Examples of Mortgaged Rig in a sentence
If an Event of Loss occurs at any time with respect to the Mortgaged Rig attributable to the Loan, the Company shall apply funds in an amount (the "Loss Redemption Amount") equal to the principal amount of the Loan outstanding on the date (the "Loss Date") on which such Event of Loss was deemed to have occurred, together with all accrued and unpaid interest (including Special Interest, if any, and Additional Amounts, if any) thereon, to the prepayment of the Loan.
If any Other Mortgaged Rig or the Capital Stock of a Subsidiary Guarantor then owning an Other Mortgaged Rig is sold in compliance with the terms of the Indenture, the Company shall apply funds equal to the applicable Other Loan secured by the Other Mortgaged Rig outstanding on the Sale Date for such Other Mortgaged Rig, together with all accrued and unsecured interest (including Special Interest, if any, and Additional Amounts, if any) thereon, to the payment of such Other Loan.
If an Event of Loss occurs at any time with respect to any Other Mortgaged Rig, the Indenture and the applicable Other Loan Agreement require that the Company shall apply funds to the principal amount of the applicable Other Loan secured by the Other Mortgaged Rig outstanding on the Loss Date for such other Mortgaged Rig, together with all accrued and unpaid interest (including Special Interest, if any, and Additional Amounts, if any) thereon, to the payment of such Other Loan.
The proceeds of the Loan may be applied by the Company to finance certain costs of acquiring, constructing, repairing and improving the Mortgaged Rig and, to the extent that such costs have already been paid, for general corporate purposes.
Except as permitted by this Agreement, the Mortgaged Rig is so owned free and clear of Liens.