Rig Utilization Ratio Clause Samples

Rig Utilization Ratio. The Borrowers will maintain a Rig Utilization Ratio, measured for the six-month period ending as of the last day of each calendar month, beginning with the calendar month ended January 31, 2015, of no less than the correlative percentage indicated: January 31, 2015 February 28, 2015 March 31, 2015 April 30, 2015 May 31, 2015 June 30, 2015 July 31, 2015 August 31, 2015 September 30, 2015 October 31, 2015 November 30, 2015 December 31, 2015 60 % January 31, 2016 February 29, 2016 March 31, 2016 April 30, 2016 May 31, 2016 June 30, 2016 July 31, 2016 August 31, 2016 September 30, 2016 October 31, 2016 November 30, 2016 December 31, 2016 70 % January 31, 2017, and the last day of each calendar month thereafter. 80 %”

Rig Utilization Ratio. During a Rig Utilization Testing Period, the Borrowers will maintain a Rig Utilization Ratio, measured for the six-month period ending as of the last day of the calendar month preceding the first day of a Rig Utilization Testing Period and as of the last day of each calendar month thereafter, of no less than the correlative percentage indicated below: Calendar Month Rig Utilization Ratio May 31, 2017 June 30, 2017 60% July 31, 2017 August 31, 2017 September 30, 2017 October 31, 2017 November 30, 2017 December 31, 2017 70% January 31, 2018, and on the last day of each calendar month thereafter 75% (d)