Minimum Market Value. The Obligors will procure that the Market Value of all the Drillships that have been delivered is (i) at least one hundred and twenty five per cent (125%) of the sum of the Loans from the Closing Date and up until the third anniversary thereafter and (ii) at least one hundred and forty per cent (140%) from the third anniversary of the Closing Date and up until the relevant Final Maturity Date.
Appears in 3 contracts
Samples: Senior Secured Credit Facility Agreement, Senior Secured Credit Facility Agreement (Seadrill Partners LLC), Senior Secured Credit Facility Agreement (Seadrill Partners LLC)
Minimum Market Value. The Obligors will procure that the Market Value of all the Drillships that have been delivered Drilling Unit is (i) at least one hundred and twenty five per cent (125%) of the sum of the Loans from the Closing Date and up until the third anniversary thereafter and (ii) at least one hundred and forty per cent (140%) from the third anniversary of the Closing Date and up until the relevant Final Maturity Date.
Appears in 1 contract
Samples: Term Loan and Revolving Credit Facilities Agreement
Minimum Market Value. The Obligors will procure that the Market Value of all the Drillships that have been delivered Drillship is (i) at least one hundred and twenty five per cent (125%) of the sum of the Loans from the Closing Date and up until the third anniversary thereafter and (ii) at least one hundred and forty per cent (140%) from the third anniversary of the Closing Date sum of the Loans from, and tested for the first time with reference to the period ending 30 September 2017 and up until the relevant Final Maturity Date.
Appears in 1 contract
Samples: Senior Secured Credit Facility Agreement (Seadrill Partners LLC)
