Common use of Alternate Payee Clause in Contracts

Alternate Payee. A. Pursuant to the provisions of the Assumption of Liability Endorsement, the Reinsurer has agreed that, in lieu of payment to the Company or its receiver, rehabilitator, liquidator, conservator, or other statutory successor, it shall pay valid claims under the Policy directly to the Insured, at the Insured's request, if a Cut Through Triggering Event (as that term is defined in the Assumption of Liability Endorsement) occurs. B. In such an event, the following shall apply: 1. Upon notice from the Insured, the Reinsurer will make payment directly to the Insured in lieu of payment to the Company, or its liquidator, receiver or statutory successor; and 2. The Reinsurer shall be credited with an amount equal to such payment and shall be relieved of its corresponding responsibility and liability to the Company, or its liquidator, receiver or statutory successor under the Insolvency Article of this Contract for the amount of such payment for any sum or sums owed or owing under this Contract. C. In the event the foregoing provisions apply, all the other provisions of this Contract (except for any which would require a payment from or credit from the Insured on obligations of, or incurred by, the Company) shall apply to the Insured in the same manner as if the Insured were substituted for the Company as the reinsured party hereunder (however in no event shall the Insured be obligated to make any payments to the Reinsurer or to provide any credits or set-offs to the Reinsurer on obligations of, or incurred by, the Company). D. In no event shall the Reinsurer be subject to duplicate liability to the Company, its liquidator, receiver, or statutory successor. For the avoidance of doubt, in respect of the payment made by the Reinsurer to the Insured, the Reinsurer shall be fully and finally released and discharged from any corresponding liability to the Company for such payment to the Insured, including without limitation to the Company's receiver, rehabilitator, liquidator, conservator, or other statutory successor or any other entity or person claiming by or through or under this Contract including without limitation the Insured. E. This Article shall control in the event of any conflict with any other provision of this Contract, notwithstanding anything to the contrary in this Contract.

Alternate Payee. A. Pursuant X. Xxxxxxxx to the provisions of the Assumption of Liability Endorsement, the Reinsurer has agreed that, in lieu of payment to the Company or its receiver, rehabilitator, liquidator, conservator, or other statutory successor, it shall pay valid claims under the Policy directly to the Insured, at the Insured's request, if a Cut Through Triggering Event (as that term is defined in the Assumption of Liability Endorsement) occurs. B. In such an event, the following shall apply: 1. Upon notice from the Insured, the Reinsurer will make payment directly to the Insured in lieu of payment to the Company, or its liquidator, receiver or statutory successor; and 2. The Reinsurer shall be credited with an amount equal to such payment and shall be relieved of its corresponding responsibility and liability to the Company, or its liquidator, receiver or statutory successor under the Insolvency Article of this Contract for the amount of such payment for any sum or sums owed or owing under this Contract. C. In the event the foregoing provisions apply, all the other provisions of this Contract (except for any which would require a payment from or credit from the Insured on obligations of, or incurred by, the Company) shall apply to the Insured in the same manner as if the Insured were substituted for the Company as the reinsured party hereunder (however in no event shall the Insured be obligated to make any payments to the Reinsurer or to provide any credits or set-offs to the Reinsurer on obligations of, or incurred by, the Company). D. In no event shall the Reinsurer be subject to duplicate liability to the Company, its liquidator, receiver, or statutory successor. For the avoidance of doubt, in respect of the payment made by the Reinsurer to the Insured, the Reinsurer shall be fully and finally released and discharged from any corresponding liability to the Company for such payment to the Insured, including without limitation to the Company's receiver, rehabilitator, liquidator, conservator, or other statutory successor or any other entity or person claiming by or through or under this Contract including without limitation the Insured. E. This Article shall control in the event of any conflict with any other provision of this Contract, notwithstanding anything to the contrary in this Contract.

