Rig Fleet Equipment definition

Rig Fleet Equipment means the Borrowers’ Rigs, partial Rigs and to the extent acceptable to the Administrative Agent at its sole option, yard inventory and other related equipment (as categorized in the FLV Appraisal).
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Rig Fleet Equipment means any Loan Party’s Rigs and partial Rigs and any Loan Party’s Equipment related to such Rigs and partial Rigs. “S&P” has the meaning specified therefor in the definition of Cash Equivalents.
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Rig Fleet Equipment means the Borrowers’ Rigs, partial Rigs and to the extent acceptable to the Administrative Agent at its sole option, yard inventory and other related equipment (as categorized in the FLV Appraisal). “Rig Utilization Ratio” means, for any consecutive six-month period (or, for purposes of Section 2.01(c), three-month period) ending as of the last day of the most recently ended calendar month, the ratio (expressed as a percentage), the numerator of which is (a) the aggregate sum of the total days each of the Borrowers’ Rigs (including Stacked Rigs, but excluding Decommissioned Rigs and Rigs that have not at any time been included in the Borrowing Base) operated under a drilling contract and earned a rate during such period (whether a day rate, standby rate, moving rate or mobilization rate), and the denominator of which is (b) the product of the total number of Rigs owned by the Borrowers (including Stacked Rigs, but excluding Decommissioned Rigs and Rigs that have not at any time been included in the Borrowing Base) and the number of days in such period. “Rig Utilization Testing Period” means, the period (a) commencing on the day that the principal amount of all Loans then outstanding equals or exceeds $30,000,000 and (b) continuing through and ending on the first date after which the principal amount of all Loans then outstanding has been less than $30,000,000 for each day in any period of at least three (3) consecutive calendar months for which the Administrative Borrower has delivered to Administrative Agent a Borrowing Base Certificate pursuant to Section 5.01(g). “S&P” means S&P Global Ratings or if such company shall cease to issue ratings, another nationally recognized statistical rating company selected in good faith by mutual agreement of the Administrative Agent and the Administrative Borrower. “Sanctions” has the meaning assigned to such term in Section 3.26. “Secured Parties” means, collectively, (i) the Agents, (ii) the Lenders, (iii) any Issuing Bank, (iv) any Person indemnified under the Loan Documents and (v) any Lender or an Affiliate of any Lender with respect to any Banking Services Obligation or Swap Obligation that constitutes an Obligation. “Security Agreements” means the Guarantee and Collateral Agreement, the Patent Security Agreement, the Trademark Security Agreement, the Copyright Security Agreement and any other pledge or security agreement entered into, on or after the date of this Agreement by any Loan Party (in connection with t...
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Examples of Rig Fleet Equipment in a sentence

  • Except for Stacked Rigs, the Rig Fleet Equipment and all other Equipment shall be maintained in good operating condition and repair (reasonable wear and tear excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Rig Fleet Equipment and other Equipment shall be maintained and preserved.

  • Deliver to Agent on or before the fifteenth (15th) day of each month as and for the prior month (a) accounts receivable ageings inclusive of reconciliations to the general ledger, (b) accounts payable schedules inclusive of reconciliations to the general ledger, (c) Inventory reports and (d) a Rig Fleet Equipment status report, containing such information regarding the status of each piece of Rig Fleet Equipment as Agent shall reasonably request.

  • The Equipment (including all Rig Fleet Equipment) shall be maintained in good operating condition and repair (reasonable wear and tear and damege due to casualty excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Equipment shall be maintained and preserved.

  • No Borrower shall use or operate the Equipment (including the Rig Fleet Equipment) in violation of any law, statute, ordinance, code, rule or regulation.

  • Each Borrower shall have the right to sell Equipment (including Rig Fleet Equipment) to the extent set forth in Section 4.3 hereof.

  • This will lead to a negative liability ‘experience’ item (i.e. higher past service liabilities);• Actual pension increases being higher than anticipated (for deferred pensions and pensions in payment), again leading to a negative experience item;• Any membership movements (i.e. new entrant levels, withdrawals, ill health retirements, injury retirements etc.) different to those assumed within the previous valuation will contribute positively or negatively to the asset and liability ‘experience’ items.

  • Each of the Rig Fleet Equipment (a) constitutes goods which are mobile, of a type normally used in more than one jurisdiction and not designed to be permanently used in any one location; and (b) is not a fixture under the laws of any jurisdiction in which any of the Rig Fleet Equipment is located.

  • Independence Contract Drilling of the definition of Permitted Encumbrances) may at any time attach to any Loan Party’s (1) Accounts, (2) Rig Fleet Equipment and (3) owned real property interests.

  • In the case of documented releases of hazardous materials at ERNS sites, such releases were likely remediated adequately when they occurred or shortly afterward.


More Definitions of Rig Fleet Equipment

Rig Fleet Equipment means any Rigs, together with all Rig Accessories and related parts, held or owned by any Borrower.
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Related to Rig Fleet Equipment

  • BT Equipment means any equipment, including any Software, owned by or licensed to BT Group that is located at a Site for the provision of a Service.

