Minimum Market Value. The Obligors will procure that the Market Value of all the Rigs: (a) is higher than 100 % of the sum of the Loans outstanding and the Lenders’ Available Commitments from 11 June 2010 and up until the 1st anniversary thereof; (b) is higher than 110 % of the sum of the Loans outstanding and the Lenders’ Available Commitments from 11 June 2011 and up until 11 June 2012; and (c) thereafter is higher than 120% of the sum of the Loans outstanding and the Lenders’ Available Commitments. For the purpose of this Clause 26.1, the Market Value allocated to “West Vencedor” shall always be the lower of (i) the Market Value as calculated in accordance with the definition of “Market Value” in Clause 1.1 (Definitions) and (ii) the amount equal to the “West Vencedor Liability Amount”.
Appears in 4 contracts
Samples: Senior Secured Credit Facility Agreement, Senior Secured Credit Facility Agreement, Senior Secured Credit Facility Agreement (Seadrill Partners LLC)
