Rig Assets definition

Rig Assets means: (a) the machinery, equipment, spare parts, inventory and consumable supplies, whether on board a Rig, onshore or on order, relating exclusively to any one or more of the Rigs; and (b) the Rig Spare Parts, except in each case for such assets that were taken out of service, consumed or replaced prior to Completion in the Ordinary Course;
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Rig Assets means certain workover rigs and other equipment, as more particularly described in Schedule A attached to Amendment No. 8.
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Examples of Rig Assets in a sentence

  • The term “Sale of Assets” shall refer to a transaction or series of transactions consummated prior to the Newco Transaction Date in which the Company sells or otherwise transfers to one or more third-parties unaffiliated with the Company all or substantially all of the Mat Jackup Rig Assets.

  • The term “Purchaser” means one or more third-parties unaffiliated with the Company which acquire the Mat Jackup Rig Assets in a Sale of Assets.

  • The term “Newco” means the entity formed to hold, directly or indirectly, all or substantially all of the Mat Jackup Rig Assets.

  • The appropriate Rig Assets (including drill pipe and collars) shall be designated on Exhibit A to the Lease Agreement and the drilling contract which the Seller is performing at such time shall be appropriately referenced on Exhibit B to the Lease Agreement.

  • In the event that on the CIT Maturity Date neither TMR Drilling nor one of its affiliates has title to the Triton Rig Assets for any reason other than the destruction or damage to the Triton Rig Assets as described in Section 1.3.3(c) below, the Meridian Group must satisfy such unpaid Accrued Meridian Obligations by making the Meridian Cash Payment described in clause (i) above and the Put Option shall be null and void.

  • Subject to Section 1.3.3(a) above, the Put Option may be exercised by the Meridian Group at any time within fifteen (15) days after the CIT Maturity Date by delivery of a put option notice (a “Put Option Notice”) to Orion or its designee stating the date on which the transfer of title to the Triton Rig Assets shall occur, which date shall in no event be more than ten (10) days after the date of such Put Option Notice (the “Option Settlement Date”).

  • No Person providing any materials or services to either Loan Party has filed, or threatened to file, a mechanics’, materialmen’s, repairmen’s or other like Lien on any Drilling Rig Assets.

  • Orion and TMR Drilling shall jointly (and if the Parties are unable to agree, then independently) establish and document the condition of the Triton Rig Assets immediately prior to the time when the Triton Rig Assets are removed from Orion’s possession, using a joint inspection process, outside inspectors, or such other means as each Party may reasonably require (and at their own respective costs for any inspectors or advisors hired by each such Party).

  • Within ten (10) day of any move or change in location of the Triton Rig Assets or at such other times as Meridian may request, Orion agrees to provide Meridian with a written notice describing in reasonable detail the location or site to which such Triton Rig Assets are being moved (including, without limitation, the state, city, and county of any such site) and the full legal names, physical addresses, email addresses, and phone numbers of all owners of such location or site.

  • The Meridian Group hereby authorizes Orion at any time and from time to time to file in any applicable Uniform Commercial Code jurisdiction any initial financing statement and amendments thereto that indicate the security interest granted hereunder to Orion in the Triton Rig Assets.

Related to Rig Assets

  • Operating Assets means all merchandise inventories, furniture, fixtures and equipment (including all transportation and warehousing equipment but excluding office equipment and data processing equipment) owned or leased pursuant to Capital Leases by the Company or a Restricted Subsidiary.

  • Subject Assets is defined in Section 2.2(c).

  • Sale Assets is defined in Section 5.2(a)(ii).

  • Underlying Assets With respect to a Loan, any property or other assets designated and pledged as collateral to secure repayment of such Loan, including, without limitation, to the extent provided for in the relevant Underlying Instruments, a pledge of the stock, membership or other ownership interests in the related Obligor and all Proceeds from any sale or other disposition of such property or other assets.

  • Contributed Assets shall have the meaning as set forth in Section 2.2.