Specified Rigs definition

Specified Rigs means (a) each of the barge rigs, located and operating in and along the inland waterways and coast of the continental United States or in Gulf of Mexico waters subject to U.S. state or federal jurisdiction, owned by the Parent Borrower or any other Loan Party (each, a “Specified Barge Rig”) and (b) each of the land rigs located and operating in the contiguous United States or Alaska, owned by the Parent Borrower or any other Loan Party (each, a “Specified Land Rig”). Each Specified Barge Rig and each Specified Land Rig as of the Closing Date are set forth on Schedule 5.7(A) and Schedule 5.7(B), respectively.

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Specified Rigs means each of the barge rigs, other than workover rigs and those that are not capable of drilling to depths of 15,000 feet or more, as located and operating in the continental United States or the Gulf of Mexico waters subject to state or Federal jurisdiction, and owned by the Borrower or any Subsidiary Guarantor described in Schedule 5.07 and each such other barge rig acquired after the Closing Date and made subject to a Mortgage pursuant to Section 6.09.

Specified Rigs means any Rig that is to be or has been transferred to an Ineligible LCE in compliance with and pursuant to clause (q) of the definition of “Asset Sale”.

Examples of Specified Rigs in a sentence

• If at any time prior to the termination of the Security Agreement or the Mortgages with respect to the Specified Rigs, the Administrative Agent ceases to comply with Section 2 of the Shipping Act, the Administrative Agent shall notify the Borrower and the Lenders of such fact and take all necessary actions to resign as the “collateral agent” under the Collateral Documents in accordance with the provisions of this Agreement and the other Loan Documents.

• Deliver, or cause to be delivered, by October 31, 2015 (or such later date agreed upon by the Administrative Agent in its sole discretion), to the Administrative Agent an appraisal report (from a third-party appraiser) with respect to the Eligible Rental Equipment and Eligible Specified Rigs, dated as of August 2015 or later, in a form and substance reasonably satisfactory to the Administrative Agent.

• The Administrative Agent agrees that it will promptly prepare and deliver any affidavits or other similar documents evidencing its compliance with the Shipping Act as may be required in connection with the documentation, operation, chartering or mortgaging of the Specified Rigs.

• When financing statements in appropriate form are filed in the offices specified on Schedule 5.18, the Security Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral (other than the Specified Rigs) and the proceeds thereof, as security for the Secured Obligations (as defined in the Security Agreement), in each case prior and superior in right to any other Person (except Liens permitted by Section 7.01).

• Indebtedness issued by Borrower or any Subsidiary Guarantor to any Permitted Investor or any of their respective Affiliates which is subordinated in all respect to the Obligations, including with respect to rights, remedies and payment, the proceeds of which are used solely to finance the purchase of the Specified Rigs and to pay any fees and expenses incurred in connection therewith.

More Definitions of Specified Rigs

Specified Rigs means each Rig listed in Schedule 1D.

Specified Rigs that certain (i) drilling rig designated as the Rowan Land Rig 34, as described in detail on Exhibit 1 to that certain Purchase and Sale Agreement for Rig 34 dated July 21, 2008 between Borrower and Rowan Drilling Company, Inc., a Texas corporation, and (ii) 1300HP AC drilling rig package, as described in that certain Contract Terms and Conditions dated June 18, 2008 between Rig Planet Inc. and Borrower.

Specified Rigs means the following Rigs: