Possession, Use and Release of Collateral Sample Clauses

Possession, Use and Release of Collateral. (a) Each Holder, by accepting a Note, consents and agrees to the provisions of the Note Documents governing the possession, use and release of Collateral. Each Holder, by accepting a Note, consents and agrees that Collateral may, and, as applicable, shall, be released or substituted in accordance with the terms of the Security Documents. (b) The Liens on the Collateral in favor of the Collateral Agent with respect to all Note Obligations of the Issuer and the Guarantors secured by such Collateral will be released automatically and unconditionally: (1) upon payment in full of all outstanding Notes and all other amounts due under this Indenture (including any Guarantee), the Collateral Agency Agreement and the Notes; (2) upon legal defeasance or satisfaction and discharge of the Notes as set forth under Articles 8 and 11, respectively; (3) as to any Collateral that constitutes all or substantially all of the Collateral, with the consent of the holders of at least two-thirds in principal amount of the Notes then outstanding; (4) to enable the Issuer and/or any Guarantor to consummate the disposition of property or assets to a Person other than the Issuer or a Guarantor (unless such property or other assets transferred to a Person that is the Issuer or a Guarantor are automatically, substantially concurrently with or in advance of such release, the subject of Liens granted by such transferee securing the Notes) to the extent not prohibited under Section 4.10; (5) in the case of a sale or other transfer as part of or in connection with an Asset Sale by the Issuer or any Guarantor to a Person other than the Issuer or a Guarantor (unless such property or other assets transferred to a Person that is the Issuer or a Guarantor are automatically, substantially concurrently with or in advance of such release, the subject of Liens granted by such transferee securing the Notes) in a transaction permitted hereunder; (6) with respect to any Collateral owned by a Guarantor whose Capital Stock is sold or otherwise disposed of in accordance with the terms of this Indenture to a Person that is not (either before or after giving effect to such transaction) the Issuer or a Restricted Subsidiary, upon such sale or other disposition; (7) upon the occurrence of a Covenant Suspension Event, provided that, if, after any Covenant Suspension Event, a Reversion Date shall occur, then the Suspension Period with respect to such Covenant Suspension Event shall terminate and the Issuer wil...

Possession, Use and Release of Collateral. (a) Each Holder, by accepting a Note, consents and agrees to the provisions of the Collateral Agency Agreement, the Collateral Documents and this Indenture governing the possession, use and release of Collateral. Each Holder, by accepting a Note, consents and agrees that Collateral may, and, as applicable, shall, be released or substituted in accordance with the terms of the Collateral Agency Agreement and the Collateral Documents. (b) The Collateral Agent’s Liens upon the Collateral shall automatically be released in whole, upon (1) payment in full and discharge of all outstanding Senior Obligations and (2) termination or expiration of all commitments to extend credit under all Senior Debt Documents and the cancellation or termination or cash collateralization of all outstanding letters of credit issued pursuant to any Senior Debt Document. (c) The Collateral Agent’s Liens upon the Collateral shall automatically be released with respect to any Series of Senior Obligations, including the Note Obligations, (1) at any time the terms of such Series of Senior Obligations no longer require such Series to be secured by the Collateral and (2) the administrative agent or the Trustee, as the case may be, with respect to such Series of Senior Obligations has delivered to the Collateral Agent a written notice withdrawing such Series of Senior Obligations as being secured under the Pledge Agreement. (d) In addition to the foregoing, Liens on Collateral securing the Notes will be entitled to be released under the following circumstances: (1) in the event of satisfaction and discharge of this Indenture pursuant to Section 8.01(a) of the Base Indenture or a legal defeasance described in Section 8.01(c) of the Base Indenture; (2) with the consent of the Holders in accordance with Section 9.02 of the Base Indenture; or (3) under the circumstances described in Section 6.1. (e) If the Revolving Credit Facility Collateral Agent and the Term Loan Facility Collateral Agent release their Liens on any Collateral, then the Lien securing the Notes will automatically terminate. (f) The Collateral Agent shall execute and deliver all such authorizations and other instruments and take such actions (and the Holders will be deemed to have consented to and authorized the Collateral Agent to execute and deliver any such authorization or instrument and take any such action) as shall reasonably be required by the Collateral Agent to evidence, confirm and effectuate any release of Collateral ...

