Collateral Rig Owner definition

Collateral Rig Owner means a Rig Owner that owns a Collateral Rig.

Collateral Rig Owner means, initially, TC2G and thereafter any other wholly-owned Subsidiary of Holdings that acquires ownership of the Collateral Rig in accordance with Section 4.29.

Collateral Rig Owner means, initially, Poseidon Owner and thereafter any other wholly-owned Subsidiary of Holdings that acquires ownership of the Collateral Rig in accordance with Section 4.29. For the avoidance of doubt, the Collateral Rig Owner may also be the Collateral Rig Operator, provided that the applicable Collateral and Guarantee Requirements are satisfied.

Examples of Collateral Rig Owner in a sentence

• 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.

• 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.

• 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.

• The Borrower and Holdings will ensure that each Collateral Rig Owner shall at all times deposit any earnings, hires, freights, income and other sums payable to the Collateral Rig Owner under any bareboat charterparty with a Collateral Rig Operator in respect of any Collateral Rig to the Bareboat Charter Account.

• 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 each Drilling Contract until the stated expiration date of such Drilling Contract regardless of whether the applicable Collateral Rig Owner or the Collateral Rig Operator remains an Affiliate of Holdings.

More Definitions of Collateral Rig Owner

Collateral Rig Owner means, initially, Titan Owner and thereafter any other Wholly-Owned Subsidiary of Holdings that acquires ownership of the Collateral Rig in accordance with Section 4.29. For the avoidance of doubt, the Collateral Rig Owner may also be the Collateral Rig Operator, provided that the applicable Collateral and Guarantee Requirements are satisfied. As of the Issue Date, Titan Owner is both the Collateral Rig Operator and the Collateral Rig Owner.

Collateral Rig Owner means any Person that owns a Collateral Rig.

Collateral Rig Owner means, with respect to any Collateral Rig, the Subsidiary or Local Content Entity of Holdings that owns such Rig and (i) from and after the date of any sale, transfer or other disposition of such Collateral Rig to another Subsidiary or Local Content Entity of Holdco 7, Holdco 8, or Holdco 9 in accordance with Section 6.24, such Subsidiary or Local Content Entity or (ii) from and after the date of any merger or other business combination involving such Subsidiary or Local Content Entity in accordance with Section 6.1 and Section 6.10, the survivor thereof.

Collateral Rig Owner means, with respect to any Collateral Rig, the Subsidiary of Holdings that owns such Collateral Rig.

Collateral Rig Owner means, initially, TCIG and thereafter any other wholly-owned Subsidiary of Holdings that acquires ownership of the Collateral Rig in accordance with Section 4.29.

Collateral Rig Owner means, initially, each of Enabler Owner and Encourage Owner and thereafter any other wholly-owned Subsidiary of Holdings that acquires ownership of a Collateral Rig in accordance with Section 4.29.

Collateral Rig Owner means, initially, each of Endurance Owner and Equinox Owner and thereafter any other wholly-owned Subsidiary of Holdings that acquires ownership of a Collateral Rig in accordance with Section 4.29. For the avoidance of doubt, a Collateral Rig Owner may also be a Collateral Rig Operator, provided that the applicable Collateral and Guarantee Requirements are satisfied.