Common use of Notices of Event of Loss, Certain Events related to Collateral Rigs Clause in Contracts

Notices of Event of Loss, Certain Events related to Collateral Rigs. The Parent Borrower will promptly, and in any event within ten (10) Business Days, after an Authorized Officer of the Parent Borrower has knowledge thereof, give written notice to the Administrative Agent of (who will in turn provide notice to the Lenders of): (i) any Event of Loss or Events of Loss suffered by a Material Rig, (ii) the filing of a libel or complaint against a Material Rig or the attachment, levy or the taking into custody by virtue of any legal proceeding in any court of competent jurisdiction of a Material Rig and (iii) any failure by a Rig Owner to maintain the flag and vessel or ship registry in an Acceptable Flag Jurisdiction.

Notices of Event of Loss, Certain Events related to Collateral Rigs. The Parent Borrower will promptly, and in any event within ten (10) Business Days, after an Authorized Officer of the Parent Borrower has knowledge thereof, give written notice to the Administrative Agent of (who will in turn provide notice to the Lenders of): (i) any Event of Loss or Events of Loss suffered by a Material Rig, (ii) the filing of a libel or complaint against a Material Rig or the attachment, levy or the taking into custody by virtue of any legal proceeding in any court of competent jurisdiction of a Material Rig and (iii) any failure by a Rig Owner to maintain the flag and vessel or ship registry in an Acceptable Flag Jurisdiction.