Defined Contract definition

Defined Contract means any drilling contract or any other agreement between Seller and any third party which relates to Seller’s Drilling Business and which may be performable in whole or in part after Closing. Unless Purchaser provides its written consent to the entering into of any such Defined Contract (which consent shall not be unreasonably withheld or delayed), Purchaser shall have no obligation to assume (or otherwise perform) any such Defined Contract at or after Closing. Additionally Purchaser shall not withhold its written consent to a Defined Contract that is a drilling contract if it contains daywork, footage or turnkey rates substantially equivalent to the prevailing market rates, as reasonably determined by Purchaser, at the time they are entered into and do not contain any terms and conditions which, when taken as a whole, are not at least as favorable in any material respect as those contained in the other Drilling Contracts listed in Schedule 1(d). To the extent that Purchaser provides its written consent to the entering into of any such Defined Contract, such Defined Contract shall be added to Schedules 1(d) or 1(e), as applicable. Without limiting the generality of the foregoing, Seller hereby covenants to Purchaser that insofar as Seller’s Drilling Business is concerned, Seller will use commercially reasonable efforts to:
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Examples of Defined Contract in a sentence

  • Seller agrees that prior to executing or amending any Defined Contract (as defined below), it will provide Purchaser with a copy of such Defined Contract and provide all other information relating thereto as reasonably requested by Purchaser.

  • Unless Purchaser provides its written consent to the entering into of any such Defined Contract (which consent shall not be unreasonably withheld or delayed), Purchaser shall have no obligation to assume (or otherwise perform) any such Defined Contract at or after Closing.

  • Additionally Purchaser shall not withhold its written consent to a Defined Contract that is a drilling contract if it contains daywork, footage or turnkey rates substantially equivalent to the prevailing market rates, as reasonably determined by Purchaser, at the time they are entered into and do not contain any terms and conditions which, when taken as a whole, are not at least as favorable in any material respect as those contained in the other Drilling Contracts listed in Schedule 1(d).

  • To the extent that Purchaser provides its written consent to the entering into of any such Defined Contract, such Defined Contract shall be added to Schedules 1(d) or 1(e), as applicable.

  • To the extent that Purchaser provides its written consent to the entering into of any such Defined Contract, such Defined Contract shall be added to Schedules 1(c) or 1(d), as applicable.

  • Additionally, Purchaser shall not withhold its written consent to a Defined Contract that is a drilling contract if it contains daywork, footage or turnkey rates substantially equivalent to the Seller’s existing rates at the time they are entered into and do not contain any terms and conditions which, when taken as a whole, are not at least as favorable in any material respect as those contained in the other Drilling Contracts listed in Schedule 1(d).