Rig Exchange definition
Rig Exchange means the exchange of an Additional Rig for an Acceptable Rig; provided that, in each case, the Collateral Rig Requirements shall have been satisfied with respect to such Acceptable Rig on or prior to the Rig Exchange Date applicable thereto to the reasonable satisfaction of the Administrative Agent.
Rig Exchange means the exchange of a Collateral Rig for a Rig which constitutes an Acceptable Replacement Rig, provided that (a) the provisions of Section 5.12 with respect to an Acceptable Replacement Rig are satisfied in connection therewith and (b) the Administrative Agent shall have received a certificate, dated the Rig Exchange Date, signed by a Responsible Officer of the Borrower which certificate shall set forth the calculations required to establish whether the Borrower is in compliance with Section 6.18(b) after giving effect to such Rig Exchange and certifying that the replacement Rig constitutes an Acceptable Replacement Rig and that the provisions of Section 5.12 are satisfied in connection therewith. Upon the occurrence of a Rig Exchange, the Administrative Agent shall, at the request of the Borrower, terminate and release all Liens on the replaced Rig subject to such Rig Exchange.