Mortgaged Rigs definition

Mortgaged Rigs means the drilling rigs, drillships or other vessels owned by the Company and mortgaged to secure an Issuer Loan, including the Mortgage Rigs listed on Schedule 1.1.
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Mortgaged Rigs means and include the US Rigs, the Bahamian Rigs, the Liberian Rigs and any replacement rig or vessel mortgaged pursuant to the proviso contained in the definition of "Collateral Disposition".
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Mortgaged Rigs means the offshore drilling rigs described in Exhibit 1.01-A which remain subject to a Lien under any Fleet Mortgage, together with any other offshore drilling rig that hereafter becomes a "Mortgaged Rig" pursuant to Section 2.06(b) or Section 2.07(d).
Sample 1

Examples of Mortgaged Rigs in a sentence

  • The Company has good and marketable title to the Mortgaged Rig and the Other Mortgaged Rigs to the extent specified in the Other Loan Agreements.

  • The Company has good and marketable title to the Mortgaged Rig, the equipment purchased and paid for by the Company to be installed or used thereon and the Other Mortgaged Rigs to the extent specified in such Other Loan Agreement.

  • The Company has good and marketable title to the contract for the construction of the Mortgaged Rig and the equipment purchased and paid for by the Company to be installed or used thereon and the Other Mortgaged Rigs to the extent specified in such Other Loan Agreement.

  • The Borrowers are qualified to own and operate the Mortgaged Rigs under the laws of the United States, the Bahamas and Liberia, as may be applicable.

  • The Borrowers will not, and will not permit any of their respective Subsidiaries to, without the prior written consent of the Required Banks (which consent will not be unreasonably withheld), (i) change the overall management of any of the Mortgaged Rigs from the Borrowers and/or the Subsidiary Guarantor or (ii) change the national registry of any Mortgaged Rig.

  • The Company has good and marketable title to the contract for the construction of the Mortgaged Rig and the equipment purchased and paid for by the Company to be installed or used thereon and the Other Mortgaged Rigs to the extent specified in the Other Loan Agreements.

  • Holdings or the Borrowers may retain a second Approved Broker of their own choosing at such time and at its own expense to supply a second written report setting forth the Market Value of such Mortgaged Rigs.

  • The Company has good and marketable title to the Mortgaged Rig, the equipment purchased and paid for by the Company to be installed or used thereon and the Other Mortgaged Rigs to the extent specified in the Other Loan Agreements.

  • At any time when in the reasonable judgment of the Required Banks there has been an adverse development in the market for drilling rigs comparable to the Mortgaged Rigs, upon the written request of the Administrative Agent on behalf of the Required Banks and at the expense of the Borrowers, Holdings or the Borrowers shall retain an Approved Broker to supply a written report setting forth the Market Value of each Mortgaged Rig at such time.

  • On or prior to the Restatement Effective Date, the Administrative Agent shall have received an opinion from Aon Natural Resources Worldwide in the Form of Exhibit I, with respect to the adequacy of the insurance maintained by the Borrowers in connection with the Mortgaged Rigs.


More Definitions of Mortgaged Rigs

Mortgaged Rigs means and include the US Rigs, the Panamanian Rigs and the Australian Rig.
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Related to Mortgaged Rigs

  • Mortgaged Real Property means (a) each Real Property identified on Schedule 1.01(a) hereto and (b) each Real Property, if any, which shall be subject to a Mortgage delivered after the Closing Date pursuant to Section 5.11(c).

  • Mortgaged Property shall have the meaning assigned to such term in the recitals.

  • Mortgaged Properties the real properties listed on Schedule 1.1B, as to which the Administrative Agent for the benefit of the Lenders shall be granted a Lien pursuant to the Mortgages.

