Operating Rate definition

Operating Rate has the meaning given in Appendix I, Section A(2)(A).

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Operating Rate shall be the amount per day payable for the normal performance of the Drilling Unit Services. The Operating Rate shall apply for the Drilling Services from the Operations Commencement Date until the Drilling Unit’s last anchor is racked or transponder retrieved and the Drilling Unit has been released by Operator’s Representative from the first Location. The Operating Rate shall not apply during provisioning, deprovisioning, stand-by, moving, or during any periods of shut down however caused. In particular shutdown for revalidation of certification, compliance with regulations, or rejection of equipment shall be payable at Nil Rate. Cessation of operations in order to slip, cut or change the drilling line or routine lubrication for routine maintenance purposes which cannot be safely and properly carried out without suspending the Drilling Unit Services shall not be deemed to be shut down for the purposes of this sub-clause. The Operating Rate shall apply in a similar manner at each subsequent Location.

Operating Rate shall have the meaning set forth in sub-clause 5.3(a) of Section 5.

Examples of Operating Rate in a sentence

The Operating Rate shall continue to be payable throughout the duration of the Contract, except as herein otherwise provided.
The Operating Rate specified in Appendix A will first become payable from the moment when the Drilling Unit arrives at the first drilling location and commences either jacking operations or running anchors (whichever is applicable).
Except when some other rate provided in the Drilling Order applies, in particular during Turnkey operations, the Operating Rate will be payable during the term of this Agreement.
However the Company shall not continue to pay the Operating Rate in the case that the Republic of Kazakhstan Technical Inspection Board shuts the Drilling Unit for safety or similar reasons.
Contractor, at Operator’s request, shall install, in accordance with Good Industry Practices and in a manner satisfactory to Operator, subsea wellheads and all other usual and customary associated equipment and connections furnished at the ▇▇▇▇▇ by Operator, and Operator shall pay the Operating Rate for such Work, including Rig time for testing the ▇▇▇▇▇ to the satisfaction of Operator.
The Operating Rate specified in Appendix A will first become payable on the Commencement Date.
In the event the Work is not completed by 0000 hours on February 1, 2018, the then applicable Operating Rate of $261,785 per day shall be adjusted in accordance with the pricing mechanism specified in the attached Exhibit 1.
For the avoidance of doubt, it is understood that minor technical and administrative changes (including automatic adjustments to the Operating Rate and other rates and prices, as provided by the Contract, or changes regarding which of the Company’s affiliates will make payment to the Operator under the Contract) agreed between the Company and the Operator to the Contract from time to time shall not constitute material amendments or modifications or variations for the purpose of this Clause ‎5(b).
It is agreed that COMPANY shall bear all risk and responsibility for loss of the hole provided that, if such loss or damage be the result of the negligence or willful misconduct of CONTRACTOR, CONTRACTOR shall, as COMPANY may elect, either drill a new hole on the same location to a depth at which the original hole was lost or redrill such section of the hole as COMPANY may require under all terms of this Contract at ninety (90%) percent of the Operating Rate.
Contractor, at Operator’s request, will install subsea wellheads and all other usual and customary associated equipment and connections furnished at the ▇▇▇▇▇ by Operator in a manner satisfactory to Operator, and Operator will pay the Operating Rate for such Work, including Rig time for testing the ▇▇▇▇▇ to the satisfaction of Operator.

More Definitions of Operating Rate

Operating Rate means, during any particular 12-month period of any particular mill producing newsprint, a percentage determined by multiplying 100 by a fraction (i) the numerator of which is the number of days in such 12-month period in which the mill operates (“Operating Days”) which number shall include days of Operating Maintenance, and (ii) the denominator of which is the actual number of calendar days in any particular 12-month period.

Operating Rate means the actual production of a facility divided by production capacity, in a certain period of time;

Operating Rate means the Operating Rate, Reduced Operating Rate, the Re-Drill Rate and the Force Majeure Rate (each as defined in the MDO Contract);

Operating Rate means the Operating Rate, the Reduced Operating Rate, the Rig Moving Rate, the Remedial Work Rate and the Force Majeure Rate (each as defined in the Drilling Contract);