Alternate Payee. A. Pursuant to the provisions Article 22 - ASSUMPTION OF LIABILITY, each Reinsurer shall make payments of the Assumption (i) its quota share percentage of Liability Endorsement, the Reinsurer has agreed that, in lieu of payment any Covered Amounts due to the Company or its receiverOriginal Insured under the Policy, rehabilitator, liquidator, conservator, or other statutory successor, it shall pay valid claims (ii) any late payment fees attributable to the applicable Reinsurer due to the Original Insured under the Policy directly to the Original Insured, at the Insured's request(iii) any Terminal Settlement Amount payable by such Reinsurer hereunder and (iv) any True-Up Amount payable by such Reinsurer hereunder, if a Cut Through Triggering Event (as that term is defined in the Assumption of Liability Endorsement) occurs. B. In such an event, the following shall apply: 1. Upon notice from the Insured, the Reinsurer will make payment directly to the Insured in lieu of payment to the Company, or its receiver, liquidator, receiver or statutory successor, in the event the Original Insured does not otherwise receive payment of any such Covered Amount (or any such late payment fee) or Terminal Settlement Amount or True-Up Amount, as applicable, as and when required under the Policy. B. In the event the Reinsurer is obligated to pay any Covered Amount (or any late payment fee) or Terminal Settlement Amount or True-Up Amount to the Original Insured pursuant to paragraph A above, the following will apply: 1. Each Reinsurer will make payment of its quota share percentage of the applicable Covered Amount (and, if applicable, any late payment fee attributable to the applicable Reinsurer) or any Terminal Settlement Amount or True-Up Amount payable by such Reinsurer, as applicable, directly to the Original Insured, in lieu of payment to the Company, or its receiver, liquidator, or statutory successor; and 2. The Each Reinsurer shall be credited with an any amount equal to such payment and shall be relieved of its corresponding responsibility and liability to the Company, or its receiver, liquidator, receiver or statutory successor under the Insolvency Article of this Contract 21 - INSOLVENCY, for the amount of such payment for any sum or sums owed or owing under this Contract.; and C. In the event the foregoing provisions apply, all the other 3. All provisions of this Contract (except for any which would require a payment from or credit from the Insured on obligations of, or incurred by, the Company) shall apply to the Original Insured in the same manner as if the Original Insured were substituted for the Company as the reinsured party hereunder (however hereunder. C. With regard to any unpaid Covered Amount, late payment fee, Terminal Settlement Amount or True-Up Amount owed to the Original Insured by the Company under the Policy, in the event that the Original Insured is paid by a Reinsurer or the Company, or if the Original Insured withdraws Assets from a Reinsurer’s Trust Account, then, to the extent of any such Covered Amount, late payment fee, Terminal Settlement Amount or True-Up Amount so received by the Original Insured, the Company is relieved of all corresponding responsibility and liability to the Original Insured under the Policy, and such Reinsurer is thereby relieved of its corresponding responsibility and liability to the Company under this Contract and to the Original Insured pursuant to the Endorsement for any such Covered Amount, late payment fee, Terminal Settlement Amount or True-Up Amount so received by the Original Insured. D. Notwithstanding anything to the contrary herein, in no event shall the Insured be obligated to make any payments to the Reinsurer or to provide any credits or set-offs to the Reinsurer on obligations of, or incurred by, the Company). D. In no event shall will the Reinsurer be subject to duplicate liability liability, to or on behalf of the Company, its receiver, liquidator, receiver, or statutory successor. For the avoidance of doubt, in respect of the payment made by the Reinsurer to the Insured, the Reinsurer shall be fully and finally released and discharged from any corresponding liability to the Company for such payment to the Insured, including without limitation to the Company's receiver, rehabilitator, liquidator, conservator, or other statutory successor or to any other entity or person Person claiming by or through by, through, or under this Contract Contract, including without limitation the Original Insured. E. This Article shall control in may not be amended or cancelled without the event express written consent of any conflict with any other provision of this Contract, notwithstanding anything to the contrary in this ContractOriginal Insured.

Alternate Payee. A. Pursuant X. Xxxxxxxx to Article 22 - ASSUMPTION OF LIABILITY, each Reinsurer shall make payments of (i) its quota share percentage of any Covered Amounts due to the provisions of Original Insured under the Assumption of Liability EndorsementPolicy, the Reinsurer has agreed that, in lieu of (ii) any late payment fees attributable to the Company or its receiver, rehabilitator, liquidator, conservator, or other statutory successor, it shall pay valid claims applicable Reinsurer due to the Original Insured under the Policy directly to the Original Insured, at the Insured's request(iii) any Terminal Settlement Amount payable by such Reinsurer hereunder and (iv) any True-Up Amount payable by such Reinsurer hereunder, if a Cut Through Triggering Event (as that term is defined in the Assumption of Liability Endorsement) occurs. B. In such an event, the following shall apply: 1. Upon notice from the Insured, the Reinsurer will make payment directly to the Insured in lieu of payment to the Company, or its receiver, liquidator, receiver or statutory successor, in the event the Original Insured does not otherwise receive payment of any such Covered Amount (or any such late payment fee) or Terminal Settlement Amount or True-Up Amount, as applicable, as and when required under the Policy. B. In the event the Reinsurer is obligated to pay any Covered Amount (or any late payment fee) or Terminal Settlement Amount or True-Up Amount to the Original Insured pursuant to paragraph A above, the following will apply: 1. Each Reinsurer will make payment of its quota share percentage of the applicable Covered Amount (and, if applicable, any late payment fee attributable to the applicable Reinsurer) or any Terminal Settlement Amount or True-Up Amount payable by such Reinsurer, as applicable, directly to the Original Insured, in lieu of payment to the Company, or its receiver, liquidator, or statutory successor; and 2. The Each Reinsurer shall be credited with an any amount equal to such payment and shall be relieved of its corresponding responsibility and liability to the Company, or its receiver, liquidator, receiver or statutory successor under the Insolvency Article of this Contract 21 - INSOLVENCY, for the amount of such payment for any sum or sums owed or owing under this Contract.; and C. In the event the foregoing provisions apply, all the other 3. All provisions of this Contract (except for any which would require a payment from or credit from the Insured on obligations of, or incurred by, the Company) shall apply to the Original Insured in the same manner as if the Original Insured were substituted for the Company as the reinsured party hereunder (however hereunder. C. With regard to any unpaid Covered Amount, late payment fee, Terminal Settlement Amount or True-Up Amount owed to the Original Insured by the Company under the Policy, in the event that the Original Insured is paid by a Reinsurer or the Company, or if the Original Insured withdraws Assets from a Reinsurer's Trust Account, then, to the extent of any such Covered Amount, late payment fee, Terminal Settlement Amount or True-Up Amount so received by the Original Insured, the Company is relieved of all corresponding responsibility and liability to the Original Insured under the Policy, and such Reinsurer is thereby relieved of its corresponding responsibility and liability to the Company under this Contract and to the Original Insured pursuant to the Endorsement for any such Covered Amount, late payment fee, Terminal Settlement Amount or True-Up Amount so received by the Original Insured. D. Notwithstanding anything to the contrary herein, in no event shall the Insured be obligated to make any payments to the Reinsurer or to provide any credits or set-offs to the Reinsurer on obligations of, or incurred by, the Company). D. In no event shall will the Reinsurer be subject to duplicate liability liability, to or on behalf of the Company, its receiver, liquidator, receiver, or statutory successor. For the avoidance of doubt, in respect of the payment made by the Reinsurer to the Insured, the Reinsurer shall be fully and finally released and discharged from any corresponding liability to the Company for such payment to the Insured, including without limitation to the Company's receiver, rehabilitator, liquidator, conservator, or other statutory successor or to any other entity or person Person claiming by or through by, through, or under this Contract Contract, including without limitation the Original Insured. E. This Article shall control in may not be amended or cancelled without the event express written consent of any conflict with any other provision of this Contract, notwithstanding anything to the contrary in this ContractOriginal Insured.