  • Standard equipment means the basic configuration of a vehicle which is equipped with all the features that are required under the regulatory acts of the Contracting Party including all features that are fitted without giving rise to any further specifications on configuration or equipment level.

  • Replacement Equipment means operational equipment or other parts used by Tenant to replace any of the Equipment.

  • X-ray equipment means an x-ray system, subsystem, or component thereof. Types of x-ray equipment are as follows:

  • New equipment means equipment for which, by the cut-off date, neither of the following events has occurred:

  • Project Equipment means the items of machinery, equipment or other personal property used in connection with the construction and development of the Project pursuant to the provisions hereof, and all replacements thereof and substitutions therefor made pursuant to this Agreement.

  • Service Equipment means any equipment, Software, systems, cabling and facilities provided by or on behalf of Verizon and used to facilitate provision of the Services at a Customer Site. Ownership of the Service Equipment does not pass to Customer. Service Equipment does not include Verizon Facilities.

  • Company Equipment means all equipment supplied by the Company to the Contractor, to use in the performance of the Work and which is specified in the Contract as “Company Equipment”.

  • Farm equipment means equipment used directly for farming

  • fall arrest equipment means equipment used to arrest a person in a fall, including personal equipment, a body harness, lanyards, deceleration devices, lifelines or similar equipment;

  • Leased Equipment means the computers, servers, machinery and equipment and other tangible personal property leased by Seller for use in the operation or conduct of the Business.

  • Capital Equipment means machinery and equipment purchased or leased, and used in this state by the purchaser or lessee primarily for manufacturing, fabricating, mining, or refining tangible personal property to be sold ultimately at retail if the machinery and equipment are essential to the integrated production process of manufacturing, fabricating, mining, or refining. Capital equipment also includes machinery and equipment used primarily to electronically transmit results retrieved by a customer of an online computerized data retrieval system.

  • School equipment means a durable school-owned machine, equipment, or tool used by a student as part of an activity, course, or program in a secondary school and includes a saw or 3D printer. “School equipment” includes a saw or 3D printer.

  • Heavy equipment means such construction machinery as backhoes, treaded tractors, dump trucks, and front-end loaders.

  • Accessory equipment means any equipment associated with the installation of a wireless telecommunications facility, including but not limited to cabling, generators, fans, air conditioning units, electrical panels, equipment shelters, equipment cabinets, equipment buildings, pedestals, meters, vaults, splice boxes, and surface location markers.

  • Ancillary equipment means any device including, but not limited to, such devices as piping, fittings, flanges, valves, and pumps, that is used to distribute, meter, or control the flow of hazardous waste from its point of generation to a storage or treatment tank(s), between hazardous waste storage and treatment tanks to a point of disposal onsite, or to a point of shipment for disposal off-site.

  • CONSTRUCTION EQUIPMENT means all appliances and equipment of whatsoever nature for the use in or for the execution, completion operation or maintenance of the work unless intended to form part of permanent work.

  • Supplier Equipment means the Supplier's hardware, computer and telecoms devices, equipment, plant, materials and such other items supplied and used by the Supplier (but not hired, leased or loaned from the Customer) in the performance of its obligations under this Call Off Contract;

  • Associated equipment means equipment that is used in conjunction with a radiographic exposure device to make radiographic exposures that drives, guides, or comes in contact with the source, e.g., guide tube, control tube, control (drive) cable, removable source stop, “J” tube and collimator when it is used as an exposure head.

  • Airport Ground Support Equipment means vehicles and equipment used at an airport to service aircraft between flights.

  • Metering Equipment means all metering equipment installed at the metering points designated in the appropriate appendix to an Interconnection Service Agreement.

  • Third Party Equipment has the meaning given such term in Section 4.8 of this Agreement.

  • Existing Equipment means any items of existing plant or equipment owned or controlled by either Pur- chaser or End-User upon which Supplier is required to perform Services.

  • Operating Equipment means furniture, furnishings, special lighting fixtures, carpeting, draperies, decorations or other special finishing work, signs, appliances and trade fixtures and equipment that is furnished, installed or used by the Contractor in its operations on the Airport. It does not include Fixed Improvements, or repair or maintenance of Operating Equipment or Fixed Improvements or displays or decorations that are of a seasonal or temporary promotional nature.

  • Excluded Equipment means (i) defibrillators, enhanced emergency medical kits and other medical equipment, (ii) airphones and other components or systems installed on or affixed to the Airframe that are used to provide individual telecommunications or electronic entertainment to passengers aboard the Aircraft, (iii) galley carts, beverage carts, waste containers, liquor kits, food tray carriers, ice containers, oven inserts, galley inserts, and other branded passenger convenience or service items, (iv) any items, equipment or systems leased by Company or any Permitted Lessee (other than items, equipment, or systems that are leased from Company pursuant to the applicable Lease) or owned by Company or any Permitted Lessee subject to a conditional sales agreement or a security interest (other than the security interest granted under the Indenture), and (v) cargo containers.

  • Spares means a part or a sub-assembly or assembly for substitution which is ready to replace an identical or similar part or sub-assembly or assembly including a component or an accessory;