Collateral Rig definition

Collateral Rig means, at any time, as applicable, (i) the ultra-deepwater drillship “DEEPWATER AQUILA” or (ii) each Acceptable Rig that has replaced the previous Collateral Rig pursuant to a Collateral Rig Substitution. For the avoidance of doubt, following a Collateral Rig Substitution, the Rig replaced as a Collateral Rig by an Acceptable Rig shall no longer constitute a Collateral Rig.

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Collateral Rig means each Marketed Rig now owned or hereafter acquired by the Guarantors and their Subsidiaries physically located in the United States or any state thereof (other than Hawaii or Alaska or any Offshore Rig) and each other Marketed Rig that is subject to the Lien of the Collateral Agent under the Security Agreement or other Security Document that becomes subject to a Lien in favor of the Collateral Agent in accordance with Section 5.10, in each case, (i) which is, as of the Closing Date, set forth on Schedule II to the Security Agreement (as may be supplemented after the date hereof in accordance with Section 5.10) and (ii) other than any Marketed Rig that ceases to be a Collateral Rig in accordance with this Agreement (it being understood that such Schedule shall be amended to reflect the release of the Lien of the Collateral Agent on such Collateral Rig that ceases to be a Collateral Rig in accordance with this Agreement). As of the Closing Date, the Collateral Rigs shall also be set forth on Schedule I to this Agreement.

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).

Examples of Collateral Rig in a sentence

• Within 30 days after each insurance renewal, the Company shall deliver to the Trustee an annual schedule of insurance coverage with respect to the Collateral Rig.

• 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.

• In addition, such certificate shall include a reasonably detailed calculation of the Collateral Rig Leverage Ratio and the Total Leverage Ratio for such period and whether Holdings is in compliance with the covenants set forth in Sections 4.14 and 4.15.

• Holdings shall cause the Collateral Rig Operator to continue to be a party to the Master Services Agreement and to have access to the Services (as defined therein) and personnel provided thereunder in order to comply with the performance standards under the Drilling Contract until the stated expiration date of the Drilling Contract regardless of whether the Collateral Rig Owner or the Collateral Rig Operator remains an Affiliate of Holdings.

• 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 Fourth Amendment 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 or the proviso at the end of the definition of “Collateral”.”

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, 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 (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, 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 PONTUS” or (ii) each Acceptable Rig that has replaced the previous Collateral Rig pursuant to a Collateral Rig Substitution. For the avoidance of doubt, following a Collateral Rig Substitution, the Rig replaced as a Collateral Rig by an Acceptable Rig shall no longer constitute a Collateral Rig.