Satisfactory Drilling Contract definition

Satisfactory Drilling Contract has the meaning given to it in the Common Terms Agreement.

Satisfactory Drilling Contract means any drilling contract (or any letter of intent with respect thereto) with an initial term of at least six months in form and substance that is reasonably customary in the offshore drilling market, entered into by the Company or any Restricted Subsidiary with a Person (a) having an Investment Grade Rating or a corporate credit rating equal to or higher than Baa3 (or the equivalent by Xxxxx’x) and BBB- (or the equivalent) by S&P (or with respect to which a letter of credit has been provided), (b) that has an established record of fulfilling payment obligations in a timely manner with Noble or the Company or any of its Restricted Subsidiaries or (c) that has been approved by the administrative agent under the Revolving Credit Facility for purposes of determining a “Satisfactory Drilling Contract” (as defined therein).

Satisfactory Drilling Contract means a charter contract for the Rig West Gemini, in form and substance satisfactory to the Required Lenders, in their discretion, to either of BP, Chevron, ConocoPhillips, ExxonMobil, ONGC, Petrobras, Shell, Statoil and Total, or any other oil company satisfactory to the Required Lenders in their discretion, commencing during the second half of 2010, at a daily rate of at least USD 440,000 (net of any withholding taxes, VAT or similar) and with a fixed duration of at least 2 years.

Examples of Satisfactory Drilling Contract in a sentence

• Each Borrower shall, and the Parent shall procure that all Intra-Group Charterers shall (to the extent applicable), hold full legal title to and own the entire beneficial interest in the Drillships, any Satisfactory Drilling Contract, the Intra-Group Charterparties, the Insurances and their Earnings, free of any Security Interest and other interests and rights of every kind, except for those created by the Finance Documents and as set out in Clause 23.7 (Negative pledge).

• The Borrowers may not make any prepayment of a Tranche relating to only one Drillship, unless the remaining Tranche relates to a Drillship which is employed on a Satisfactory Drilling Contract.

• Amounts under the Revolving Facility shall be available for re-borrowing subject to a new Satisfactory Drilling Contract which is entered into within 6 months thereafter.

• The Borrowers will ensure that, unless the prior written consent of all Lenders has been obtained, no rig or vessel other than a Collateral Vessel will be employed to perform a Satisfactory Drilling Contract or any other charter or drilling contract under which a Collateral Vessel is employed, in any case for more than thirty (30) calendar days.

• The Borrower shall, and the Parent shall procure that the Intra-Group Charterer shall (to the extent applicable), hold full legal title to and own the entire beneficial interest in the Drillship, any Satisfactory Drilling Contract, the Intra-Group Charterparty, the Insurances and their Earnings, free of any Security Interest and other interests and rights of every kind, except for those created by the Finance Documents and as set out in Clause 23.7 (Negative pledge).

More Definitions of Satisfactory Drilling Contract

Satisfactory Drilling Contract means the current contract in place for the "West Xxxx" as further described in Schedule 2 (Guarantors and Drillships), and for the "West Tellus" a time charter contract, in form and substance satisfactory to the Lenders, (in their discretion) to any oil company satisfactory to the Required Lenders in their discretion, at a rate of at least USD 500,000 per day with a duration of at least 2 years.

Satisfactory Drilling Contract means any drilling contract (or any letter of intent with respect thereto) with an initial term of at least six months in form and substance that is reasonably customary in the offshore drilling market, entered into by the Parent Borrower or any Restricted Subsidiary with a Person (a) having an Investment Grade Rating (or with respect to which a letter of credit has been provided), (b) that has an established record of fulfilling payment obligations in a timely manner with Noble Corporation or the Parent Borrower or any of its Restricted Subsidiaries or (c) that is reasonably acceptable to the Administrative Agent.

Satisfactory Drilling Contract means any time charter contract(s) for the Rig, which is:

Satisfactory Drilling Contract has the meaning given to it in the Common Terms Agreement. “Security Documents” has the meaning given to it in the Common Terms Agreement.

Satisfactory Drilling Contract means any drilling contract (or any letter of intent with respect thereto) with an initial term of at least six months in form and substance that is reasonably customary in the offshore drilling market, entered into by the Borrower or any Subsidiary with a Person (a) having an Investment Grade Rating (or with respect to which a letter of credit has been provided), (b) that has an established record of fulfilling payment obligations in a timely manner with Holdings, the Borrower or any of their respective Subsidiaries or (c) that is otherwise reasonably acceptable to the Lenders.

Satisfactory Drilling Contract means any agreement for the employment of the Drillship for drilling operations which is in form and substance customary in the offshore drilling market and acceptable to all the Lenders, entered into between the Drillship Owner or an Intra-Group Charterer and a Client, including any agreement entered into with Total as a result of the requirements in Xxxxxxxx 0, Xxx. 11 of the Total Drilling Contract.

Satisfactory Drilling Contract means for the Drillship, a time charter contract, in form and substance satisfactory to the Lenders (in their discretion), to any oil company satisfactory to the Required Lenders (in their discretion), at a rate of at least USD 500,000 per day with a duration of at least 2 years.