Rig definition

Rig means the vessel described in Recital (A) hereto and includes any share or interest therein and her engines, machinery, boats, tackle, outfit, spare gear, fuel, consumable or other stores, belongings and appurtenances whether on board or ashore and whether now owned or hereafter acquired (but excluding therefrom any leased equipment owned by third parties);

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Rig means any mobile offshore drilling unit (including without limitation any ▇▇▇▇-up rig, semi-submersible rig, drillship, and barge rig).

Rig means, collectively, offshore drilling rigs, including, semisubmersibles, drillships, ▇▇▇▇-ups, semisubmersible tender assist vessels and submersible rigs, owned by the Borrower and/or any Subsidiary of the Borrower, and, individually, any of such rigs.

Examples of Rig in a sentence

• If any Other Mortgaged Rig or the Capital Stock of a Subsidiary Guarantor then owning an Other Mortgaged Rig is sold in compliance with the terms of the Indenture, the Company shall apply funds equal to the applicable Other Loan secured by the Other Mortgaged Rig outstanding on the Sale Date for such Other Mortgaged Rig, together with all accrued and unsecured interest (including Special Interest, if any, and Additional Amounts, if any) thereon, to the payment of such Other Loan.

• If an Event of Loss occurs at any time with respect to any Other Mortgaged Rig, the Indenture and the applicable Other Loan Agreement require that the Company shall apply funds to the principal amount of the applicable Other Loan secured by the Other Mortgaged Rig outstanding on the Loss Date for such other Mortgaged Rig, together with all accrued and unpaid interest (including Special Interest, if any, and Additional Amounts, if any) thereon, to the payment of such Other Loan.

• If an Event of Loss occurs at any time with respect to the Mortgaged Rig attributable to the Loan, the Company shall apply funds in an amount (the "Loss Redemption Amount") equal to the principal amount of the Loan outstanding on the date (the "Loss Date") on which such Event of Loss was deemed to have occurred, together with all accrued and unpaid interest (including Special Interest, if any, and Additional Amounts, if any) thereon, to the prepayment of the Loan.

• The proceeds of the Loan may be applied by the Company to finance certain costs of acquiring, constructing, repairing and improving the Mortgaged Rig and, to the extent that such costs have already been paid, for general corporate purposes.

• The Rig shall in no event be insured for an amount less than the agreed valuation as set forth in the applicable marine and war risk policies.

More Definitions of Rig

Rig means any drilling rig or drillship that TINC or any of its Subsidiaries leases or owns, either entirely or in part.

Rig means any mobile offshore drilling unit (including without limitation any jack-up rig, semi-submersible rig, drillship, and barge rig).

Rig means the semi-submersible drilling rig West Capricorn, to be delivered from Jurong Shipyard Pte Ltd of ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇, Singapore 628054 (the “Yard”) between December 2011 and January 2012 and listed i Schedule 2 (Guarantors and Rig).

Rig means each of the collateral rigs listed in Schedule 2 (Guarantors and Collateral Rigs) each of which is owned by the respective Rig Owner as set out therein.

Rig shall have the meaning provided in the first paragraph of this Mortgage and shall include any share or interest in such vessel and shall include such vessel's engines, machinery, boats, tackle, outfit, spare gear, fuel, consumable or other stores, belongings and appurtenances whether on board or ashore and whether now owned or hereafter acquired (but excluding therefrom any leased equipment owned by third parties unaffiliated with the Owner);

Rig means any rig owned by a Guarantor (excluding Holdings) or its Subsidiaries, whether or not such rig is contracted under a valid and enforceable Drilling Contract at such time of determination.

Rig means any one of them as the context requires;