Collateral Rig Value means, at any time, without duplication, (a) the Fair Market Value of Collateral Rigs (other than Excluded Collateral Rigs) that are then Contracted Rigs wholly directly owned by a Loan Party that is a direct or indirect Subsidiary or Local Content Entity of Holdco 7, Holdco 8, or Holdco 9, plus (b) the Fair Market Value of Collateral Rigs (other than Excluded Collateral Rigs) that are then Marketed Rigs wholly directly owned by a Loan Party that is a direct or indirect Subsidiary or Local Content Entity of Holdco 7, Holdco 8, or Holdco 9, minus (c) the aggregate amount of obligations secured by Permitted Collateral Liens on the Collateral Rigs set forth in clause (c) of Section 6.11 (to the extent such amount remains overdue for more than thirty (30) days if such Liens arise with respect to domestic assets and for more than ninety (90) days if such Liens arise with respect to foreign assets), clause (d) of Section 6.11 (to the extent such amount of Taxes is more than ninety (90) days past due and cannot thereafter be paid without penalty) and clause (e) of Section 6.11, in each case, only to the extent such obligations are not being contested in good faith by appropriate proceedings or reserves in conformity with GAAP have not been provided therefor; provided that at least 80% of Collateral Rig Value must be comprised of Fair Market Value attributable to Collateral Rigs that are Contracted Rigs wholly directly owned by a Loan Party.

Collateral Rig Value means the sum of the Rig Value of the Rigs that are directly owned, operated, and chartered by Credit Parties, in each case to the extent (x) such Rigs are subject to the first out, first priority liens securing the Obligations under the Credit Facility and no other liens securing indebtedness for borrowed money (other than the Last Out Term Loan, Last Out Notes, and Last Out Incremental Debt) and (y) such Rig is not subject to any financing arrangement (provided that the Rig Value attributable to non-marketed Rigs shall not constitute more than 5% of the Rig Value as calculated hereunder.

Collateral Rig Value means, at any time, without duplication, (a) the aggregate Rig Value of Collateral Rigs (other than Excluded Collateral Rigs) plus (b) the Appraised Fair Market Value of all Related Yard Equipment, as reflected in the Appraisal Report most recently delivered pursuant to Section 5.10(c), minus (c) the aggregate amount of obligations secured by Permitted Collateral Liens (other than Permitted Collateral Liens referenced in clause (b) of the definition thereof) on the Collateral Rigs (other than Excluded Collateral Rigs).

Examples of Collateral Rig Value in a sentence

For purposes of calculating the Collateral Rig Value, as the case may be, on a pro forma basis for any transaction, the Collateral Rig Value shall be measured giving pro forma effect to such transaction and any use of proceeds of such transaction as if it had occurred on the last day of the fiscal period most recently ended for which an officer’s certificate pursuant to Section 5.01(c) is required to have been delivered.

More Definitions of Collateral Rig Value

Collateral Rig Value means, at any time, without duplication, (a) the aggregate Rig Value of Collateral Rigs (other than Excluded Collateral Rigs) plus(b) the Appraised Fair Market Value of all Related Yard Equipment, as reflected in the Appraisal Report most recently delivered pursuant to Section 5.10(c), minus (c) the aggregate amount of obligations secured by Permitted Collateral Liens (other than Permitted Collateral Liens referenced in clause (b) of the definition thereof) on the Collateral Rigs (other than Excluded Collateral Rigs).

Collateral Rig Value means, as of any date of determination, the sum of the Rig Value of all Rigs that are directly owned, operated, and chartered by the Issuers and the Guarantors, in each case to the extent (x) each such Rig is subject to an Acceptable Security Interest and not subject to any other Liens securing Indebtedness for borrowed money (other than the Revolving Loans and L/C Obligations, Last Out Term Loans, the Notes and the Last Out Incremental Debt), and (y) each such Rig is not subject to any other financing arrangement ((other than the Revolving Loans and LC/Obligations, Last Out Term Loans, the Notes and the Last Out Incremental Debt); provided that the Rig Value attributable to non-marketed Rigs shall not constitute more than 5% of the Rig Value as calculated hereunder.

Collateral Rig Value means, as of any date of determination, the sum of the Rig Value of all Rigs that are directly owned, operated, and chartered by the Issuers and the Guarantors, in each case to the extent (x) each such Rig is subject to an Acceptable Security Interest and not subject to any other Liens securing Indebtedness for borrowed money (other than the Revolving Loans and L/C Obligations, Last Out Term Loans, the Notes and the Last Out Incremental Debt), and (y) each such Rig is not subject to any other financing arrangement (other than the Revolving Loans and L/C Obligations, Last Out Term Loans, the Notes and the Last Out Incremental Debt); provided that the Rig Value attributable to non-marketed Rigs shall not constitute more than 5% of the Collateral Rig Value as calculated hereunder.

Original Collateral Sale Price means JPY 6,673,919,674. Notwithstanding anything to the contrary in the Collateral Sale Agreement, the consideration for the Initial Charged Assets is the Issue Price of the Notes plus the entry into the Swap Agreement by the Issuer.
Assigned Value means the Market/Offer Price, as defined in Section 7.
Reference Value means the last reported sales price of the shares of Common Stock for any twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to the date on which notice of the redemption is given.
Borrowing Base Value means, with respect to any Oil and Gas Property of a Credit Party or any Swap Agreement in respect of commodities, the value the Administrative Agent attributed to such asset in connection with the most recent determination of the Borrowing Base as confirmed by Required Lenders.
Ending Value means the average of the values of the Basket at the close of the market on five business days shortly before the maturity date of the Notes. We may calculate the Ending Value by reference to fewer than five or even a single day's closing value if, during the period shortly before the maturity date of the Notes, there is a disruption in the trading of a sufficient number of stocks included in any Basket Index or certain futures or options contracts relating to a Basket Index.