Minimum Equity Ratio. The Issuer shall ensure that the Group maintains an Equity Ratio of minimum 35%. This minimum equity ratio requirement shall apply at all times, but will be tested on each Quarter Date, and reported to the Bond Trustee in connection with the Issuer’s quarterly reporting, and on 31 December and reported to the Bond Trustee in connection with the Issuer’s annual reporting.
Appears in 2 contracts
Sources: Bond Agreement, Bond Agreement (Pacific Drilling S.A.)