Alternate Payee. A. Pursuant to the provisions Article 22 - ASSUMPTION OF LIABILITY, each Reinsurer shall make payments of the Assumption (i) its quota share percentage of Liability Endorsement, the Reinsurer has agreed that, in lieu of payment any Covered Amounts due to the Company or its receiverOriginal Insured under the Policy, rehabilitator, liquidator, conservator, or other statutory successor, it shall pay valid claims (ii) any late payment fees attributable to the applicable Reinsurer due to the Original Insured under the Policy directly to the Original Insured, at the Insured's request(iii) any Terminal Settlement Amount payable by such Reinsurer hereunder and (iv) any True-Up Amount payable by such Reinsurer hereunder, if a Cut Through Triggering Event (as that term is defined in the Assumption of Liability Endorsement) occurs. B. In such an event, the following shall apply: 1. Upon notice from the Insured, the Reinsurer will make payment directly to the Insured in lieu of payment to the Company, or its receiver, liquidator, receiver or statutory successor, in the event the Original Insured does not otherwise receive payment of any such Covered Amount (or any such late payment fee) or Terminal Settlement Amount or True-Up Amount, as applicable, as and when required under the Policy. B. In the event the Reinsurer is obligated to pay any Covered Amount (or any late payment fee) or Terminal Settlement Amount or True-Up Amount to the Original Insured pursuant to paragraph A above, the following will apply: 1. Each Reinsurer will make payment of its quota share percentage of the applicable Covered Amount (and, if applicable, any late payment fee attributable to the applicable Reinsurer) or any Terminal Settlement Amount or True-Up Amount payable by such Reinsurer, as applicable, directly to the Original Insured, in lieu of payment to the Company, or its receiver, liquidator, or statutory successor; and 2. The Each Reinsurer shall be credited with an any amount equal to such payment and shall be relieved of its corresponding responsibility and liability to the Company, or its receiver, liquidator, receiver or statutory successor under the Insolvency Article of this Contract 21 - INSOLVENCY, for the amount of such payment for any sum or sums owed or owing under this Contract.; and C. In the event the foregoing provisions apply, all the other 3. All provisions of this Contract (except for any which would require a payment from or credit from the Insured on obligations of, or incurred by, the Company) shall apply to the Original Insured in the same manner as if the Original Insured were substituted for the Company as the reinsured party hereunder (however hereunder. C. With regard to any unpaid Covered Amount, late payment fee, Terminal Settlement Amount or True-Up Amount owed to the Original Insured by the Company under the Policy, in the event that the Original Insured is paid by a Reinsurer or the Company, or if the Original Insured withdraws Assets from a Reinsurer's Trust Account, then, to the extent of any such Covered Amount, late payment fee, Terminal Settlement Amount or True-Up Amount so received by the Original Insured, the Company is relieved of all corresponding responsibility and liability to the Original Insured under the Policy, and such Reinsurer is thereby relieved of its corresponding responsibility and liability to the Company under this Contract and to the Original Insured pursuant to the Endorsement for any such Covered Amount, late payment fee, Terminal Settlement Amount or True-Up Amount so received by the Original Insured. D. Notwithstanding anything to the contrary herein, in no event shall the Insured be obligated to make any payments to the Reinsurer or to provide any credits or set-offs to the Reinsurer on obligations of, or incurred by, the Company). D. In no event shall will the Reinsurer be subject to duplicate liability liability, to or on behalf of the Company, its receiver, liquidator, receiver, or statutory successor. For the avoidance of doubt, in respect of the payment made by the Reinsurer to the Insured, the Reinsurer shall be fully and finally released and discharged from any corresponding liability to the Company for such payment to the Insured, including without limitation to the Company's receiver, rehabilitator, liquidator, conservator, or other statutory successor or to any other entity or person Person claiming by or through by, through, or under this Contract Contract, including without limitation the Original Insured. E. This Article shall control in may not be amended or cancelled without the event express written consent of any conflict with any other provision of this Contract, notwithstanding anything to the contrary in this ContractOriginal Insured.

