Internal Charterer definition

Internal Charterer means the Company or any Subsidiary of the Company that is not the owner of the relevant Vessel and that is a party to any Drilling Contract or any bareboat charter or other such charter in respect of a Vessel.

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Internal Charterer means any direct or indirect Restricted Subsidiary of the Borrower controlled by the Borrower or any of its Restricted Subsidiaries (other than a Local Content Subsidiary) that is not the owner of the relevant Collateral Rig and that is party to a Drilling Contract in respect of a Collateral Rig and entitled to receive Earnings thereunder.

Internal Charterer means any direct or indirect Subsidiary of the Company (other than a Local Content Subsidiary) that is not the owner of the relevant Collateral Vessel and that is party to any Drilling Contract in respect of a Collateral Vessel and entitled to receive Earnings thereunder.

Examples of Internal Charterer in a sentence

Each Assignor that is an Internal Charterer and that in such capacity is the account debtor of any amount assigned hereunder or under any other Earnings Assignment, to the Assignee, hereby consents to such assignment and agrees to make, or cause to be made, all payments of such amounts assigned to an Earnings Account.
However, the Assignor will deliver, or cause to be delivered, a notice of such Insurance Assignment by an Internal Charterer to the underwriters.
However, the Assignor will deliver, or cause to be delivered, notice of such Insurance Assignment by an Internal Charterer to the underwriters.
Notwithstanding the foregoing, each Guarantor who is or becomes an Internal Charterer agrees to execute and deliver such Assignments.
Upon entering into an Internal Charter with respect to any Vessel, (a) to the extent any applicable Loan Party has not previously done so, deliver to the Collateral Agent an Earnings Assignment duly authorized, executed and delivered by each applicable Loan Party and each applicable Internal Charterer and (b) take all actions necessary to perfect and maintain the Liens of the Collateral Agent in the Earnings assigned pursuant thereto.

More Definitions of Internal Charterer

Internal Charterer means a Guarantor that has entered into a bareboat charter agreement with one or more Vessel Owners in respect of one or more Vessels.

Internal Charterer means any Restricted Subsidiary of the Borrower that is (a) not the owner of the relevant Vessel and (b) a party to any Drilling Contract or any bareboat charter or other such charter in respect of a Vessel.

Internal Charterer means each internal charterer named as internal charterer pursuant to Schedule 2 (Guarantors and Collateral Rigs).

Internal Charterer means the Company or any Subsidiary that is not the owner of the relevant Vessel and that is a party to any Drilling Contract in respect of a Vessel.

Internal Charterer means any direct or indirect WhollyOwned Subsidiary of the Parent (other than a Local Content Subsidiary) that is party to an internal bareboat charter or other contract respecting the use or operations of any Collateral Rig but is not the relevant Collateral Rig Owner.

Internal Charterer means any member of the Guarantor Group which charters (or agrees to charter) the Vessel from the Owner or another member of the Guarantor Group.

Internal Charterer means the Company or any Restricted Subsidiary that is not the owner of the relevant Vessel and that is a party to any Drilling Contract in respect of a Vessel. “Investment” by any Person means any direct or indirect loan (other than advances or extensions of credit to customers and suppliers in the ordinary course of business), advance or other extension of credit or capital contribution (by means of transfers of cash or other Property to others or payments for Property or services for the account or use of others, or otherwise) to, or Incurrence of a Guarantee of any Debt of, or purchase or acquisition of Capital Stock, bonds, notes, debentures or other securities or evidence of Debt issued by, any other Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor undertakes any credit support obligation with respect to Debt of such other Person that are or would be classified as an investment on a balance sheet (excluding any notes thereto) prepared on the basis of GAAP; provided, however, that endorsements of negotiable instruments and documents in the ordinary course of business will not be deemed to be an Investment. For purposes of Section 4.05 and Section 4.10 and the definition of “Restricted Payment,” “Investment” shall include the portion (proportionate to the Company’s equity interest in the Subsidiary) of the Fair Market Value of the net assets of any Subsidiary of the Company at the time that the Subsidiary is designated an Unrestricted Subsidiary; provided, however, that in the case of a Subsidiary that is designated as an Unrestricted Subsidiary after the date of this Indenture, upon a redesignation of that Subsidiary as a Restricted Subsidiary, the Company shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary of an amount (if positive) equal to: 29