Aggregate Collateral Rig Value definition

Aggregate Collateral Rig Value shall have the meaning set forth in Section 10.09.
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Aggregate Collateral Rig Value means the aggregate appraised value of all Collateral Rigs as set forth in the most recent annual desktop appraisal report delivered pursuant to Section 6.6(c); provided that, in connection with any Collateral Substitution, Event of Loss, Asset Sale involving a Collateral Rig, addition of a Collateral Rig in accordance with Section 6.12 or release of a Collateral Rig in accordance with Section 11.20, such aggregate appraised value shall be adjusted as of the relevant date of determination to add or subtract, as applicable, the Fair Market Value as of such date of the relevant Rig, as determined in good faith by the Parent and reasonably acceptable to the Collateral Agent.
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Aggregate Collateral Rig Value means the aggregate appraised value of all Collateral Rigs as set forth in the most recent annual desktop appraisal report delivered pursuant to Section 6.6(c); provided that, in connection with any Collateral Substitution, Event of Loss, Asset Sale involving a Collateral Rig, addition of a Collateral Rig in accordance with
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Examples of Aggregate Collateral Rig Value in a sentence

  • 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.


More Definitions of Aggregate Collateral Rig Value

Aggregate Collateral Rig Value means the aggregate appraised value of all Collateral Rigs as set forth in the most recent annual desktop appraisal report delivered pursuant to Section 6.6(c); provided that, in connection with any Collateral Substitution, Event of Loss, Asset Sale involving a Collateral Rig, addition of a Collateral Rig in accordance with Section 6.12 or release of a Collateral Rig in accordance with Section 11.20, such aggregate appraised value shall be adjusted as of the relevant date of determination to add or subtract, as applicable, the Fair Market Value as of such date of the relevant Rig, as determined in good faith by the Parent and reasonably acceptable to the Collateral Agent.
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