Satisfactory Drilling Contract definition

Satisfactory Drilling Contract has the meaning given to it in the Common Terms Agreement.

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Satisfactory Drilling Contract means a charter contract for the Rig West Gemini, in form and substance satisfactory to the Required Lenders, in their discretion, to either of BP, Chevron, ConocoPhillips, ExxonMobil, ONGC, Petrobras, Shell, Statoil and Total, or any other oil company satisfactory to the Required Lenders in their discretion, commencing during the second half of 2010, at a daily rate of at least USD 440,000 (net of any withholding taxes, VAT or similar) and with a fixed duration of at least 2 years.

Satisfactory Drilling Contract means any drilling contract (or any letter of intent with respect thereto) with an initial term of at least six months in form and substance that is reasonably customary in the offshore drilling market, entered into by the Parent or any Restricted Subsidiary with a Person (a) having an Investment Grade Rating or a corporate credit rating equal to or higher than Baa3 (or the equivalent by ▇▇▇▇▇’▇) and BBB- (or the equivalent) by S&P (or with respect to which a letter of credit has been provided), (b) that has an established record of fulfilling payment obligations in a timely manner with Noble Corporation or the Parent or any of its Restricted Subsidiaries or (c) that has been approved by the Revolving Administrative Agent under the Revolving Credit Agreement for purposes of determining a “Satisfactory Drilling Contract” (as defined therein).

Examples of Satisfactory Drilling Contract in a sentence

• Each Borrower shall, and the Parent shall procure that all Intra-Group Charterers shall (to the extent applicable), hold full legal title to and own the entire beneficial interest in the Drillships, any Satisfactory Drilling Contract, the Intra-Group Charterparties, the Insurances and their Earnings, free of any Security Interest and other interests and rights of every kind, except for those created by the Finance Documents and as set out in Clause 23.7 (Negative pledge).

• Amounts under the Revolving Facility shall be available for re-borrowing subject to a new Satisfactory Drilling Contract which is entered into within 6 months thereafter.

• It is hereby expressly agreed that, anything herein contained to the contrary notwithstanding, the Assignee shall have no obligation or liability under any drilling contract (including, but not limited to any Satisfactory Drilling Contract), charter, contract of affreightment, pooling arrangement or other contract by reason of or arising out of this Assignment.

• No Obligor shall, without the prior written consent of the Majority Lenders, terminate or make any material amendments to the Shipbuilding Contract or any Satisfactory Drilling Contract to which it is a party.

• Notwithstanding the power of attorney contained herein the Assignor shall remain fully liable to perform all of its obligations under any drilling contract (including, but not limited to any Satisfactory Drilling Contract), charter, contract of affreightment, pooling arrangement, or other contract for use of the Collateral Vessel.

More Definitions of Satisfactory Drilling Contract

Satisfactory Drilling Contract means the current contract in place for the "West ▇▇▇▇" as further described in Schedule 2 (Guarantors and Drillships), and for the "West Tellus" a time charter contract, in form and substance satisfactory to the Lenders, (in their discretion) to any oil company satisfactory to the Required Lenders in their discretion, at a rate of at least USD 500,000 per day with a duration of at least 2 years.

Satisfactory Drilling Contract means any time charter contract(s) for the Rig, which is:

Satisfactory Drilling Contract has the meaning given to it in the Common Terms Agreement. “Security Documents” has the meaning given to it in the Common Terms Agreement.

Satisfactory Drilling Contract means any drilling contract (or any letter of intent with respect thereto) with an initial term of at least six months in form and substance that is reasonably customary in the offshore drilling market, entered into by the Borrower or any Subsidiary with a Person (a) having an Investment Grade Rating (or with respect to which a letter of credit has been provided), (b) that has an established record of fulfilling payment obligations in a timely manner with Holdings, the Borrower or any of their respective Subsidiaries or (c) that is otherwise reasonably acceptable to the Lenders.

Satisfactory Drilling Contract means any drilling contract (or any letter of intent with respect thereto) with an initial term of at least six months in form and substance that is reasonably customary in the offshore drilling market, entered into by the Parent Borrower or any Restricted Subsidiary with a Person (a) having an Investment Grade Rating (or with respect to which a letter of credit has been provided), (b) that has an established record of fulfilling payment obligations in a timely manner with Noble Corporation or the Parent Borrower or any of its Restricted Subsidiaries or (c) that is reasonably acceptable to the Administrative Agent.

Satisfactory Drilling Contract means for the Drillship, a time charter contract, in form and substance satisfactory to the Lenders, (in their discretion) to any oil company satisfactory to the Required Lenders (in their discretion), at a rate of at least USD 500,000 per day with a duration of at least 2 years.

Satisfactory Drilling Contract means: any (b) any other agreement for the employment of the Drillship for drilling operations which is in form and substance customary in the offshore drilling market and acceptable to all the Lenders, entered into between the Drillship Owner or an Intra-Group Charterer and a Client, including any agreement entered into with Total as a result of the requirements in Appendix 5. Art. 11 of the Total Drilling Contract.