Brokers’ Letters of Undertaking Sample Clauses

Brokers’ Letters of Undertaking. Each Borrower will procure that each Broker and/or Insurer (as the case may be) for the time being and any P&I Club or war risks association (where available in addition to each such association’s standard undertaking) insuring the Vessel or third party risks provides to the Agent letters of undertaking addressed to the Security Agent in terms reasonably acceptable to the Security Agent under which they agree in relation to the Insurances to: (a) advise the Security Agent promptly: (i) if any underwriter, Broker or Insurer cancels or gives notice of cancellation of any such Insurances; (ii) of any material alteration in, or of any termination or expiry of, any such Insurances; (iii) of any default in the payment of any premium or call; (iv) of the failure to renew any such Insurances fourteen (14) days prior to the date of renewal thereof (which for the avoidance of doubt the Agent shall be entitled but not obliged to pay for in accordance with paragraph (a) of Clause 25.12 (Failure to insure)); and (v) of any act or omission or of any event of which they have knowledge and which might invalidate or render unenforceable in whole or in part any such insurance; (b) hold to the order of the Security Agent any original policies, cover notes, placing slips and certificates issued (including any endorsements) in respect of the Insurances, all of which the Borrower shall deposit or cause to be deposited with such Brokers; (c) supply to the Security Agent copies of all cover notes in respect of all such insurances; and (d) pay, in accordance with the Loss Payable Clause, any proceeds of such Insurances collected by the Brokers from the Insurers without any set-off or deduction of any kind, (the “Letters of Undertaking”).
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Related to Brokers’ Letters of Undertaking

  • Copies of policies; letters of undertaking Each Borrower shall ensure that all approved brokers provide the Security Trustee with pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and of a letter or letters of undertaking in a form required by the Security Trustee and including undertakings by the approved brokers that: (a) they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment complying with the provisions of Clause 13.4; (b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee in accordance with the said loss payable clause; (c) they will advise the Security Trustee immediately of any material change to the terms of the obligatory insurances; (d) they will notify the Security Trustee, not less than 14 days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from that Borrower or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee of the terms of the instructions; and (e) they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by that Borrower under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of that Ship or otherwise, they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums or other amounts, and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy to be issued in respect of that Ship forthwith upon being so requested by the Security Trustee.

  • LETTERS OF UNDERSTANDING Any Letter of Understanding negotiated between the Company and the Union shall be deemed to form part of this Agreement as if it had been incorporated herein. A Letter of Understanding shall be identified by a heading and a number, and must be signed by representatives of both parties at the Headquarters level.

  • Letter of Understanding Re Grievance Administration The central parties agree to develop a pilot project to assist the local parties with innovative and creative solutions to enhance grievance administration, such project could include regional review of grievances, regional mediation and/or regional panels of arbitrators. The parties will canvass their respective parties to elicit interest in participation in the project. The central parties agree to develop communication and promotional strategies regarding the best practices for professional development including identifying success stories; writing articles; and web-site application. To accomplish this objective, information will be acquired through a survey of practices of the Hospitals. The parties agree that from time to time they will endorse best practices that demonstrate creative joint quality of worklife initiatives.

  • LETTER OF UNDERSTANDING Between: And:

  • LETTERS OF AGREEMENT ‌ Previous letters of agreement, side bar agreements and memoranda of understanding between labor and management that are not incorporated into the subsequent collective bargaining agreement are null and void.

  • Form of Undertaking Any written undertaking by the Indemnitee to repay any Expense Advances hereunder shall be unsecured and no interest shall be charged thereon.

  • Nature of Undertakings The undertakings given by you under this letter are given to us and (without implying any fiduciary obligations on our part) are also given for the benefit of the Borrower and each other member of the Group.

  • Letters of Reprimand Letters of reprimand are to be removed from an Employee’s personnel file after twelve (12) months from the date of discipline, provided that the Employee has remained discipline free during that period, except in the case of incidents involving residents in which case the record will remain on file if the complaint is not reversed through settlement or arbitration. Leaves of absence in excess of thirty (30) continuous calendar days will not count towards the twelve (12) month period noted above.

  • Authorization of Underwriting Agreement This Agreement has been duly authorized, executed and delivered by the Company.

  • LETTER OF UNDERSTANDING NO 8 LETTER OF UNDERSTANDING NO. 9

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