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

  • 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.


More Definitions of Collateral Rig Value

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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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 LC/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 Rig Value as calculated hereunder.
Sample 1
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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Related to Collateral Rig Value

  • 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.

  • Reference Value means the last reported sales price of the shares of Common Stock for any twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to the date on which notice of the redemption is given.

  • Stored value means monetary value that is evidenced by an electronic record.

  • Heating Value means the heat released by combustion of one pound of waste or fuel measured in Btu on an as received basis. For solid fuels, the heating value shall be determined by use of ASTM Standard D2015-66.

  • rateable value means, in relation to a rateable value premises, the rateable value of that rateable value premises as at 31 March 1990 as assessed under the 1967 Act;

  • Disposition Value means, at any time, with respect to any property

  • Acquisition Value of the Common Stock means, for each Trading Day in the Valuation Period, the value of the consideration paid per share of Common Stock in connection with such Public Acquirer Change of Control, as follows:

  • Gross Heating Value means the total heat expressed in megajoules per cubic metre (MJ/m³) produced by the complete combustion at constant pressure of one (1) cubic metre of gas with air, with the gas free of water vapour and the temperature of the gas, air and products of combustion at standard temperature and all water formed by the combustion reaction condensed to the liquid state;

  • Reference Asset Weight means, in respect of a Reference Asset, the proportion of the Reference Portfolio set out under the heading “Reference Portfolio Weight” for such Reference Asset in the table included under “THE REFERENCE PORTFOLIO, subject to adjustments that may be made pursuant to “DESCRIPTION OF THE NOTES – Adjustments and Exceptional Circumstances”.

  • Closing Value means, as of a particular date, the value of a Share determined by the closing sales price for such Share (or the closing bid, if no sales were reported) as quoted on The New York Stock Exchange for the last market trading day prior to the date of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable.

  • Threshold Event Collateral shall have the meaning assigned to such term in Section 5(g).

  • Carrying Value means (a) with respect to a Contributed Property, the Agreed Value of such property reduced (but not below zero) by all depreciation, amortization and cost recovery deductions charged to the Partners’ and Assignees’ Capital Accounts in respect of such Contributed Property, and (b) with respect to any other Partnership property, the adjusted basis of such property for federal income tax purposes, all as of the time of determination. The Carrying Value of any property shall be adjusted from time to time in accordance with Sections 5.5(d)(i) and 5.5(d)(ii) and to reflect changes, additions or other adjustments to the Carrying Value for dispositions and acquisitions of Partnership properties, as deemed appropriate by the General Partner.

  • RI Value means, in respect of a Reference Item and a ST Valuation Date, (i) the RI Closing Value for such Reference Item in respect of such ST Valuation Date, divided by (ii) the relevant RI Initial Value (expressed as a percentage).

  • Borrowing Base Value means, with respect to any Oil and Gas Property of a Credit Party or any Swap Agreement in respect of commodities, the value the Administrative Agent attributed to such asset in connection with the most recent determination of the Borrowing Base as confirmed by Required Lenders.

  • Baseline Value for each of the Company and the Peer Companies means the dollar amount representing the average of the Fair Market Value of one share of common stock of such company over the five consecutive trading days ending on, and including, the Effective Date.

  • Reference Assets means the underlying interest contained in the Reference Portfolio, and “Reference Asset” means each of the Reference Assets.

  • Loan Value means for any Loan that is not Defaulted Receivable on any day (including the Cut-off Date) (A) with respect to Precomputed Loans, (i) the present value of the future Scheduled Payments discounted monthly at the applicable Implicit Rate of Return, plus (ii) any past due Scheduled Payments reflected on the Servicer’s records, plus (iii) the unamortized amounts of any purchase premiums, minus (iv) the unamortized amounts of any purchase discounts and (B) with respect to Simple Interest Loans, (i) the balance reflected on the Servicer’s records plus (ii) the unamortized amounts of any purchase premiums minus (iii) the unamortized amounts of any purchase discounts. Defaulted Receivables that are Loans shall be deemed to have a Loan Value equal to the outstanding Loan Value at the time it became a Defaulted Receivable less the amount written-off as uncollectible in accordance with the Credit and Collection Policy.

  • Transaction Value means the actual contract value (the bid sum or price) in South African currency, inclusive of all applicable taxes in respect of the goods, services or construction works that are contracted for.

  • Attributable Value means, as to a Capital Lease Obligation, the principal amount thereof.

  • Excess valuation assets for a valuation period means, with

  • Ending Value means the average of the values of the Basket at the close of the market on five business days shortly before the maturity date of the Notes. We may calculate the Ending Value by reference to fewer than five or even a single day's closing value if, during the period shortly before the maturity date of the Notes, there is a disruption in the trading of a sufficient number of stocks included in any Basket Index or certain futures or options contracts relating to a Basket Index.

  • newly rateable property means any rateable property on which property rates were not levied before the end of the financial year preceding the date on which this Act took effect, excluding –

  • Aggregate Collateral Balance means, as at any Measurement Date, the amount equal to the aggregate of the following amounts, as at such Measurement Date: