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 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.

Examples of Collateral Rig in a sentence

• 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.

• 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.

• Each Assignor shall ensure that: all Insurances, as such Insurances relate to the Collateral Rig, in respect of hull and machinery (including hull interest insurance, increased value insurance, freight interest insurances, if any and war risk) shall contain a loss payable clause in substantially the form attached hereto as Exhibit 1.

• On each Flag Jurisdiction Transfer Date, the Collateral and Guaranty Requirements, as applicable, for the Collateral Rig shall have been satisfied.

• 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.

More Definitions of Collateral Rig

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.

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 (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

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 means, as of the Issue Date, each Issue Date Collateral Rig, and thereafter, each Rig owned by the Company or any Guarantor that becomes (or is required to become) a Collateral Rig in accordance with Section 4.16 and is subject to a Collateral Rig Mortgage, in any such case, other than (i) any Excluded Rig, and (ii) any Rig that ceases to be a Collateral Rig as the result of (x) the Designated Asset Swap or any Asset Sale or Asset Swap not prohibited hereby, (y) a release of the Lien of the Collateral Agent on such Rig in accordance with this Indenture, or (z) a Disposition of such Rig to an Ineligible LCE pursuant to clause (s) of the definition of “Asset Sale” (for the avoidance of doubt, for so long as such Rig is not yet required to become a Collateral Rig).

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

Collateral Rig means that certain Norwegian flag vessel Transocean [Equinox/Endurance], IMO No. [9633599/9633604] and Flag ID [LEXS/LEXN].