The Rig Clause Samples

The "THE RIG" clause defines the specific drilling rig or equipment that will be used to perform the contracted work. It typically identifies the rig by name, type, or specifications, and may include details such as its capabilities, ownership, or location. By clearly designating the rig, this clause ensures both parties understand which equipment is to be provided and used, thereby preventing disputes over performance expectations or equipment suitability.
The Rig. (a) In respect of the Rig, satisfactory searches in maritime registries, including, but not limited evidence (by way of transcript of registry) that the Rig is registered in the name of the Rig Owner in the Ship Registry, that the Mortgage has been, or will in connection with the utilisation of the relevant Loan be, executed and recorded with its intended first priority against the Rig and that no other encumbrances, maritime liens, mortgages or debts whatsoever are registered against the Rig. Reports on the Market Value of the Rig made as of December 2011, obtained in accordance with the terms of this Agreement and evidencing that the Market Value of Rig is: (i) if First Utilisation Date is on or after Contract Date, at least 115 % of the sum of the requested amount to be borrowed; or (ii) if First Utilisation date is a date prior to Contract Date, at least 145 % of the requested amount to be borrowed.
View SourceView Similar (2)
The Rig. In respect of the Rig: (a) Evidence that the Rig is delivered according to the building contract by delivering a protocol of delivery and acceptance from the Yard without any major subjects (the “Protocol of Delivery”); (b) Satisfactory searches in maritime registries, including, but not limited evidence (by way of transcript of registry) that the Rig is registered in the name of the Rig Owner in the relevant Ship Registry, that the Mortgage has been, or will in connection with the utilisation of the relevant Loan be, executed and recorded with its intended first priority against the Rig and that no other encumbrances, maritime liens, mortgages or debts whatsoever are registered against the Rig; (c) An updated class certificate related to the Rig from the relevant classification society, confirming that the Rig is classed with the highest class in accordance with Clause 10.3 (Classification and repairs), free of extensions and overdue recommendations; (d) A report, in form and scope acceptable to the Agent, from BankAssure Insurance Services Inc. or similar reputable organisation, with respect to the insurances maintained in respect of the Rig, together with certificates from such insurance brokers and/or insurers confirming compliance with the insurance requirements under this Agreement, including, but not limited to copies of insurance policies/cover notes documenting that insurance cover has been taken out in respect of the Rig in accordance with Clause 10.3 (Insurance), and evidencing that the Agent’s (on behalf of the Finance Parties) Security Interest in the insurance policies have been noted in accordance with the relevant notices as required under the Assignment Insurances ; and (e) Evidence and copies of (i) the technical management agreement for the Rig, (ii) documents of compliance with the ISM Code and ISPS Code, (iii) bareboat charter, the Charter Contracts as well as other charter agreements for the Rig and service contracts relating thereto, (iv) all kind of guarantees related to such Charter Contracts, service contracts or other agreements together with evidence that, where required under any employment contract for the Rig, the charterer of the Rig has accepted that it becomes subject to the Mortgage. Subject to contractual agreed “quiet enjoyment” undertakings with the end-user of the Rig to be entered into if it is required by the relevant end-user pursuant to the relevant contract.
View SourceView Similar (2)
The Rig. The Rig is: (a) in the absolute ownership of the Rig Owner free and clear of all encumbrances (other than current crew wages and the Mortgage) and, the Rig Owner will be the sole, legal and beneficial owner of the Rig; (b) registered in the name of the Rig Owner with a Ship Registry; (c) operationally seaworthy in every way and fit for service; and (d) classed with a classification society acceptable to the Required Majority, free of all overdue requirements and recommendations.
View SourceView Similar (2)
The Rig. At the Closing, ▇▇▇▇▇▇▇ shall be assigned all of the Company's right, title and interest (including all current and future obligations surrounding) the project currently referred to as The Rig. After such assignment and assumption, RKO shall be entitled to receive (i) reimbursement of the out-of-pocket costs paid in connect on with the development of such project prior to the Closing,; (ii) interest at Company's then-current bank rate for unsecured borrowing; and (iii) allocable overhead, payable at such time, if ever, that production financing commitments are secured for The Rig. Subject to the payment to RKO, all fees (producing and otherwise) generated from The Rig shall be for the sole benefit of ▇▇▇▇▇▇▇ Co. as ▇▇▇ ▇▇▇▇▇▇▇ sees fit.
View Source
The Rig 
View Source

Related to The Rig

  • Right to Refuse Dangerous Work An employee shall have the right to refuse to work in dangerous situations.

  • The FTPS Unit Servicing Agent shall be indemnified ratably by the affected Trust and held harmless against any loss or liability accruing to it without negligence, bad faith or willful misconduct on its part, arising out of or in connection with the operations of the Trust, including the costs and expenses (including counsel fees) of defending itself against any claim of liability in the premises, including without limitation any loss, liability or expense incurred in acting pursuant to written directions to the FTPS Unit Servicing Agent given by the Trustee or Depositor from time to time in accordance with the provisions of this Indenture or in undertaking actions from time to time which the FTPS Unit Servicing Agent deems necessary in its discretion to protect the Trust and the rights and interests of the FTPS Unit holders pursuant to the terms of this Indenture.

  • The FTPS Unit Servicing Agent shall distribute to redeeming FTPS Unit holders of record on its books redemption proceeds it receives pursuant to Section 5.02 of the Standard Terms and Conditions of Trust from the Trustee as the sole record owner of FTPS Units on the Trustee's books.

  • Adjustment to Warrant Certificate The form of Warrant Certificate need not be changed because of any adjustment made pursuant to this Article IV, and Warrant Certificates issued after such adjustment may state the same Exercise Price and the same number of shares of Common Stock issuable upon exercise of the Warrants as are stated in the Warrant Certificates initially issued pursuant to this Agreement. The Company, however, may at any time in its sole discretion make any change in the form of Warrant Certificate that it may deem appropriate to give effect to such adjustments and that does not affect the substance of the Warrant Certificate, and any Warrant Certificate thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant Certificate or otherwise, may be in the form as so changed.

  • Right to Proceed The Sponsor acknowledges the rights of Holders to institute a Direct Action as set forth in Section 2.8(d) hereto.