The Rigs. Each of the Rigs are:
The Rigs. In respect of each of the Rigs:
The Rigs. (a) In respect of each of the Rigs 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 relevant 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.
The Rigs. (a) Satisfactory evidence that the Rig West Gemeni has been accepted by the charterer of the Rig on a Satisfactory Drilling Contract; and
The Rigs. Each of the Rigs is (or will be at the time of delivery, as the case may be):
The Rigs. (a) In consideration of the Loan made pursuant to the Loan Agreement and evidenced by the Note and by way of security for payment of all amounts due thereunder and hereunder, the Debtor does hereby sell, assign, transfer and set over unto, and grant a security interest in favor of the Secured Party and unto the Secured Party's successors' and assigns' for the Secured Party's own proper use and benefit, as security for all amounts due and owing under the Loan Agreement and the Note, all of the Debtor's right, title and interest in and to the Rigs, whether now owned or hereafter acquired and wherever located, and including, without limitation, all parts, additions, alterations or modifications thereto or replacements of any part thereof, whenever made or performed or acquired, and all removed parts until replaced, and any proceeds and products of the foregoing.
The Rigs. In consideration of the Loan made pursuant to the Agreement and evidenced by the Note and by way of security for payment of all amounts due under its Guaranty, PDC does hereby sell, assign, transfer, and set over unto, and grant a security interest in favor of, the Bank and the Bank's successors and assigns for the Bank's own proper use and benefit, as security for all amounts due and owing under its Guaranty, all of PDC's right, title, and interest in and to the Rigs, whether now owned or hereafter acquired and wherever located, and including, without limitation, all parts, additions, alterations, or modifications thereto or replacements of any part thereof, whenever made or performed or acquired, and all removed parts until replaced, and any proceeds and products of the foregoing with all attachments, accessions, tools, parts, supplies, increases, and additions to and replacements of and substitutions for the Rigs or any portion thereof.
