Collateral Rig Operator definition

Collateral Rig Operator means, initially, Transocean Phoenix 2 Opco, Inc., a Delaware corporation, and thereafter any other Wholly-Owned Subsidiary of Collateral Rig Owner that becomes the operator of the Collateral Rig in accordance with Section 4.29 and to whom Earnings are paid.

Collateral Rig Operator means, with respect to any Collateral Rig, any Subsidiary or Local Content Entity of Holdings that operates such Collateral Rig.

Collateral Rig Operator means, initially, Poseidon Opco, and thereafter any other Wholly-Owned Subsidiary of Holdings that becomes the operator of the Collateral Rig in accordance with Section 4.29 and to whom Earnings are paid. For the avoidance of doubt, at any time (a) the Collateral Rig Operator may also be the Collateral Rig Owner, provided that the applicable Collateral and Guarantee Requirements are satisfied and (b) there may be more than one Collateral Rig Operator, provided that the applicable Collateral and Guarantee Requirements are satisfied with respect to each such Collateral Rig Operator, and at any time there is more than one Collateral Rig Operator, any reference herein to the Collateral Rig Operator shall be a reference to each Collateral Rig Operator.

Examples of Collateral Rig Operator in a sentence

• Holdings shall cause each of the Company, the Collateral Rig Owner and the Collateral Rig Operator to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders.

• Holdings shall cause the Collateral Rig Operator to continue to be a party to the Master Services Agreement and to have access to the Services (as defined therein) and personnel provided thereunder in order to comply with the performance standards under the Drilling Contract until the stated expiration date of the Drilling Contract regardless of whether the Collateral Rig Owner or the Collateral Rig Operator remains an Affiliate of Holdings.

• For the avoidance of doubt, during any Blocked Period, Holdings may continue to cause the Collateral Rig Operator to pay amounts due under the Bareboat Charter into the Bareboat Account, and the Collateral Rig Owner may continue to pay amounts due under the Bareboat Charter, if any, into the Earnings Account by delivering a Blocked Period Withdrawal Certificate.

• Holdings shall cause each of the Company, the Collateral Rig Owners and the Collateral Rig Operator to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders.

• The Collateral Rig Owner shall not and Holdings shall not permit the Collateral Rig Operator or the Equity Pledgor to create, incur, assume or suffer to exist any Lien of any kind on any Collateral except for Permitted Collateral Liens.

• Holdings shall cause the Collateral Rig Operator to continue to be a party to the Master Services Agreement and to have access to the Services (as defined therein) and personnel provided thereunder in order to comply with the performance standards under each Drilling Contract until the stated expiration date of such Drilling Contract regardless of whether the applicable Collateral Rig Owner or the Collateral Rig Operator remains an Affiliate of Holdings.

• For the avoidance of doubt, during any Blocked Period, Holdings may continue to cause the Collateral Rig Operator to pay amounts due under the Bareboat Charters into the Bareboat Accounts, and the Collateral Rig Owners may continue to pay amounts due under the Bareboat Charters, if any, into the Earnings Account by delivering a Blocked Period Withdrawal Certificate.

• Collateral Rig Operator shall at all times be a direct or indirect Wholly-Owned Subsidiary of Collateral Rig Owner or be the Collateral Rig Owner.

• 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.

• Each Collateral Rig Owner and each Collateral Rig Operator is qualified to own or operate, as applicable, the applicable Collateral Rig under the laws of the jurisdiction in which such Collateral Rig is then employed.

More Definitions of Collateral Rig Operator

Collateral Rig Operator means, initially, Pontus Opco, and thereafter any other Wholly-Owned Subsidiary of Holdings that becomes the operator of the Collateral Rig in accordance with Section 4.29 and to whom Earnings are paid. For the avoidance of doubt, at any time (a) the Collateral Rig Operator may also be the Collateral Rig Owner, provided that the applicable Collateral and Guarantee Requirements are satisfied and (b) there may be more than one Collateral Rig Operator, provided that the applicable Collateral and Guarantee Requirements are satisfied with respect to each such Collateral Rig Operator, and at any time there is more than one Collateral Rig Operator, any reference herein to the Collateral Rig Operator shall be a reference to each Collateral Rig Operator.

