Common use of The Rig Clause in Contracts

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.