Onshore Security Agent definition
Examples of Onshore Security Agent in a sentence
In the event of discrepancy between this Agreement and the Onshore Security Agent (Gabon) Appointment Agreement, the latter shall prevail.
Each Insurer severally agrees that neither the sums insured nor the risks covered under this policy and any renewal of it by that Insurer will be reduced in any way, and that no deductible, excess or retention will be increased, without the prior written agreement of the Onshore Security Agent.
The Lessor shall also provide such additional information that the Onshore Security Agent may from time to time reasonably request.
The following provisions shall apply to the Offshore Security Agent in its capacity as trustee in relation to any of the Offshore Security Documents and the Onshore Security Agent in its capacity as agent in relation to any of the Onshore Security Documents.
The Onshore Security Agent may authorise the payment by the Insurer to a third party of a claim where it is applied directly to discharge fully and finally an insured liability of the Borrower to that third party.
The provisions of this endorsement may only be amended by written agreement between the Borrower, the Insurers and the Onshore Security Agent, such amendment to be endorsed on the contracts of insurance.
Upon the exercise of any right of step-in or substitution (a “Step in Company”) (each shall be referred as the “Obligor”) in accordance with Article 23.5 (Step-in Rights of Financing Parties) of the BOT Contract and the MOIT A&C, the BOT Company or the Onshore Security Agent shall notify the Lessor and, upon receipt by the Lessor of such notice , this shall automatically oblige the Lessor to accept the Financing Parties’ step in or substitution under this Acknowledgement and Consent.
The Onshore Security Agent shall hold and exercise such interest in its capacity as a joint and several creditor with all other Finance Parties in accordance with Article 283 of the Taiwan Civil Code and for the joint and several benefit of the Finance Parties.
The Lessor shall be entitled to update the Notice of Outstanding Liabilities by notice to the Onshore Security Agent from time to time prior to the Substitution Date to reflect any additional undischarged liabilities that accrue under the Land Lease Agreement between the date of Warning Notice or Enforcement Notice (as the case may be) and the Substitution Date.
Notice of claim by the Onshore Security Agent or any party entitled to indemnity under the insurance policy shall, in the absence of manifest error, be accepted by the Insurers as being on behalf of all other Insured Parties subject to the full terms of the insurance policy.