Stacked Rig definition

Stacked Rig means, at any time, any Rig (other than a Decommissioned Rig) that is currently being marketed, whether or not operable, but which is stored and has no crew.
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Stacked Rig means, at any time, any Rig (other than a Decommissioned Rig) that is currently being marketed, whether or not operable, but which is stored and has no crew. “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board with respect to the Adjusted LIBO Rate, for Eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute Eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. “subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. “Subordinated Indebtedness” means, any term Indebtedness of any Borrower or any other Loan Party that is (a) subordinated to the prior payment and satisfaction of the Obligations, (b) unsecured or secured by Liens on the Collateral on a junior basis to the Liens securing the Obligations, (c) on terms and conditions (including economic terms) satisfactory to Administrative Agent and (d) subject to an intercreditor agreement satisfactory to Admin...
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Examples of Stacked Rig in a sentence

  • The Borrower shall reasonably safeguard and protect each Stacked Rig.

  • The Borrowers shall reasonably safeguard and protect each Stacked Rig.

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