Common use of The Rigs Clause in Contracts

The Rigs. In respect of each of the Rigs: (a) Reports on the Market Value not being older than 3 months before the date of this Agreement of each Rig obtained in accordance with the terms of this Agreement and evidencing that the aggregate Market Value of all the Rigs is higher than 175 % of the requested amount to be borrowed on the First Utilisation Date; (b) 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; (c) An updated class certificate related to the Rig from the relevant classification society, confirming that the Rig is classed with the highest class in accordance with Clause 26.6 (Classification and repairs), free of extensions and overdue recommendations; (d) Certificates from insurers and/or insurance brokers confirming compliance with the insurance requirements under this Agreement, including, but not limited to copies of insurance policies/cover notes documenting that insurance cover has been taken out in respect of the Rig in accordance with Clause 26.3 (Insurance) and the GIEK Guarantee, and evidencing that the Agent’s (on behalf of the Finance Parties) Security Interest in the insurance policies have been noted in accordance with the relevant notices as required under the Assignment Insurances ; and (e) Evidence and copies (save for copies of Charter Contracts of West Orion if not permitted in accordance with applicable terms) of (i) the technical management agreement for each Rig, (ii) documents of compliance with the ISM Code and ISPS Code, (iii) bareboat charter, the Charter Contracts as well as other charter agreements for the Rigs and service contracts relating thereto, (iv) all kind of guarantees related to such Charter Contracts, service contracts or other agreements together with evidence that, where required under any employment contract for a Rig, the charterer of such Rig has accepted that it becomes subject to the relevant Mortgage. Subject to contractual agreed “quiet enjoyment” undertakings with the end-user of the Rigs to be entered into if it is required by the relevant end-user pursuant to the relevant contract.

The Rigs. In respect of each of the Rigs: (a) Reports on the Market Value not being older than 3 months before the date of this Agreement of each Rig obtained in accordance with the terms of this Agreement and evidencing that the aggregate Market Value of all the Rigs is higher than 175 % of the requested amount to be borrowed on the First Utilisation DateAgreement; (b) 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; (c) An updated class certificate related to the Rig from the relevant classification society, confirming that the Rig is classed with the highest class in accordance with Clause 26.6 (Classification Trading, classification and repairs), free of extensions and overdue recommendations; (d) Certificates from insurers and/or insurance brokers confirming compliance with the insurance requirements under this Agreement, including, but not limited to copies of insurance policies/cover notes documenting that insurance cover has been taken out in respect of the Rig in accordance with Clause 26.3 (Insurance) and the GIEK Guarantee, and evidencing that the Agent’s (on behalf of the Finance Parties) Security Interest in the insurance policies have been noted in accordance with the relevant notices as required under the Assignment Insurances ; and (e) Evidence and copies (save for copies of Charter Contracts of West Orion if not permitted in accordance with applicable terms) of (i) the technical management agreement for each Rig, (ii) documents of compliance with the ISM Code and ISPS Code, (iii) bareboat charter, the Charter Contracts as well as and other charter agreements for the Rigs and service contracts relating thereto, (iv) all kind of guarantees related to such Charter Contracts, charter agreements and service contracts or other agreements together with evidence that, where required under any an employment contract for a Rig, the charterer of such Rig has accepted that it becomes subject to the relevant Mortgage. Subject to contractual agreed “quiet enjoyment” undertakings with the end-user of the Rigs to be entered into if it is required by the relevant end-user pursuant to the relevant contract.