Collateral Rigs Clause Samples

Collateral Rigs. (a) The name, registered owner and official number, and jurisdiction of registration and flag of each Collateral Rig as of the Amendment and Restatement Effective Date are set forth on Schedule X. Each Collateral Rig is operated in all material respects in compliance with all applicable law, rules and regulations (applicable to each Collateral Rig in accordance with Section 8.22(c) and as required by the United States Coast Guard or other internationally recognized classification society acceptable to the Administrative Agent). Each Collateral Rig is covered by all such insurance as is required in accordance with the requirements of the respective Collateral Rig Mortgage and Section 9.03. (b) Each Credit Party which owns or operates or which will own or operate one or more Collateral Rigs is qualified to own and operate such Collateral Rig under the laws of its jurisdiction of incorporation and Republic of the ▇▇▇▇▇▇▇▇ Islands. (c) Each Collateral Rig is classified in accordance with the rules of the United States Coast Guard or another internationally recognized classification society acceptable to the Administrative Agent and is maintained at minimum at the same standard of classification as in effect on the Amendment and Restatement Effective Date (or, to the extent such Collateral Rig become a Collateral Rig after the Amendment and Restatement Effective Date, at the same standard of classification as set forth in the classification certificate as in effect on the date such Collateral Rig became a Collateral Rig) and as is applicable for rigs of its age and type with such classification society, free of any conditions or recommendations, other than as permitted under the Collateral Rig Mortgage related thereto and except for conditions or recommendations as may from time to time arise as a result of the normal operation of such Collateral Rig, so long as the Parent or its applicable Subsidiary is using commercially reasonable efforts to comply with such condition or recommendation.
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Collateral Rigs. (a) The name, registered owner and official number, and jurisdiction of registration and flag of each Collateral Rig are set forth on Schedule 6.22. Each Collateral Rig is operated in all material respects in compliance with all applicable law, rules and regulations (applicable to each Collateral Rig in accordance with Section 6.22(c) and as required by the applicable Classification Society). Each Collateral Rig is covered by all such insurance as is required in accordance with the requirements of the respective Collateral Rig Mortgage, if any, and Section 7.01. (b) Each Loan Party which owns or operates or which will own or operate one or more Collateral Rigs is qualified to own and operate such Collateral Rig under the laws of its jurisdiction of incorporation and its relevant flag state. (c) Each Collateral Rig has its Classification, free of any requirement or recommendation, other than as permitted under the Collateral Rig Mortgage, if any, related thereto.
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Collateral Rigs. (a) The name (after giving effect to the Rig Acquisition in the case of the ▇▇▇▇▇▇ ▇▇▇▇▇▇), registered owner and official number, and jurisdiction of registration and flag of each Collateral Rig after giving effect to such Rig Acquisition) is set forth on Schedule X. Each Collateral Rig (other than the ▇▇▇▇▇▇ ▇▇▇▇▇▇) is operated, and the ▇▇▇▇▇▇ ▇▇▇▇▇▇ will be operated upon delivery, in all material respects in compliance with all applicable law, rules and regulations (including, without limitation, in the case of each Collateral Rig that is classified on the Initial Borrowing Date, compliance in all material respects with all requirements of such classification as required by the United States Coast Guard or other internationally recognized classification society acceptable to the Administrative Agent). Each Collateral Rig (other than ▇▇▇▇▇▇ ▇▇▇▇▇▇) is covered, and the ▇▇▇▇▇▇ ▇▇▇▇▇▇ will be covered, by all such insurance as is required in accordance with the requirements of the respective Collateral Rig Mortgage and Section 8.03. (b) Each Credit Party which owns or operates or which will own or operate one or more Collateral Rigs is qualified to own and operate such Collateral Rig under the laws of either the United States, the Commonwealth of Australia or the Republic of the ▇▇▇▇▇▇▇▇ Islands, as may be applicable, based upon the registry of such Collateral Rig, or such other jurisdiction in which any such Collateral Rigs are permitted to be flagged in accordance with the terms of the respective Collateral Rig Mortgages. (c) Each Collateral Rig (other than the ▇▇▇▇▇▇ ▇▇▇▇▇▇) is classified and the ▇▇▇▇▇▇ ▇▇▇▇▇▇ will be classified in the highest class available for rigs of its age and type with the United States Coast Guard or another internationally recognized classification society acceptable to the Administrative Agent, free of any conditions or recommendations, other than as permitted under the Collateral Rig Mortgage related thereto.
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Collateral Rigs. (a) The name, registered owner and official number, and jurisdiction of registration and flag of each Collateral Rig is set forth on Schedule X. Each Collateral Rig is operated in all material respects in compliance with all applicable law, rules and regulations (including, without limitation, in the case of each Collateral Rig that is classified on the Initial Borrowing Date, compliance in all material respects with all requirements of such classification as required by the United States Coast Guard or other internationally recognized classification society acceptable to the Administrative Agent). Each Collateral Rig is covered by all such insurance as is required in accordance with the requirements of the respective Collateral Rig Mortgage. (b) Each Credit Party which owns or operates one or more Collateral Rigs is qualified to own and operate such Collateral Rig under the laws of either the United States, the Commonwealth of Australia or the Republic of the Marsh▇▇▇ ▇▇▇▇nds, as may be applicable, based upon the registry of such Collateral Rig, or such other jurisdiction in which any such Collateral Rigs are permitted to be flagged in accordance with the terms of the respective Collateral Rig Mortgages. (c) Each Collateral Rig is classified in the highest class available for rigs of its age and type with the United States Coast Guard or another internationally recognized classification society acceptable to the Administrative Agent, free of any conditions or recommendations, other than as permitted under the Collateral Rig Mortgage related thereto.
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Collateral Rigs. (a) Each Canadian Collateral Rig Owner is the true, lawful and sole owner of each Canadian Collateral Rig stated to be owned by it on Schedule II to the Fourth Amendment (as the same may be updated from time to time in accordance with Section 8.06), and in the relevant Canadian Security Document or supplement thereto, and its ownership of each Canadian Collateral Rig is free and clear of all Liens except for Canadian Permitted Collateral Encumbrances. (b) Each Canadian Collateral Rig is operated in all respects in compliance with all applicable law, rules and regulations, except where the failure to comply (i) has not resulted in the loss of a material permit relating to a Canadian Collateral Rig and (ii) would not reasonably be expected to have a Canadian Material Adverse Effect or a material adverse effect on (x) the rights and remedies of the Canadian Lender under the Loan Documents as to such Canadian Collateral Rig or (y) the value of such Canadian Collateral Rig. (c) Each Canadian Collateral Rig Owner and each Canadian Collateral Rig Operator is qualified to own or operate, as applicable, the applicable Canadian Collateral Rig under the laws of the jurisdiction in which such Canadian Collateral Rig is then employed.
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Collateral Rigs. The Borrower shall, and shall cause each Collateral Vessel-Owning Subsidiary to comply with the following requirements with respect to the Collateral Rigs (provided that during any period when a Collateral Rig is employed on a demise charter, the charterer’s performance of corresponding obligations under the relevant demise charter shall discharge the obligations of the Borrower and the applicable Collateral Vessel-Owning Subsidiary): (a) maintain the registration of the Collateral Rig under the registry of the Republic of Liberia or another Approved Flag State and shall not do or omit to do anything or suffer any act or omission whereby such registration is reasonably likely to be forfeited or imperiled; (b) comply with all legislation of the primary flag state and all other legislation, regulations and requirements of any government, governmental agency or other regulatory authority (statutory or otherwise) from time to time applicable to the Collateral Rig; (c) (i) at all times keep the Collateral Rig in good running order and repair, so that the Collateral Rig shall be, insofar as due diligence can make them so, tight, staunch, strong and well and sufficiently tackled, appareled, furnished, equipped and in every respect seaworthy and will keep the Collateral Rig, or cause them to be kept, in such condition as will entitle them to maintain their Classification, free of any requirement or recommendation affecting class which has not been complied with in accordance with its terms and so as to avoid adverse notation and (ii) at all times procure all appropriate repairs to or replacements of any damaged, worn out or lost parts or equipment (both as regards workmanship and quality of materials) so as not to diminish the Classification or materially diminish the value of the Collateral Rig; (d) prevent the removal of each part or item of equipment which is legally and beneficially wholly-owned by the applicable Collateral Vessel-Owning Subsidiary the removal of which would materially reduce the value of a Collateral Rig, unless it is replaced promptly by a suitable part or item and the replacement part or item (i) is in the same or better condition than that part or item removed or enhances the value and/or earning capacity of the applicable Collateral Rig; (ii) is (or upon its installation on board the applicable Collateral Rig will become) legally and beneficially wholly owned by the relevant Collateral Vessel-Owning Entity; (iii) is free from Liens, excep...
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Collateral Rigs. (a) The name, registered owner and official number, and jurisdiction of registration and flag of each Collateral Rig is set forth on Schedule X. Each Collateral Rig is operated in all material respects in compliance with all applicable law, rules and regulations (applicable to each Collateral Rig in accordance with Section 8.22(c) and as required by the United States Coast Guard or other internationally recognized classification society acceptable to the Administrative Agent). Each Collateral Rig is covered by all such insurance as is required in accordance with the requirements of the respective Collateral Rig Mortgage and Section 9.03. (b) Each Credit Party which owns or operates or which will own or operate one or more Collateral Rigs is qualified to own and operate such Collateral Rig under the laws of its jurisdiction of incorporation and Republic of the M▇▇▇▇▇▇▇ Islands. (c) Each Collateral Rig is classified in the highest class available for rigs of its age and type with the United States Coast Guard or another internationally recognized classification society acceptable to the Administrative Agent, free of any conditions or recommendations, other than as permitted under the Collateral Rig Mortgage related thereto.
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Related to Collateral Rigs

  • Collateral Requirements All amounts deposited or invested with financial institutions in excess of any insurance limit shall be collateralized in accordance with the Public Funds Investment Act, 30 ILCS 235/. The Superintendent or designee shall keep the Board informed of collateral agreements.

  • Agents under Collateral Documents and Guaranty Each Secured Party hereby further authorizes Administrative Agent or Collateral Agent, as applicable, on behalf of and for the benefit of Secured Parties, to be the agent for and representative of Secured Parties with respect to the Guaranty, the Collateral and the Collateral Documents; provided that neither Administrative Agent nor Collateral Agent shall owe any fiduciary duty, duty of loyalty, duty of care, duty of disclosure or any other obligation whatsoever to any holder of Obligations with respect to any Hedge Agreement. Subject to Section 10.5, without further written consent or authorization from any Secured Party, Administrative Agent or Collateral Agent, as applicable may execute any documents or instruments necessary to (i) in connection with a sale or disposition of assets permitted by this Agreement, release any Lien encumbering any item of Collateral that is the subject of such sale or other disposition of assets or to which Requisite Lenders (or such other Lenders as may be required to give such consent under Section 10.5) have otherwise consented or (ii) release any Guarantor from the Guaranty pursuant to Section 7.12 or with respect to which Requisite Lenders (or such other Lenders as may be required to give such consent under Section 10.5) have otherwise consented. Collateral Agent further declares that it holds all Australian Collateral acquired by the Collateral Agent after the date hereof on trust for the benefit of the Secured Parties from time to time (it being understood that the provisions of this Section 9 apply to Collateral Agent in its capacity as trustee of such trust).

  • Annual Collateral Verification Each year, at the time of delivery of annual financial statements with respect to the preceding Fiscal Year pursuant to Section 5.1(c), Company shall deliver to Collateral Agent a certificate of an Authorized Officer either (i) confirming that there has been no change in such information since the date of the Collateral Questionnaire delivered on the Closing Date or the date of the most recent certificate delivered pursuant to this Section 5.1(o) or (ii) identifying such changes;

  • Collateral Records Such Grantor will maintain complete and accurate books and records with respect to the Collateral owned by it, and furnish to the Collateral Agent, with sufficient copies for each of the Secured Parties, such reports relating to such Collateral as the Collateral Agent shall from time to time request.

  • Collateral Examination Agent shall have completed Collateral examinations and received appraisals, the results of which shall be satisfactory in form and substance to Lenders, of the Receivables, Inventory, General Intangibles, and Equipment of each Borrower and all books and records in connection therewith;