Common use of Notification of Environmental Claims Clause in Contracts

Notification of Environmental Claims. The Parent and the Borrowers shall inform the Agent in writing as soon as reasonably practicable upon becoming aware of the same: if any material Environmental Claim has been commenced or (to the best of the Obligors’ knowledge and belief) is threatened against any of the Obligors or any of the Drillships; and of any incident, event, fact or circumstances which will or are reasonably likely to result in any material Environmental Claim being commenced or threatened against any of the Obligors, or any of the Drillships. The Parent and the Borrowers shall provide the Agent with information on any new employment contract in respect of a Drillship five (5) days prior to entering into any such contract. The Parent and the Borrowers shall procure, prior to entering into any new employment contract in respect of a Drillship, that a Contract Memo for that employment contract is sent to the Agent. If: the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the Closing Date; any change in the status of an Obligor after the Closing Date; or a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or transfer, obliges the Agent or any Lender (or, in the case of any prospective new Lender) to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of any prospective new Lender, on behalf of any prospective new Lender) in order for the Agent, such Lender or, in the case of any prospective new Lender, any prospective new Lender to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself) in order for the Agent to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

Notification of Environmental Claims. The Parent and the Borrowers Obligors shall inform the Agent in writing as soon as reasonably practicable upon becoming aware of the same: if any material Environmental Claim has been commenced or (to the best of the Obligors’ knowledge and belief) is threatened against any of the Obligors or any of the DrillshipsDrilling Unit; and of any incident, event, fact or circumstances which will or are reasonably likely to result in any material Environmental Claim being commenced or threatened against any of the Obligors, Obligors or any of the DrillshipsDrilling Unit. The Parent and the Borrowers shall provide the Agent with information on any new employment contract in respect of a Drillship the Drilling Unit five (5) days prior to entering into any such contract. The If required by the Agent, the Parent and the Borrowers shall procure, prior to entering into procure that a Contract Memo for any new employment contract in respect of a Drillship, that a Contract Memo for that employment contract the Drilling Unit is sent to the Agent. The Obligors may satisfy its obligations under this Agreement to deliver any information to the Lenders by posting this information onto an electronic website designated by the Parent and the Agent (the “Designated Website”). The Parent shall promptly upon becoming aware of its occurrence notify the Agent if: the Designated Website cannot be accessed due to technical failure; any password specifications for the Designated Website change; any new information which is required to be provided under this Agreement is posted onto the Designated Website; any existing information which has been provided under this Agreement and posted onto the Designated Website is amended; or the Parent becomes aware that the Designated Website or any information posted onto the Designated Website is or has been infected by any electronic virus or similar software. If the Parent notifies the Agent under paragraph (b)(i) or paragraph (b)(v) above, all information to be provided by the Parent under this Agreement after the date of that notice shall be supplied in paper form unless and until the Agent is satisfied that the circumstances giving rise to the notification are no longer continuing. If: the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the Closing Datedate of this Agreement; any change in the status of an Obligor, the composition of the shareholders of an Obligor or a shareholder’s participation in an Obligor (to the extent the number of shares such shareholder holds rises above 25 per cent. (25%) of the total number of shares) after the Closing Datedate of this Agreement; or a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or transfer, obliges the Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of any prospective new Lender, on behalf of any prospective new Lender) in order for the Agent, such Lender or, in the case of any prospective new Lender, any prospective new Lender to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself) or any Lender in order for the Agent and the Lenders to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

Notification of Environmental Claims. The Parent and the Borrowers Obligors shall inform the Agent in writing as soon as reasonably practicable upon becoming aware of the same: if any material Environmental Claim has been commenced or (to the best of the Obligors’ knowledge and belief) is threatened against any of the Obligors or any of the DrillshipsDrilling Unit; and of any incident, event, fact or circumstances which will or are reasonably likely to result in any material Environmental Claim being commenced or threatened against any of the Obligors, Obligors or any of the DrillshipsDrilling Unit. The Parent and the Borrowers shall provide the Agent with information on any new employment contract in respect of a Drillship the Drilling Unit five (5) days prior to entering into any such contract. The If required by the Agent, the Parent and the Borrowers shall procure, prior to entering into procure that a Contract Memo for any new employment contract in respect of a Drillship, that a Contract Memo for that employment contract the Drilling Unit is sent to the Agent. # 47 (47) The Obligors may satisfy its obligations under this Agreement to deliver any information to the Lenders by posting this information onto an electronic website designated by the Parent and the Agent (the “Designated Website”). The Parent shall promptly upon becoming aware of its occurrence notify the Agent if: the Designated Website cannot be accessed due to technical failure; any password specifications for the Designated Website change; any new information which is required to be provided under this Agreement is posted onto the Designated Website; any existing information which has been provided under this Agreement and posted onto the Designated Website is amended; or the Parent becomes aware that the Designated Website or any information posted onto the Designated Website is or has been infected by any electronic virus or similar software. If the Parent notifies the Agent under paragraph (b)(i) or paragraph (b)(v) above, all information to be provided by the Parent under this Agreement after the date of that notice shall be supplied in paper form unless and until the Agent is satisfied that the circumstances giving rise to the notification are no longer continuing. If: the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the Closing Datedate of this Agreement; any change in the status of an Obligor, the composition of the shareholders of an Obligor or a shareholder’s participation in an Obligor (to the extent the number of shares such shareholder holds rises above 25 per cent. (25%) of the total number of shares) after the Closing Datedate of this Agreement; or a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or transfer, obliges the Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of any prospective new Lender, on behalf of any prospective new Lender) in order for the Agent, such Lender or, in the case of any prospective new Lender, any prospective new Lender to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself) or any Lender in order for the Agent and the Lenders to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. # 48 (48) The financial covenants in this Clause 22 are granted in favour of each Finance Party by the Parent and such financial covenants shall remain in force throughout the Security Period and are to be measured on a quarterly basis. The Parent will procure that the Minimum Liquidity of the Group will not fall below USD one hundred and fifty million (150,000,000). The Parent will procure that the Leverage Ratio of the Group will not exceed; from and including the financial quarter starting on 1 July 2015 until and including the financial quarter ending on 30 September 2016; 6.0:1; from and including the financial quarter starting on 1 October 2016 until (and including) the financial quarter ending on 31 December 2016; 5.5:1; and from and including the date of the Reinstated Leverage Ratio Covenant until the Final Maturity Date; 4.5 : 1.