Eligible Completed Drilling Rigs definition

Eligible Completed Drilling Rigs means, at any time, the Rig Fleet Equipment owned by any Borrower which the Administrative Agent determines in its Permitted Discretion is eligible as the basis for the extension of Loans and Swingline Loans and the issuance of Letters of Credit hereunder, based on such considerations as the Administrative Agent may from time to time in its Permitted Discretion deem appropriate. Without limiting the Administrative Agent’s discretion provided herein, Eligible Completed Drilling Rigs shall not include any Rig Fleet Equipment:
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Eligible Completed Drilling Rigs set forth in Section 1.01 of the Credit Agreement is hereby amended by amending and restating sub-clauses (n) and (o) thereof in their entirety to provide as follows:
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Eligible Completed Drilling Rigs means, at any time, the Rig Fleet Equipment owned by any Borrower which the Administrative Agent determines in its Permitted Discretion is eligible as the basis for the extension of Loans and Swingline Loans and the issuance of Letters of Credit hereunder, based on such considerations as the Administrative Agent may from time to time in its Permitted Discretion deem appropriate. Without limiting the Administrative Agent’s discretion provided herein, Eligible Completed Drilling Rigs shall not include any Rig Fleet Equipment: (a) if one of the Borrowers does not have good title to such Rig Fleet Equipment or if the Borrower having title to such Rig Fleet Equipment does not have the right to subject such Rig Fleet Equipment to a Lien in favor of the Collateral Agent; (b) which is not subject to a first priority perfected security interest in favor of the Collateral Agent; (c) which is subject to any Lien other than (i) a Lien in favor of the Collateral Agent and (ii) a Permitted Encumbrance which is subordinate and junior to the Lien in favor of the Collateral Agent; (d) which consists of a partial Rig or components or materials consisting of a Rig under construction, or if such Rig Fleet Equipment does not otherwise constitute a fully constructed, functional and operable Rig; (e) which consists of Rig Accessories that are not connected or affixed to a Rig unless such Rig Accessories are otherwise included in the FLV Appraisal and are also agreed to be deemed eligible under this clause by the Administrative Agent at its sole option;
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Related to Eligible Completed Drilling Rigs

  • Project Completion Date means the date on which the Completion Certificate is issued;

  • Commissioning test means tests applied to the Generating Facility, after completion of the construction of the Generating Facility, in order to verify that the Generating Facility may be released for Operation.

  • Project Completion means completion of the Redevelopment in accordance with this Agreement to the state where the whole of the Morley Shopping Centre, as so redeveloped, is capable of occupation for its intended purpose;

  • Construction Completion Date means the date by which the overall development of the Project is completed in accordance with the provisions of this Agreement and when the Construction Completion Certificate is issued by the Independent Engineer as per Article 14.1.

  • Target Completion Date has the meaning given such term in Section 3.3(b).

  • Commissioning Tests means all of the procedures and tests which, in accordance with the Reasonable and Prudent Standard, and in compliance with industry guidelines, practices and standards, are:

  • Commissioning Date means that date when construction of the contemplated Project is complete, and the Maintenance Term commences;

  • Final Completion Date means the date on which Final Completion occurs.

  • Subproject means a specific activity carried out under Part 1 of the Project, financed or proposed to be financed through a Subproject Loan (as hereinafter defined).

  • Substantial Completion Date means the required date for Substantial Completion of the Project. The Substantial Completion Date can be adjusted only by written Change Order.

  • Final Completion means the date determined and certified by A/E and Owner on which the Work is fully and satisfactorily complete in accordance with the Contract.

  • Project Completion Schedule means the progressive Project Milestones set forth in Schedule-J for completion of the Project Highway on or before the Scheduled Completion Date;

  • Power Plant means a facility for the generation of

  • Completion Date means the date of completion of the Services by the Service Provider as certified by the Procuring Entity

  • Scheduled Completion Date shall be the date set forth in Clause 10.3;

  • Solar PV Project means the solar Photo Voltaic Power project that uses sunlight for direct conversion into electricity through Photo Voltaic technology.

  • Commissioning Period means, with respect to each Subproject, the period commencing upon the first delivery of Feed Gas to the Subproject in accordance with Sections 4.8 and 11.1 of the Agreement continuing through achievement of RFSU, commissioning, Start Up, Performance Testing and achievement of Substantial Completion for such Subproject.

  • Completion Rate means the percentage of an apprenticeship cohort who receives a certificate of apprenticeship completion within 1 year of the projected completion date. An apprenticeship cohort is the group of individual apprentices registered to a specific program during a 1 year time frame, except that a cohort does not include the apprentices whose apprenticeship agreement has been cancelled during the probationary period or who have transferred.