Common use of Major Projects Clause in Contracts

Major Projects. The Borrower undertakes that it will provide the Joint Arrangers with disclosure of every Major Project undertaken by one or more Group Members either, in the case of a project whose capital cost to the Smedvig Group on a consolidated basis is originally budgeted to exceed one hundred million Dollars (USD100,000,000), immediately after such project is approved by the Board of Directors of the Guarantor or other relevant Group Member or Group Members or, in the case of a project whose capital cost to the Smedvig Group on a consolidated basis was originally budgeted not to exceed one hundred million Dollars (USD100,000,000) but has subsequently exceeded that figure, at such time as such cost overrun has become evident. For these purposes disclosure means a written presentation of such Major Project containing contractual particulars and a financial analysis and estimates both of its capital cost and the time for completion of its various stages and a review of any other issues which are material to fulfilment of such project.

Major Projects. The Borrower undertakes that it will provide the Joint Lead Arrangers with disclosure of every Major Project undertaken by one or more Group Members either, in the case of a project whose capital cost to the Smedvig Group on a consolidated basis is originally budgeted to exceed one hundred million Dollars (USD100,000,000), immediately after such project is approved by the Board of Directors of the Guarantor or other relevant Group Member or Group Members or, in the case of a project whose capital cost to the Smedvig Group on a consolidated basis was originally budgeted not to exceed one hundred million Dollars (USD100,000,000) but has subsequently exceeded that figure, at such time as such cost overrun has become evident. For these purposes disclosure means a written presentation of such Major Project containing contractual particulars and a financial analysis and estimates both of its capital cost and the time for completion of its various stages and a review of any other issues which are material to fulfilment of such project.