Common use of Operating Rate Clause in Contracts

Operating Rate. The Operating Rate specified in Appendix A will first become payable from the moment when the Drilling Unit arrives at the first drilling location and commences either jacking operations or running anchors (whichever is applicable). The Operating Rate shall continue to be payable throughout the duration of the Contract, except as herein otherwise provided.

Operating Rate. The Operating Rate specified in Appendix A will first become payable from the moment when the Drilling Unit arrives spuds the first well at the first drilling location and commences either jacking operations or running anchors (whichever is applicable)location. The Operating Rate shall continue to be payable throughout the duration of the Contract, Contract except as herein otherwise provided.