Possession, Use and Release of Collateral. (A) Each Holder, by accepting a Note, consents and agrees to the provisions of the Collateral Documents and this Indenture governing the possession, use and release of Collateral. Each Holder, by accepting a Note, consents and agrees that Collateral may, and, as applicable, shall, be released or substituted in accordance with the terms of this Supplemental Indenture and the Collateral Documents.
Possession, Use and Release of Collateral. (a) Unless an Event of Default shall have occurred and be continuing, subject to the terms of the Security Documents, the Issuers and the Guarantors will have the right to remain in possession and retain exclusive control of the Collateral securing the Notes and any Guarantees (other than any cash, securities, obligations and Cash Equivalents constituting part of the Collateral to the extent deposited with the Collateral Agent in accordance with the provisions of the Security Documents and other than as set forth in the Security Documents), to freely operate the Collateral and to collect, invest and dispose of any income thereon.
Possession, Use and Release of Collateral. (a) Subject to the terms of the Collateral Documents, the First Lien Collateral Documents and the Intercreditor Agreement, the Guarantor will have the right to remain in possession and retain control of the Collateral (other than cash or any securities constituting part of the Collateral and deposited with the Collateral Agent in accordance with the provisions of the Collateral Documents and other than as otherwise set forth in the Collateral Documents), to freely operate the Collateral and to collect, invest and dispose of any income therefrom.
Possession, Use and Release of Collateral. (a) Each Holder, by accepting a Note, consents and agrees to the provisions of the Security Documents governing the possession, use and release of Collateral. Without limiting the generality of the foregoing, each Holder, by accepting a Note, consents and agrees that Collateral may, and, as applicable, shall, be released or substituted only in accordance with the terms of the Security Documents; provided that Collateral may be released under this Indenture and the Security Documents with the consent of the Holders of at least 66 2/3% in aggregate principal amount of the Notes then outstanding, as provided under Section 8.02(c).
Possession, Use and Release of Collateral. (a) Subject to the terms of the Lien Subordination Agreement and the Company and the Subsidiary Guarantors will have the right to remain in possession of the Collateral securing the Notes and any Subsidiary Guarantees (other than any Collateral deposited with the agent in accordance with the provisions of the Credit Documents and other than as set forth in the Lien Subordination Agreement and the Collateral Documents), to freely operate the Collateral and to collect, invest and dispose of any income thereon.
Possession, Use and Release of Collateral. (a) Subject to the terms of the Collateral Documents, the Company and the Subsidiary Guarantors will have the right to remain in possession of the Collateral securing the Notes and any Subsidiary Guarantees (other than any Collateral deposited with the Collateral Agent in accordance with the provisions of the Collateral Documents and other than as set forth in the Collateral Documents), to freely operate the Collateral and to collect, invest and dispose of any income thereon.
Possession, Use and Release of Collateral. Subject to and in accordance with the provisions of this Indenture and the Collateral Documents, so long as the Trustee or Collateral Agent has not exercised rights or remedies with respect to the Collateral in connection with an Event of Default that has occurred and is continuing, the Issuers and the Guarantors shall have the right to remain in possession and retain exclusive control of the Collateral (other than any Trust Monies deposited with the Collateral Agent and other than as set forth in the Collateral Documents), to freely operate, use and consume the Collateral (other than Trust Monies held by the Collateral Agent, other monies and Government Securities deposited pursuant to Article 8 and other than as set forth in the Collateral Documents and this Indenture), to alter or repair any Collateral so long as such alterations and repairs do not impair the Lien of the Collateral Documents thereon, and otherwise comply with Section 10.06 hereof, and to collect, receive, use, invest and dispose of the reversions, remainders, interest, rents, lease payments, issues, profits, revenues, proceeds and other income thereof.
Possession, Use and Release of Collateral. Section 11.5
Possession, Use and Release of Collateral. (a) All of the proceeds of the Secured Notes shall be deposited in the Issuer Escrow Account and shall be subject to a first priority Lien. All funds deposited in the Issuer Escrow Account representing proceeds of the Secured Notes constitute Collateral and will, at the direction of the Issuer except during the continuance of a Default or an Event of Default and at the direction of the Trustee during the continuance of a Default or an Event of Default, be invested in Temporary Cash Equivalents (such cash and Temporary Cash Equivalents, together with interest, dividends and distributions thereof, the "Issuer Escrowed Property"), in the manner provided for in the Issuer Escrow Agreement. No funds shall be released from the Issuer Escrow Account except as provided herein and in the Issuer Escrow Account Agreement. The Issuer Escrow Account and the Issuer Escrowed Property shall be pledged to, and be under the sole dominion and control of the Trustee acting for its benefit and the benefit of the Holders of Secured Notes. Pursuant to the Issuer Escrow Agreement and this Indenture, the Issuer is required to, and the Issuer shall enter up to ten separate loan agreements with the Company (each an "Issuer Loan Agreement"). Each Issuer Loan Agreement will be secured by Liens pursuant to a mortgage (each a "Mortgage") on a separate drilling rig or drillship (each a "Mortgaged Rig") or, if such Mortgaged Rig is under construction but not yet flagged on the Issue Date, Liens on the construction contract and equipment purchased by the Company for such Mortgaged Rig. The purpose of each loan made under an Issuer Loan Agreement (an "Issuer Loan") will be only as follows:
Possession, Use and Release of Collateral. The Issuer and Guarantors shall have the right to obtain a release of items of Collateral (the "Released Interests") which the Issuer or the applicable Guarantor proposes to Transfer and the Trustee shall furnish to the Collateral Agent authorization to release the Released Interests from the Lien of the applicable Collateral Documents and reconvey the Released Interests to the Issuer or the appropriate Guarantor, upon compliance with the condition that the Issuer or the appropriate Guarantor deliver to the Trustee the following:
