Common use of Collateral Rigs Clause in Contracts

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.