Export Credit Agency definition
Examples of Export Credit Agency in a sentence
The Security Agent declares that it holds the Security Property on trust for the Secured Parties and the Export Credit Agency on the terms contained in this Agreement and shall deal with the Security Property in accordance with this Clause 31 (The Security Agent) and the other provisions of the Finance Documents.
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 Secured Parties and the Export Credit Agency shall not have any independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any right, power, authority or discretion arising under the Security Documents except through the Security Agent.
Each Lender and the Export Credit Agency shall supply the Security Agent with any information that the Security Agent may reasonably specify as being necessary or desirable to enable the Security Agent to perform its functions as Security Agent.
Any distribution or payment to be made in respect of the Secured Obligations by the Security Agent may be made to the Agent on behalf of the Lenders and the Export Credit Agency and any distribution or payment made in that way shall be a good discharge, to the extent of that payment or distribution, by the Security Agent.