Broker’s Letter of Undertaking. The Borrower will procure that every insurance broker who effects an insurance writes a broker’s letter of undertaking (substantially in the form set out in Schedule 16 (Broker’s Letter of Undertaking)) to the Security Agent. Such letters have to be provided prior to Financial Close with respect to insurances during the Construction Period and at least five (5) Banking Days prior to inception with respect to insurances during the Operation Period.
Broker’s Letter of Undertaking. To: The Authority Dear Sirs Agreement dated [ ] entered into between [ ] Limited (“Sub-hubco”) and [ ] (the "Authority") (the "Agreement") We refer to the Agreement. Unless the context otherwise requires, terms defined in the Agreement shall have the same meaning in this letter. We act as insurance broker to Sub-hubco in respect of the Insurances and in that capacity we confirm that the Insurances which are required to be procured pursuant to Clause 53 and Schedule Part 15 of the Agreement: where appropriate name you and such other persons as are required to be named pursuant to the Agreement for their respective interests; are, in our reasonable opinion as insurance brokers, as at today’s date, in full force and effect in respect of all the matters specified in the Agreement; and that all premiums due to date in respect of the Insurances are paid and the Insurances are, to the best of our knowledge and belief, placed with insurers which, as at the time of placement, are reputable and financially sound. We do not, however, make any representations regarding such insurers’ current or future solvency or ability to pay claims; and that the endorsements set out in Section 3 (Endorsements) of Schedule Part 15 (Insurance Requirements) of the Agreement are as at today’s date in full force and effect in respect of the Insurances. We further confirm that the attached cover notes confirm this position. Pursuant to instructions received from Sub-hubco and in consideration of your approving our appointment [or continuing appointment] as brokers in connection with the Insurances, we hereby undertake in respect of the interests of the Authority in relation to the Insurances: Notification Obligations to notify you at least 30 (thirty) days prior to the expiry of any of the Insurances if we have not received instructions from Sub-hubco to negotiate renewal and in the event of our receiving instructions to renew, to advise you promptly of the details thereof; to notify you at least 30 (thirty) days prior to ceasing to act as brokers to Sub-hubco unless, due to circumstances beyond our control, we are unable to do so in which case we shall notify you as soon as practicable; and to pay into the Insurance Proceeds Account without set off or deduction of any kind for any reason all payments in respect of claims received by us from insurers in relation to the Insurances specified in Clauses 30.1 to 30.3 of the Agreement.
Broker’s Letter of Undertaking a letter of undertaking from the Contractor’s insurance broker as to the currency of each policy under, and the compliance of each policy with, the requirements of clause 70.2(a) (Specified Insurances) and clause 70.4(a) (General provisions relating to insurances) of the Base Agreement;
Broker’s Letter of Undertaking. The Borrower’s insurance broker shall provide the Brokers Letter of Undertaking, in the form set out in Schedule 8.10, no later than thirty (30) days before the first Launch and at each annual renewal thereafter.
Broker’s Letter of Undertaking. A Broker’s Letter of Undertaking by an Acceptable Insurance Broker to the Borrower, dated no earlier than the date of the initial Notice of Borrowing, duly executed and delivered and that sets forth the insurance obtained in accordance with the requirements of Section 8.05 and Schedule 8.05 and stating that such insurance (A) has been obtained and in each case is in full force and effect, (B) that such insurance materially complies with Section 8.05 and Schedule 8.05 and (C) that all premiums then due and payable on all insurance required to be obtained by the Borrower have been paid.
Broker’s Letter of Undertaking. On or prior to the Delivery Date in respect of each Drilling Unit (but in any event not later than thirty (30) days) after the issuance, modification or renewal of any insurance policies required to be effected by either Borrower under this Section 5.9), such Borrower shall furnish the Administrative Agent and the Collateral Agent with letters of undertaking, complete with fleet lien waiver clause if applicable, substantially in the form of Part D of Appendix C or otherwise in form and substance satisfactory to the Administrative Agent (acting on the instructions of the Required Lenders), from the relevant insurance broker with regard to such insurance policies and, in respect of the protection and indemnity entry, a letter of undertaking in a standard format issued by protection and indemnity clubs that are members of the International Group of P&I Clubs.
Broker’s Letter of Undertaking. Promptly (but in any event not later than 30 days) after the issuance, modification or renewal of any insurance policies required to be effected by the Company under this Section 9.2, the Company shall furnish the Collateral Agent with letters of undertaking, complete with a fleet lien waiver clause if applicable, from the relevant insurance broker with regard to such insurance policies and, in respect of the protection and indemnity entry, a letter of undertaking in a standard format issued by protection and indemnity clubs that are members of the International Group of P&I Clubs.
