Common use of Intercompany Loans Clause in Contracts

Intercompany Loans. (a) Holdings shall cause Collateral Rig Operator and its other Subsidiaries to document all transfers of funds received from the Drilling Contract, or proceeds thereof, that are transferred between the Collateral Rig Operator and any of its Affiliates (other than payments on the Bareboat Charter and ordinary course intercompany xxxxxxxx) as intercompany loans. (b) The Collateral Rig Owner shall document all transfers of funds received by it under the Bareboat Charter to any of its Affiliates (other than ordinary course intercompany xxxxxxxx and payments of amounts due to the Collateral Rig Operator under the Bareboat Charter) as intercompany loans. (c) All intercompany loans owed to the Collateral Rig Owner in accordance with clause (b) above, shall (i) be documented in the form of intercompany loan agreements or intercompany notes and (ii) shall be pledged in favor of the Collateral Agent pursuant to an Account and Receivables Pledge Agreement in accordance with clause (8) of the definition of “Collateral and Guaranty Requirements”. All intercompany loans entered into in accordance with clause (a) or (b) above shall be senior debt obligations of the obligors under such intercompany loans and rank equal with the other senior unsecured debt of such obligors.

Intercompany Loans. (ai) Holdings shall cause Collateral Rig Operator and its other Subsidiaries to document all transfers of funds received from the Drilling Contract, or proceeds thereof, that are transferred between the Collateral Rig Operator and any of its Affiliates (other than payments on the Bareboat Charter and ordinary course intercompany xxxxxxxx) as intercompany loans. (bii) The Each Collateral Rig Owner shall document all transfers of funds received by it under the a Bareboat Charter to any of its Affiliates (other than ordinary course intercompany xxxxxxxx and payments of amounts due to the Collateral Rig Operator under such Bareboat Charter and other than distributions to the Bareboat CharterCompany permitted under Section 4.20(a)) as intercompany loans. (ciii) All intercompany loans owed to the a Collateral Rig Owner in accordance with clause (b) above, shall (i) be documented in the form of intercompany loan agreements or intercompany notes and (ii) shall be pledged in favor of the Collateral Agent pursuant to an Account and Receivables Pledge Agreement in accordance with clause (8) of the definition of “Collateral and Guaranty Requirements”. All intercompany loans entered into in accordance with clause (a) or (b) above shall be senior debt obligations of the obligors under such intercompany loans and rank equal with the other senior unsecured debt of such obligors.

Intercompany Loans. (a) Holdings shall cause Collateral Rig Operator (excluding TBL but including any Collateral Rig Owner that is also a Collateral Rig Operator) and its other Subsidiaries to document all transfers of funds received from the Drilling Contract, or proceeds thereof, that are transferred between the such Collateral Rig Operator and any of its Affiliates (other than payments on the Bareboat any Charter and ordinary course intercompany xxxxxxxx) as intercompany loans. (ba) The In instances where there is a Charter in effect, the Collateral Rig Owner shall document all transfers of funds received by it under the Bareboat such Charter to any of its Affiliates (other than ordinary course intercompany xxxxxxxx and payments of amounts due to the Collateral Rig Operator under the Bareboat such Charter) as intercompany loans. (cb) All intercompany loans owed to the Collateral Rig Owner or the Collateral Rig Operator (other than TBL) in accordance with clause clauses (a) and (b) above, shall (i) be documented in the form of intercompany loan agreements or intercompany notes and (ii) shall be pledged in favor of the Collateral Agent pursuant to an Account and Receivables Pledge Agreement in accordance with clause (8) of the definition of “Collateral and Guaranty Requirements”. All Subject to Section 4.06(a)(3), all intercompany loans entered into in accordance with clause (a) or (b) above shall be senior debt obligations of the obligors under such intercompany loans and rank equal with the other senior unsecured debt of such obligors.

Intercompany Loans. (a) Holdings shall cause each Collateral Rig Operator and its other Subsidiaries to document all transfers of funds received from the an applicable Drilling Contract, or proceeds thereof, that are transferred between the among such Collateral Rig Operator and any of its Affiliates (other than payments on the an applicable Bareboat Charter and ordinary course intercompany xxxxxxxx) as intercompany loans. (b) The Each Collateral Rig Owner shall document all transfers of funds received by it under the an applicable Bareboat Charter to any of its Affiliates (other than (i) ordinary course intercompany xxxxxxxx and payments of amounts due to the a Collateral Rig Operator under such Bareboat Charter and (ii) distributions to the Bareboat CharterCompany permitted under Section 4.18(a)) as intercompany loans. (c) All intercompany loans owed to the a Collateral Rig Owner in accordance with clause (b) above, shall (i) be documented in the form of intercompany loan agreements or intercompany notes and (ii) shall be pledged in favor of the Collateral Agent pursuant to an Account and Receivables Pledge Agreement in accordance with clause (8) of the definition of “Collateral and Guaranty Requirements”. All intercompany loans entered into in accordance with clause (a) or (b) above shall be senior debt obligations of the obligors under such intercompany loans and rank equal with the other senior unsecured debt of such obligors.

Intercompany Loans. (a) Holdings shall cause Collateral Rig Operator and its other Subsidiaries to document all transfers of funds received from the Drilling Contract, or proceeds thereof, that are transferred between the Collateral Rig Operator and any of its Affiliates (other than payments on the Bareboat Charter and ordinary course intercompany xxxxxxxx) as intercompany loans. (b) The Each Collateral Rig Owner shall document all transfers of funds received by it under the a Bareboat Charter to any of its Affiliates (other than (i) ordinary course intercompany xxxxxxxx and payments of amounts due to the Collateral Rig Operator under such Bareboat Charter and (ii) distributions to the Bareboat CharterCompany permitted under Section 4.20(a)) as intercompany loans. (c) All intercompany loans owed to the a Collateral Rig Owner in accordance with clause (b) above, shall (i) be documented in the form of intercompany loan agreements or intercompany notes and (ii) shall be pledged in favor of the Collateral Agent pursuant to an Account and Receivables Pledge Agreement in accordance with clause (8) of the definition of “Collateral and Guaranty Requirements”. All intercompany loans entered into in accordance with clause (a) or (b) above shall be senior debt obligations of the obligors under such intercompany loans and rank equal with the other senior unsecured debt of such obligors.

Intercompany Loans. (a) Holdings shall cause Collateral Rig Operator and its other Subsidiaries to document all transfers of funds received from the Drilling Contract, or proceeds thereof, that are transferred between the Collateral Rig Operator and any of its Affiliates (other than payments on the any Bareboat Charter and ordinary course intercompany xxxxxxxx) as intercompany loans. (b) The In instances where there is a Bareboat Charter in effect, the Collateral Rig Owner shall document all transfers of funds received by it under the such Bareboat Charter to any of its Affiliates (other than ordinary course intercompany xxxxxxxx and payments of amounts due to the Collateral Rig Operator under the such Bareboat Charter) as intercompany loans. (c) All intercompany loans owed to the Collateral Rig Owner in accordance with clause (b) above, shall (i) be documented in the form of intercompany loan agreements or intercompany notes and (ii) shall be pledged in favor of the Collateral Agent pursuant to an Account and Receivables Pledge Agreement in accordance with clause (8) of the definition of “Collateral and Guaranty Requirements”. All Subject to Section 4.06(a)(3), all intercompany loans entered into in accordance with clause (a) or (b) above shall be senior debt obligations of the obligors under such intercompany loans and rank equal with the other senior unsecured debt of such obligors.