Alternate Payee. A. Pursuant to the provisions of the Assumption of Liability EndorsementASSUMPTION OF LIABILITY Article, the Reinsurer has agreed that, in lieu of payment to the Company or its receiver, rehabilitator, liquidator, conservator, or other statutory successor, it shall pay valid claims under the Policy make payments directly to the Original Insured, at the Insured's request, if a Cut Through Triggering Event (as that term is defined in the Assumption of Liability Endorsement) occurs. B. In such an event, the following shall apply: 1. Upon notice from the Insured, the Reinsurer will make payment directly to the Insured in lieu of payment to the Company, or its liquidator, receiver receiver, or statutory successor in the event the Company fails to remit any Covered Amount due to the Original Insured in accordance with the Policy. B. In such event, the following will apply: 1. The Reinsurer will make payment thereof directly to the Original Insured, in lieu of payment to the Company, or its liquidator, receiver, or statutory successor; and 2. The Reinsurer shall be credited with an any amount equal to such payment and shall be relieved of its corresponding responsibility and liability to the Company, or its liquidator, receiver receiver, or statutory successor under the Insolvency Article of this Contract INSOLVENCY Article, for the amount of such payment for any sum or sums owed or owing under this Contract.; and C. In the event the foregoing provisions apply, all the other 3. All provisions of this Contract (except for any which would require a payment from or credit from the Insured on obligations of, or incurred by, the Company) shall apply to the Original Insured in the same manner as if the Original Insured were substituted for the Company as the reinsured party hereunder (however hereunder. C. With regard to any unpaid Covered Amount owed to the Original Insured by the Company under the Policy, in the event that the Original Insured is directly paid by the Reinsurer, or if the Original Insured draws down on the Trust Account, then, to the extent of any such Covered Amount so received by the Original Insured, the Company is relieved of all corresponding responsibility and liability to the Original Insured under the Policy, and the Reinsurer is thereby relieved of its corresponding responsibility and liability to the Company under this Contract and to the Original Insured pursuant to the Endorsement for any such Covered Amount so received by the Original Insured. D. Notwithstanding anything to the contrary herein, in no event shall the Insured be obligated to make any payments to the Reinsurer or to provide any credits or set-offs to the Reinsurer on obligations of, or incurred by, the Company). D. In no event shall will the Reinsurer be subject to duplicate liability liability, to or on behalf of the Company, its liquidator, receiver, or statutory successor. For the avoidance of doubt, in respect of the payment made by the Reinsurer to the Insured, the Reinsurer shall be fully and finally released and discharged from any corresponding liability to the Company for such payment to the Insured, including without limitation to the Company's receiver, rehabilitator, liquidator, conservator, or other statutory successor or to any other entity or person claiming by or through by, through, or under this Contract including Contract, including, without limitation limitation, the Original Insured. E. This Article shall control in may not be amended or cancelled without the event express written consent of any conflict with any other provision of this Contract, notwithstanding anything to the contrary in this ContractOriginal Insured.

Alternate Payee. A. Pursuant to the provisions of the Assumption of Liability Endorsement, the Reinsurer has agreed that, in lieu of payment to the Company or its receiver, rehabilitator, liquidator, conservator, or other statutory successor, it shall pay valid claims under the Policy directly to the Insured, at the Insured's request, if a Cut Through Triggering Event (as that term is defined in the Assumption of Liability Endorsement) occurs. B. In such an event, the following shall apply: 1. Upon notice from the Insured, the Reinsurer will make payment directly to the Insured in lieu of payment to the Company, or its liquidator, receiver or statutory successor; and 2. The Reinsurer shall be credited with an amount equal to such payment and shall be relieved of its corresponding responsibility and liability to the Company, or its liquidator, receiver or statutory successor under the Insolvency Article 21 of this Contract for the amount of such payment for any sum or sums owed or owing under this Contract. C. In the event the foregoing provisions apply, all the other provisions of this Contract (except for any which would require a payment from or credit from the Insured on obligations of, or incurred by, the Company) shall apply to the Insured in the same manner as if the Insured were substituted for the Company as the reinsured party hereunder (however in no event shall the Insured be obligated to make any payments to the Reinsurer or to provide any credits or set-offs to the Reinsurer on obligations of, or incurred by, the Company). D. In no event shall the Reinsurer be subject to duplicate liability to the Company, its liquidator, receiver, or statutory successorsuccessor after making any payments directly to the Insured under the Assumption of Liability Endorsement. For the avoidance of doubt, in respect of the payment made by the Reinsurer to the Insured, the Reinsurer shall be fully and finally released and discharged from any corresponding liability to the Company for such payment to the Insured, including without limitation to the Company's receiver, rehabilitator, liquidator, conservator, or other statutory successor or any other entity or person claiming by or through or under this Contract including without limitation the Insured. E. For the avoidance of doubt, nothing contained herein or elsewhere in this Contract shall obligate the Reinsurer to make any payments or otherwise satisfy any other obligations of the Company to the Insured under any insurance policy or agreement or arrangement other than the Policy. Further, in no event shall a Subscribing Reinsurer be responsible for any other Subscribing Reinsurer’s quota share percentage. F. This Article shall control in the event of any conflict with any other provision of this Contract, notwithstanding anything to the contrary in this Contract.