ECA Cover Document definition

ECA Cover Document means the insurance policy governed by Italian law issued or to be issued by SACE (in its own name and also for the account of the Republic of Italy) in favour of the Agent (for the benefit of the Lenders, in form and substance satisfactory to the Lenders and which, in all material aspects, shall not be inconsistent with the commercial terms of this Agreement), whereby the Export Credit Agency, in coinsurance regime, without joint and several liability, agree to insure, on the terms and conditions thereof, one hundred per cent. (100%) (in respect of commercial and political risks) of the principal and interest (other than default interest) in accordance with the terms thereof.
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ECA Cover Document means the insurance policy governed by Italian law issued or to be issued by SACE (in its own name and also for the account of the Republic of Italy) in favour of the Agent (for the benefit of the Lenders, in form and substance satisfactory to the Lenders), whereby the Export Credit Agency, in coinsurance regime, without joint and several liability, agree to insure, on the terms and conditions thereof, one hundred per cent. (100%) (in respect of commercial and political risks) of the principal and interest (other than default interest) in accordance with the terms thereof.
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ECA Cover Document means the export credit guarantee issued by the ECA to the Lender in respect of this Agreement.
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Examples of ECA Cover Document in a sentence

  • Each Party acknowledges that the Export Credit Agency will be immediately and automatically subrogated to the rights of the Agent and of the Lenders under all Finance Documents (including with respect to the guarantee and indemnity under Clause 17 (Guarantee and Indemnity) to the extent of any payment made by or on behalf of the Export Credit Agency under the ECA Cover Document in accordance with the ECA Cover Document).

  • The Lenders shall not be under any obligation to lend any Loan to the Borrower unless the full amount of the relevant portion of the ECA Premium has been paid in accordance with this Agreement and the ECA Cover Document.

  • Any representation, warranty or statement made or deemed to be made by a Transaction Obligor in the Finance Documents or any other document delivered by or on behalf of a Transaction Obligor under or in connection with any Finance Document or the ECA Cover Document (other than any representation in Clause 18.31 (Italian compliance representations)) is or proves to have been incorrect or misleading in any material respect when made or deemed to be made.

  • Where a sum is to be paid to the Agent under the Finance Documents or the ECA Cover Document for another Party, the Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum.

  • Without prejudice to Clause 28.1 (Assignments and transfers by the Lenders) and Clause 27.1 (Subrogation), the Transaction Obligors shall reimburse the Export Credit Agency for, and keep the Export Credit Agency indemnified from and against, each and every amount paid (whether by direct payment or set-off) by the Export Credit Agency to the Finance Parties or any person on any of their behalf under the ECA Cover Document within five (5) Business Days of demand from the Export Credit Agency.

  • An original of the executed ECA Cover Document in a form satisfactory to the Lender, which executed ECA Cover Document can be delivered by the ECA after receipt of each of the following documents as signed by the Borrower (i) the pledge agreement between the Borrower and the ECA relating to the Export Credit Facility Agreement and (ii) the recourse agreement relating to the ECA Cover Document.