Admitted Assets Sample Clauses

Admitted Assets. ALSC has assets that qualify as admitted assets under the Insurance Laws in an amount at least equal to the sum of all its reserves and liability amounts and its minimum statutory capital and surplus as required by such Insurance Laws.
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Admitted Assets. 2 Affiliate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Sample 1
Admitted Assets. Should the Reinsurer be informed in writing by the insurance regulatory authority of its domiciliary jurisdiction that the Reinsurer may not treat the assets supporting the Policy Reserves as admitted assets because of the existence of the Security Trust or any provision of the Security Trust, Reinsurer will use its best efforts to promptly take measures acceptable to the Company as may be necessary to enable the Reinsurer to treat the assets supporting the Policy Reserves as admitted assets, and the Company will use reasonable efforts to assist the Reinsurer in obtaining favorable treatment of the assets supporting the Policy Reserves as admitted assets. If the Reinsurer is unable to find and take such measures acceptable to the Company, then the Reinsurer may substitute collateral in the form of a letter of credit in place of the Security Trust and thereafter terminate the Security Trust. The letter of credit shall be a clean, irrevocable and unconditional letter of credit in favor of the Company, issued in a form acceptable to the Company, in an amount at least equal to the Required Balance, and shall be issued or confirmed by a bank that is a member of the Federal Reserve System. The amount of the letter of credit may be adjusted at the same times and in the same manner as provided for in Sections 5.2 and 3.9 for adjustment of the balance of the Security Trust. The Company and Reinsurer agree that the letter of credit delivered hereunder may be drawn upon by the Company or the Reinsurer, as the case may be, only for the reasons and upon the same conditions as provided for in Section 5.4 for permitted withdrawals from the Security Trust. In the event that the letter of credit is substituted for the Security Trust as provided for in this Section, then upon a Terminal Accounting the reference to the Security Trust in Section 17.2 shall be deemed to refer to the letter of credit.
Sample 1
Admitted Assets. The admitted assets of each Subsidiary of the Company, each Syndicate and VUG as determined under applicable laws or under the Lloyd's regulations as presently in effect are in an amount at least equal to the minimum amounts required by applicable laws or regulations.
Sample 1

Related to Admitted Assets

  • Contributed Assets In accordance with Section 704(c) of the Code, income, gain, loss and deduction with respect to any property contributed to the Company with an adjusted basis for federal income tax purposes different from the initial Asset Value at which such property was accepted by the Company shall, solely for tax purposes, be allocated among the Members so as to take into account such difference in the manner required by Section 704(c) of the Code and the applicable Regulations.

  • Transferred Assets (a) As of the Effective Time (as defined in Section 2.1) and upon the terms and conditions set forth herein, Seller will sell, assign, transfer, convey and deliver to Purchaser, and Purchaser will purchase from Seller, all of the transferable rights, title and interests of Seller in the following assets associated with the Banking Centers and identified in this Agreement and the Schedules and Exhibits hereto, and not otherwise excluded pursuant to the provisions of Subsection 1.1(b):

  • Leased Assets The term "Leased Assets" shall have the meaning ascribed thereto in Section 3.6.

  • Retained Assets (a) Notwithstanding Section 2.1(a), all of Seller's right, title and interest in the following properties, assets and rights shall be excluded from the Assets (collectively, the "Retained Assets"):

  • Purchased Assets Subject to the terms and conditions of this Agreement, at the Closing, each Seller shall sell, convey, assign, transfer and deliver to the Buyer, and the Buyer shall purchase, free and clear of all Encumbrances, all right, title and interest of such Seller in and to the following Assets (collectively, the “Purchased Assets”):

  • Included Assets The Assets referred to in Section 1.1(a)(ii) shall include, without limitation, the following assets, properties and rights of Seller used directly or indirectly in the conduct of, or generated by or constituting, the Business, except as otherwise expressly set forth in this Agreement:

  • Acquired Assets Subject to the terms and conditions of this Agreement, at and as of the Closing, Seller shall sell, assign, convey, transfer and deliver to Purchaser, and Purchaser shall purchase, acquire and take assignment and delivery of, all of the assets (wherever located) (other than the Excluded Assets) that are owned by Seller or that are used by Seller in the Business, in each case free and clear of all Liens, including all of Seller’s right, title and interest in and to the following:

  • Remaining Assets All remaining assets of the Company shall be distributed to the Holders in accordance with Section 4.2(b) by the end of the Taxable Year of the Company during which the liquidation of the Company occurs (or, if later, 90 days after the date of the liquidation). All distributions in kind to the Holders shall be made subject to the liability of each distributee for costs, expenses and liabilities theretofore incurred or for which the Company has committed prior to the date of termination, and those costs, expenses and liabilities shall be allocated to the distributees pursuant to this Section 11.2. The distribution of cash and/or property to a Holder in accordance with the provisions of this Section 11.2 constitutes a complete return to the Holder of its Capital Contributions and a complete distribution to the Holder of its interest in the Company and all of the Company’s property and constitutes a compromise to which all Members have consented within the meaning of the Act. To the extent that a Holder returns funds to the Company, it has no claim against any other Holder for those funds.

  • Excluded Assets Notwithstanding the foregoing, the Purchased Assets shall not include the following assets (collectively, the “Excluded Assets”):

  • Safe Deposit Business The Assuming Institution assumes and agrees to discharge, from and after the Bank Closing Date, in the usual course of conducting a banking business, the duties and obligations of the Failed Bank with respect to all Safe Deposit Boxes, if any, of the Failed Bank and to maintain all of the necessary facilities for the use of such boxes by the renters thereof during the period for which such boxes have been rented and the rent therefor paid to the Failed Bank, subject to the provisions of the rental agreements between the Failed Bank and the respective renters of such boxes; provided, that the Assuming Institution may relocate the Safe Deposit Boxes of the Failed Bank to any office of the Assuming Institution located in the trade area of the branch of the Failed Bank in which such Safe Deposit Boxes were located, as determined by the Receiver. The Safe Deposit Boxes shall be located and maintained in such trade area for a minimum of one year from the Bank Closing Date.

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