Sinosure Clause Samples
The Sinosure clause outlines the requirements and procedures related to insurance coverage provided by the China Export & Credit Insurance Corporation (Sinosure) in international trade contracts. Typically, this clause specifies that the buyer or seller must obtain Sinosure approval or insurance for the transaction, often as a condition for contract effectiveness or payment. For example, it may require the buyer to provide proof of Sinosure coverage before shipment or payment is made. The core function of this clause is to allocate risk and ensure that the parties are protected against non-payment or other commercial risks through Sinosure's insurance, thereby facilitating smoother cross-border transactions.
Sinosure evidence that the Company has complied, in full, with the provisions of clause 24 (Sinosure Vessels covenants) of the Restructuring Agreement;
Sinosure. Where a required amendment or waiver has not been accepted by Lenders or Majority Lenders, as appropriate, directly as a result of Sinosure, the Facility Agent agrees with the Borrower to use its reasonable endeavours to give the Borrower an opportunity to discuss the matter in question directly with Sinosure.
Sinosure. 29.1 Sinosure Policy Each Lender represents and warrants to each other Lender that:
Sinosure. (a) the SINOSURE Policy in relation to each Borrower, in terms satisfactory to the Lenders, duly issued by SINOSURE and all conditions precedent to the effectiveness thereof (other than the condition requiring payment of the SINOSURE Premium in full) have been satisfied and copies of any Authorisations required under the laws of the People’s Republic of China in respect of such issue; and
(b) evidence that the SINOSURE Premium has been paid and received by SINOSURE;
Sinosure evidence that the requirements of clause 24.5 of the Restructuring Agreement have been complied with.
(a) Conditions precedent
(b) No claim
Sinosure if the Contract Instalment Advance has not been made at or by the time of Delivery, evidence that the requirements of clause 24.5 of the Restructuring Agreement have been complied with. To: [insert name] on its own behalf, as agent for the Creditors party to (and as defined in) the Facility Agreement mentioned below and on behalf of Danaos Corporation. Attention: This Substitution Certificate relates to a US$80,000,000 Term Facility Agreement dated [·] 2011 (the Facility Agreement) between, among others, Danaos Corporation, the banks whose respective names and addresses are set out in Schedule 1 thereto as Lenders, [insert name] as Facility Agent and [insert name] as security agent and trustee.
1 [name of Existing Lender] (the Existing Lender) (a) confirms the accuracy of the summary of its participation in the Facility Agreement set out in the schedule below; and (b) requests [name of Substitute Lender] (the Substitute) to accept by way of novation the portion of such participation specified in the schedule hereto by counter-signing and delivering this Substitution Certificate to the Facility Agent at its address for the service of notices specified in the Facility Agreement.
2 The Substitute hereby requests the Facility Agent (on behalf of itself and the other Creditors) to accept this Substitution Certificate as being delivered to the Facility Agent pursuant to and for the purposes of clause 16.4 of the Facility Agreement, so as to take effect in accordance with the respective terms thereof on [date of transfer] (the Effective Date) or on such later date as may be determined in accordance with the respective terms thereof.
3 The Facility Agent (on behalf of itself, the other Creditors and all other parties to the Agency Agreement) confirms the novation effected by this Substitution Certificate pursuant to and for the purposes of clause 16.4 of the Facility Agreement so as to take effect in accordance with the respective terms thereof.
4 The Substitute confirms:
(a) that it has received a copy of the Facility Agreement and each of the other Finance Documents and all other documentation and information required by it in connection with the transactions contemplated by this Substitution Certificate;
(b) that it has made and will continue to make its own assessment of the validity, enforceability and sufficiency of the Facility Agreement, the other Finance Documents and this Substitution Certificate and has not relied and will not rely on the Existing Lende...