Possession, Use and Release of Collateral. (a) Subject to the terms of the Collateral Documents and the Intercreditor Agreement, the Company and the Guarantors will have the right to remain in possession and retain control of the Collateral (other than as otherwise set forth in the Collateral Documents), to freely operate the Collateral and to collect, invest and dispose of any income therefrom. (b) The Liens created pursuant to the Collateral Documents shall be released in the manner and upon the satisfaction of the conditions set forth in Section 3.05 of the Intercreditor Agreement. (c) The Trustee shall execute and deliver to the Company, at the Company’s sole expense, all documents that the Company shall reasonably request to evidence any release of Collateral described in clause (b) above.

Possession, Use and Release of Collateral. Subject to and in accordance with the provisions of this Indenture and the Collateral Documents, so long as the Trustee or Collateral Agent has not exercised rights or remedies with respect to the Collateral in connection with an Event of Default that has occurred and is continuing, the Issuers and the Guarantors shall have the right to remain in possession and retain exclusive control of the Collateral (other than any Trust Monies deposited with the Collateral Agent and other than as set forth in the Collateral Documents), to freely operate, use and consume the Collateral (other than Trust Monies held by the Collateral Agent, other monies and Government Securities deposited pursuant to Article 8 and other than as set forth in the Collateral Documents and this Indenture), to alter or repair any Collateral so long as such alterations and repairs do not impair the Lien of the Collateral Documents thereon, and otherwise comply with Section 10.06 hereof, and to collect, receive, use, invest and dispose of the reversions, remainders, interest, rents, lease payments, issues, profits, revenues, proceeds and other income thereof.

Possession, Use and Release of Collateral. (a) Subject to the terms of the Collateral Documents, the First Lien Collateral Documents and the Intercreditor Agreement, the Guarantor will have the right to remain in possession and retain control of the Collateral (other than cash or any securities constituting part of the Collateral and deposited with the Collateral Agent in accordance with the provisions of the Collateral Documents and other than as otherwise set forth in the Collateral Documents), to freely operate the Collateral and to collect, invest and dispose of any income therefrom. (b) The Second Priority Liens securing the Secured Obligations shall be released in whole: (i) upon payment in full of the principal of, and premium, if any, and accrued and unpaid interest on, the Securities and payment in full of all other obligations that are due and payable at or prior to the time such principal, premium, if any, and accrued and unpaid interest are paid; (ii) with the consent of a majority of the Holders of the outstanding Securities (including, without limitation, consents obtained in connection with a tender offer or exchange offer for or other purchase of Securities). (c) The Second Priority Liens securing the Secured Obligations shall be released automatically in part with respect to any asset constituting Collateral if all Liens on such asset securing First Lien Obligations are also released in accordance with the terms of the Intercreditor Agreement. (d) The Trustee shall execute and deliver to the Guarantor, at the Guarantor’s request and sole expense, all documents that the Guarantor shall reasonably request to evidence any of the releases of Collateral described in clause (b) above and Section 17.04 hereof.

