The Rigs. Each of the Rigs are: (a) in the absolute ownership of the relevant Rig Owner described in Schedule 2 (Guarantors and Collateral Rigs) hereto free and clear of all encumbrances (other than current crew wages and the relevant Mortgage) and, the respective Rig Owner will be the sole, legal and beneficial owner of such Rig; (b) registered in the name of the relevant Rig Owner as described in Schedule 2 (Guarantors and Collateral Rigs) 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 Lenders, free of all overdue requirements and recommendations.
Appears in 6 contracts
Samples: Senior Secured Credit Facility Agreement, Senior Secured Credit Facility Agreement, Senior Secured Credit Facility Agreement (Seadrill Partners LLC)
