Common use of The Rig Clause in Contracts

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.