Possession, Use and Release of Collateral. (a) Each Holder, by accepting a Note, consents and agrees to the provisions of the Security Documents governing the possession, use and release of Collateral. Without limiting the generality of the foregoing, each Holder, by accepting a Note, consents and agrees that Collateral may, and, as applicable, shall, be released or substituted only in accordance with the terms of the Security Documents; provided that Collateral may be released under this Indenture and the Security Documents with the consent of the Holders of at least 66 2/3% in aggregate principal amount of the Notes then outstanding, as provided under Section 8.02(c). (b) Notwithstanding the foregoing, the release of any Collateral from the Lien and security interest created by this Indenture and the Security Documents shall not be deemed to impair the security under this Indenture in contravention of the provisions hereof if and to the extent the Collateral is released pursuant to the terms of the Security Documents. (c) The fair value of Collateral released from the Liens and security interest created by this Indenture and the Security Documents pursuant to the terms of the Security Documents shall not be considered in determining whether the aggregate fair value of the Collateral released from the Liens and security interest created by this Indenture and the Security Documents in any calendar year exceeds the 10% threshold specified in TIA § 314(d)(1). It is expressly understood that Section 11.08 and this Section 11.03 relate only to the Company’s and the Guarantor’s obligations under the TIA and shall not restrict or otherwise affect the Company’s and the Guarantor’s rights or abilities to release Collateral pursuant to the terms of the Credit Facility and the Security Documents or as otherwise permitted by the Lenders.

Possession, Use and Release of Collateral. (a) All of the proceeds of the Secured Notes shall be deposited in the Issuer Escrow Account and shall be subject to a first priority Lien. All funds deposited in the Issuer Escrow Account representing proceeds of the Secured Notes constitute Collateral and will, at the direction of the Issuer except during the continuance of a Default or an Event of Default and at the direction of the Trustee during the continuance of a Default or an Event of Default, be invested in Temporary Cash Equivalents (such cash and Temporary Cash Equivalents, together with interest, dividends and distributions thereof, the "Issuer Escrowed Property"), in the manner provided for in the Issuer Escrow Agreement. No funds shall be released from the Issuer Escrow Account except as provided herein and in the Issuer Escrow Account Agreement. The Issuer Escrow Account and the Issuer Escrowed Property shall be pledged to, and be under the sole dominion and control of the Trustee acting for its benefit and the benefit of the Holders of Secured Notes. Pursuant to the Issuer Escrow Agreement and this Indenture, the Issuer is required to, and the Issuer shall enter up to ten separate loan agreements with the Company (each an "Issuer Loan Agreement"). Each Issuer Loan Agreement will be secured by Liens pursuant to a mortgage (each a "Mortgage") on a separate drilling rig or drillship (each a "Mortgaged Rig") or, if such Mortgaged Rig is under construction but not yet flagged on the Issue Date, Liens on the construction contract and equipment purchased by the Company for such Mortgaged Rig. The purpose of each loan made under an Issuer Loan Agreement (an "Issuer Loan") will be only as follows: (i) Financing all or a portion of the cost of acquiring, constructing, altering, improving or repairing the Mortgaged Rig or improvements used or to be used in connection with such Mortgaged Rig; or (ii) Financing all or any part of the purchase price of the Mortgaged Rig or improvements used or to be used in connection with such Mortgaged Rig, which Issuer Loan is incurred prior to or within one year after the later of the completion of construction, alteration, improvement or repair or the commencement of commercial operations thereof. (b) To the extent that the Mortgaged Rig is under construction and not yet flagged, the Company will secure the Issuer Loans with Liens on the construction contract and the equipment purchased by the Company for such Mortgaged Rig; provided that Liens on equipment purchas...

Possession, Use and Release of Collateral. The Issuer and Guarantors shall have the right to obtain a release of items of Collateral (the "Released Interests") which the Issuer or the applicable Guarantor proposes to Transfer and the Trustee shall furnish to the Collateral Agent authorization to release the Released Interests from the Lien of the applicable Collateral Documents and reconvey the Released Interests to the Issuer or the appropriate Guarantor, upon compliance with the condition that the Issuer or the appropriate Guarantor deliver to the Trustee the following:

Possession, Use and Release of Collateral. (a) Subject to the terms of the Collateral Documents, the Issuers and the Guarantors will have the right to remain in possession and retain control of the Collateral (other than as otherwise set forth in the Collateral Documents), to freely operate the Collateral and to collect, invest and dispose of any income therefrom.