Common use of The Rig Clause in Contracts

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.