Common use of Upon a Rig Total Loss Event Clause in Contracts

Upon a Rig Total Loss Event. (a) the Rig and the Rig Assets related exclusively to the Rig Total Loss Event shall be excluded from the definitions of: (i) the Rigs; and (ii) the Rig Assets for all purposes under this agreement and shall not be sold or transferred to the Buyer or its Related Persons on Completion;