  • Mortgaged Vessel means, at any relevant time, any Vessel which is at such time subject to a Mortgage and a Vessel shall, for the purposes of this Agreement, be regarded as a Mortgaged Vessel as from the date on which the Mortgage of that Vessel has been executed and registered in accordance with this Agreement until whichever shall be the earlier of (i) the payment in full of the amount required to be paid to the Agent pursuant to clause 4.3 or 4.5 following the Total Loss or sale respectively of such Vessel and (ii) the end of the Facility Period;

  • Mortgaged Ship means a Ship which is subject to a Mortgage at the relevant time and, in the plural, means all of them;

  • Underlying Mortgaged Property With respect to each Co-op Loan, the underlying real property owned by the related residential cooperative housing corporation.

  • Closing Date Mortgaged Property as defined in Section 3.1(i).

  • Mortgaged Premises means any real property which shall now or hereafter be subject to a Note Mortgage and/or an ABL Mortgage.

  • Individual Property means each parcel of real property, the Improvements thereon and all Personal Property owned by Mortgage Borrower and encumbered by a Mortgage, together with all rights pertaining to such Property and Improvements, as more particularly described in each Mortgage and referred to therein as the “Property”.

  • Released Mortgaged Property Proceeds As to any Mortgage Loan, proceeds received by the Servicer in connection with (a) a taking of an entire Mortgaged Property by exercise of the power of eminent domain or condemnation or (b) any release of part of the Mortgaged Property from the lien of the related Mortgage, whether by partial condemnation, sale or otherwise, which are not released to the Mortgagor in accordance with applicable law and mortgage servicing standards the Servicer would use in servicing mortgage loans for its own account and this Agreement.

  • Additional Mortgaged Property has the meaning assigned to that term in subsection 6.9.

  • Mortgage Collateral the “Collateral” as defined in the Mortgage Loan Agreement.

  • School property means in or within any building, structure, athletic playing field, playground, parking lot or land contained within the real property boundary line of a public elementary or secondary school, or in or on a school bus, as defined in Vehicle and Traffic Law §142.

  • Foreclosed Property The Property or other Collateral securing the Mortgage Loan, title to which has been acquired by the Special Servicer on behalf of the Trust and the Companion Loan Holders through foreclosure, deed in lieu of foreclosure or otherwise in the name of the Trustee or its nominee.

  • Relevant Property means property of a kind affected by the transfer order, whether it is an estate or interest in land or any other property.

  • REO Property A Mortgaged Property acquired by the Trust Fund through foreclosure or deed-in-lieu of foreclosure in connection with a defaulted Mortgage Loan.

  • Borrowing Base Property means Eligible Property and/or Commercial Land that the Administrative Agent has agreed to include in calculations of the Borrowing Base pursuant to Section 4.1. A Property shall be excluded from the determination of the Borrowing Base if at any time such Property shall cease to be an Eligible Property.

  • Subject Property means any premises located in the County on which an energy efficiency improvements, water efficiency improvements, or renewable resource applications are being or have been made and financed through an outstanding PACE loan.

  • Underlying Collateral means, with respect to a Loan Asset, any property or other assets designated and pledged or mortgaged as collateral to secure repayment of such Loan Asset, as applicable, including, without limitation, mortgaged property and/or a pledge of the stock, membership or other ownership interests in the related Obligor and all proceeds from any sale or other disposition of such property or other assets.

  • Unimproved Real Property means Property in which the Company has an equity interest that was not acquired for the purpose of producing rental or other operating income, that has no development or construction in process and for which no development or construction is planned, in good faith, to commence within one (1) year.

  • Mortgage Assets The Mortgage Loans to be included in the Trust Fund are as described in Annex A hereto.

  • Unimproved Land means land on which no development (other than improvements that are not material and are temporary in nature) has occurred.

  • Operating Property means any property owned, leased, or operated by the Party in question or by any of its Subsidiaries or in which such Party or Subsidiary holds a security interest or other interest (including an interest in a fiduciary capacity), and, where required by the context, includes the owner or operator of such property, but only with respect to such property.

  • The Properties means and refer to all such existing properties, and additions thereto, as are subject to this Declaration or any Supplemental Declaration under the provisions of Article II, hereof.