Appraisal Report

Appraisal Report. By February 14, 2011 and within every six months thereafter, an appraisal report prepared by an Approved Rig Appraiser with respect to each of the Rigs, in form, scope and methodology reasonably acceptable to Administrative Agent, setting forth the Orderly Liquidation Value of each of the Rigs as of the date appraised (each an "Appraisal Report"). The cost of each such Appraisal Report shall be paid by the Borrower;

Appraisal Report. A written report of an Appraisal or a Broker's Price Opinion setting forth the appraiser's or broker's opinion and method of determination of the fair market value of the subject Mortgaged Premises, including a statement of all material assumptions made, and dated and signed by such appraiser or broker, who, and the form of which report, must comply with all relevant Agency guidelines.