New Rig definition
New Rig means, with respect to any Person as of any date, a Mortgaged Rig that either (a) has been newly-acquired by such Person on a date that is less than one year prior to such date or (b) is, as of such date, subject to a Long-Term Contract.
Examples of New Rig in a sentence
In the event Buyer, despite commercially reasonable efforts and acting as a prudent operator, is unable to utilize the Rig on the Leases and Lands during the term of the New Rig Lease, Seller shall reimburse Buyer for up to two hundred fifty thousand dollars ($250,000.00) of Rig demobilization, moving or mobilization costs actually incurred by Buyer, in order to move the Rig to a new location lying outside of the Leases and Lands.