such third-party appraised value, for any contracted Rig or a Rig that is idle for up to six (6) months, (ii) 75% of such appraised value, for any Rig idle for six (6) months or longer but less than nine (9) months as of such date of determination, (iii) 50% of such appraised value for any Rig idle for nine (9) months or longer but less than twelve (12) months as of such date of determination and (iv) 0% of such appraised value, for any Rig idle for twelve (12) months or longer as of such date of determination and (b) for purposes of such determination, the Rig Value of any Rig acquired after the last day of the Test Period most recently ended on or prior to such date of determination, or to be acquired on the date on which a pro forma calculation is to be determined, shall be as reasonably agreed by the Company and the Administrative Agent (to the extent a third-party appraisal for such Rig has not yet been delivered to the Administrative Agent pursuant to this Agreement).

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