Collateral Rig Operator means, initially, Songa Opco, and thereafter, individually or collectively (as the context may require), one or more Wholly-Owned Subsidiaries of Holdings that become an operator of a Collateral Rig in accordance with Section 4.29 and to whom Earnings are paid.

Collateral Rig Operator means, initially, Songa Opco, and thereafter, individually or collectively (as the context may require), one or more Wholly-Owned Subsidiaries of Holdings that become an operator of a Collateral Rig in accordance with Section 4.29 and to whom Earnings are paid. For the avoidance of doubt, at any time (a) a Collateral Rig Operator may also be a Collateral Rig Owner, provided that the applicable Collateral and Guarantee Requirements are satisfied; and (b) there may be more than one Collateral Rig Operator with respect to a Collateral Rig, provided that the applicable Collateral and Guarantee Requirements are satisfied with respect to each such Collateral Rig Operator. At any time there is more than one Collateral Rig Operator, any reference herein to (i) the Collateral Rig Operator for any particular Collateral Rig shall be a reference to each Collateral Rig Operator with respect to such Collateral Rig and (ii) the Collateral Rig Operator without a reference to any particular Collateral Rig shall be a reference to each Collateral Rig Operator.

Collateral Rig Operator means, with respect to any Collateral Rig, the entity that operates such Collateral Rig.

Collateral Rig Operator means, initially, Titan Opco, and thereafter any other Wholly-Owned Subsidiary of Holdings that becomes the operator of the Collateral Rig in accordance with Section 4.29 and to whom Earnings are paid. For the avoidance of doubt, at any time (a) the Collateral Rig Operator may also be the Collateral Rig Owner, provided that the applicable Collateral and Guarantee Requirements are satisfied and (b) there may be more than one Collateral Rig Operator, provided that the applicable Collateral and Guarantee Requirements are satisfied with respect to each such Collateral Rig Operator, and at any time there is more than one Collateral Rig Operator, any reference herein to the Collateral Rig Operator shall be a reference to each Collateral Rig Operator. As of the Issue Date, Titan Opco is both the Collateral Rig Operator and the Collateral Rig Owner.

Collateral Rig Operator means, initially, (i) with respect to “Thalassa”, Thalassa OwnCo, (ii) with respect to the “Proteus”, Proteus OwnCo, (iii) with respect to “Guardian”, Guardian OpCo and (iv) with respect to “Pontus”, Pontus OwnCo and in each case, thereafter, individually or collectively (as the context may require), one or more Subsidiaries of Holdings that become an operator of a Collateral Rig in accordance with Section 4.26 and to whom Earnings are paid. For the avoidance of doubt, at any time (a) a Collateral Rig Operator may also be a Collateral Rig Owner, provided that the applicable Collateral and Guarantee Requirements are satisfied; and (b) there may be more than one Collateral Rig Operator with respect to a Collateral Rig, provided that the applicable Collateral and Guarantee Requirements are satisfied with respect to each such Collateral Rig Operator. At any time there is more than one Collateral Rig Operator for any Collateral Rig, any reference herein to (i) the Collateral Rig Operator for any particular Collateral Rig shall be a reference to each Collateral Rig Operator with respect to such Collateral Rig and (ii) the Collateral Rig Operator without a reference to any particular Collateral Rig shall be a reference to each Collateral Rig Operator. As of the Issue Date, Thalassa OwnCo is both the Collateral Rig Operator and the Collateral Rig Owner for the “DEEPWATER THALASSA” and Proteus OwnCo and Pontus OwnCo are each both the Collateral Rig Operator and the Collateral Rig Owner for the “DEEPWATER PROTEUS” or the “DEEPWATER PONTUS” (as applicable).