Collateral Rig definition

Collateral Rig means, at any time, as applicable, (i) the ultra-deepwater drillship “DEEPWATER THALASSA” or (ii) each Acceptable Rig that has replaced the previous Collateral Rig pursuant to a Collateral Rig Substitution.

Collateral Rig means each Specified Rig, any other Acceptable Rig subject to a Mortgage that is necessary to comply with the Collateral Coverage Ratio, and any other Acceptable Rig that the Borrower elects to become subject to a Mortgage (including those added as Collateral Rigs pursuant to a Rig Exchange), other than any Rig that ceases to be a Collateral Rig in accordance with this Agreement (including any Collateral Rig subject to a Rig Exchange).

Collateral Rig means, as of the Funding Date, each Funding Date Collateral Rig, and thereafter, each Rig owned by any Credit Party that becomes a Collateral Rig in accordance with Section 6.12 or a Replacement Rig and, in each case, is subject to a Collateral Rig Mortgage, other than any Rig that ceases to be a Collateral Rig as the result of a Collateral Substitution, subject to Section 2.10, an Asset Sale permitted hereby or consented to by the Required Lenders or a release of the Lien on such Rig in accordance with Section 11.20; provided that, Collateral Rigs shall not include any Excluded Rigs or any Tax Excluded Rigs.

Examples of Collateral Rig in a sentence

• Each of the Mortgages is or, when executed will be, in proper legal form under the laws of the Acceptable Flag Jurisdiction in which the applicable Collateral Rig is flagged, subject only to matters that do not substantially interfere with the practical realization of the principal benefits expressed in such Mortgage, except for economic consequences of any procedural delay that might result from such matters.

• To ensure the legality, validity, enforceability or admissibility in evidence of each such Mortgage in the Acceptable Flag Jurisdiction in which the applicable Collateral Rig is flagged, it is not necessary that any Credit Document or any other document be filed or recorded with any court or other authority in such Acceptable Flag Jurisdiction, except as have been made, or will be made, in accordance with the Collateral Rig Requirements.

• The Borrower and Holdings will ensure that each Collateral Rig Owner shall at all times deposit any earnings, hires, freights, income and other sums payable to the Collateral Rig Owner under any bareboat charterparty with a Collateral Rig Operator in respect of any Collateral Rig to the Bareboat Charter Account.

• Notwithstanding anything to the contrary contained herein or in ​ 110 ‌ ​ ‌ ​ ​ any other Credit Document, any requirement to comply with the Collateral Rig Requirements with respect to any such Collateral Rig Operator will be satisfied at any time so long as the Borrower, Holdings and such Collateral Rig Operator are in compliance with this Section 6.27(e).

More Definitions of Collateral Rig

Collateral Rig means (i) on the Third Amendment Effective Date, each Rig listed on Schedule 3.21 (other than a Rig that is designated on such Schedule 3.21 as an Excluded Rig in accordance with the definition thereof) and (ii) at any time after the Third Amendment Effective Date, each other Rig owned by any Loan Party that is required to be subject to a Collateral Rig Mortgage pursuant to the terms of this Agreement and in which the Rig Collateral Requirements have been satisfied.

Collateral Rig means, at any time, as applicable, (i) each of (a) the harsh environment semi-submersible drilling rig “SONGA ENABLER” and (b) the harsh environment semi-submersible drilling rig “SONGA ENCOURAGE”; and (ii) each Acceptable Rig that has replaced a previous Collateral Rig pursuant to a Collateral Rig Substitution. For the avoidance of doubt, following a Collateral Rig Substitution, the Rig replaced as a Collateral Rig by an Acceptable Rig shall no longer constitute a Collateral Rig.

Collateral Rig means, as of the Amendment and Restatement Effective Date, each Rig listed on Schedule X and thereafter, each such Rig, other than a Rig that ceases to be a Collateral Rig as a result of a Collateral Disposition or an Event of Loss, but including any additional Rig that becomes a Collateral Rig pursuant to Section 10.09.

Collateral Rig means (a) each Effective Date Collateral Rig and (b) each Rig owned by any Credit Party that is required to become a Collateral Rig in accordance with Section 6.12, in each case, other than (i) any Excluded Rig and (ii) any Rig that ceases to be a Collateral Rig as the result of (A) any Asset Sale, Asset Swap or Permitted Investment permitted hereby or otherwise consented to by the Administrative Agent (acting at the instructions of the Required Lenders), (B)

Collateral Rig means each Rig listed on Schedule X, together with any additional Rigs in which the Collateral Agent is granted a lien on pursuant to Section 8.11(c) or (d).

Collateral Rig has the meaning given to Rig in the Collateral Lease.

Collateral Rig means that certain Norwegian flag vessel Songa [Enabler/Encourage], IMO No. [8772087/8772075] and Flag ID [LEWU/LEWZ].