Common use of Alternate Payee Clause in Contracts

Alternate Payee. 13.01 As respects subject business assumed as reinsurance under this Agreement, it is agreed that if the Company has a conservator, liquidator or receiver appointed for it, or becomes the subject of any conservation, liquidation or insolvency proceeding, and the General Agent exercises its option to require the Company to permit all its liabilities under the Policies reinsured hereunder to be assumed by another licensed insurer as is permitted pursuant to the General Agency Agreement, such assuming insurer shall be substituted for the Company as payee of any reinsurance recoverable hereunder in respect of losses under Policies subject hereto, and the Reinsurer, shall make payment thereof directly to the substituted insurer. In the event of assumption, the Company shall, however, be entitled to any ceding fees and other sums owing hereunder with respect to Policies originally issued on its behalf. 13.02 In the event that an assuming insurer is submitted for the Company under Section 13.01, all the other provisions of this Agreement shall apply to the substituted insurer in the same manner as if said insurer were substituted for the Company as the reinsured party hereunder, and to the extent this Agreement reinsures such substituted insurer, coverage hereunder shall be excluded as respects the Company.

Alternate Payee. 13.01 14.01 As respects subject business assumed as reinsurance under this Agreement, it is agreed that if the Company has a conservator, liquidator or receiver appointed for it, or becomes the subject of any conservation, liquidation or insolvency proceeding, and the General Agent exercises its option to require the Company to permit all its liabilities under the Policies reinsured hereunder to be assumed by another licensed insurer as is permitted pursuant to the General Agency Agreement, such assuming insurer shall be substituted for the Company as payee of any reinsurance recoverable hereunder in respect of losses under Policies subject hereto, and the Reinsurer, shall make payment thereof directly to the substituted insurer. In the event of assumption, the Company shall, however, be entitled to any ceding fronting fees and other sums owing hereunder with respect to Policies originally issued on its behalf. 13.02 14.02 In the event that an assuming insurer is submitted for the Company under Section 13.0114.01, all the other provisions of this Agreement shall apply to the substituted insurer in the same manner as if said insurer were substituted for the Company as the reinsured party hereunder, and to the extent this Agreement reinsures such substituted insurer, coverage hereunder shall be excluded as respects the Company.

Alternate Payee. 13.01 As respects subject business assumed as reinsurance under this Agreement, it is agreed that if the Company has a conservator, liquidator or receiver appointed for it, or becomes the subject of any conservation, liquidation or insolvency proceeding, and the General Agent exercises its option to require the Company to permit all its liabilities under the Policies reinsured hereunder to be assumed by another licensed insurer as is permitted pursuant to the General Agency Agreement, such assuming insurer shall be substituted for the Company as payee of any reinsurance recoverable hereunder in respect of losses under Policies subject hereto, and the Reinsurer, shall make payment thereof directly to the substituted insurer. In the event of assumption, the Company shall, however, be entitled to any ceding fronting fees and other sums owing hereunder with respect to Policies originally issued on its behalf. 13.02 In the event that an assuming insurer is submitted for the Company under Section 13.01, all the other provisions of this Agreement shall apply to the substituted insurer in the same manner as if said insurer were substituted for the Company as the reinsured party hereunder, and to the extent this Agreement reinsures such substituted insurer, coverage hereunder shall be excluded as respects the Company.

Alternate Payee. 13.01 As A. This Article applies only as respects subject business assumed as reinsurance under this Agreement, it is agreed that if the Scripps Clinic Policy covered hereunder. B. In the event the Company has a conservator, liquidator or receiver appointed for itappointed, or becomes the subject of any conservation, liquidation or insolvency proceeding, and the General Agent exercises its option to require any insurance or reinsurance company from which the Company to permit all its liabilities under has assumed business subject hereto (the Policies reinsured hereunder to be assumed by another licensed insurer as is permitted pursuant to the General Agency Agreement, such assuming insurer “Underlying Carrier”) shall be substituted for the Company as payee of the reinsurance provided hereunder, as respects any reinsurance recoverable hereunder in respect of losses under Policies subject heretoclaim or claims arising from such assumed business. The Reinsurer, and upon notice from the ReinsurerUnderlying Carrier, shall make payment thereof of any such reinsurance recoverables directly to the substituted insurer. Underlying Carrier. C. In the event of assumption, the Company shall, however, be entitled to any ceding fees and other sums owing hereunder with respect to Policies originally issued on its behalf. 13.02 In the event that an assuming insurer is submitted for the Company under Section 13.01foregoing provisions apply, all the other provisions of this Agreement Contract shall apply to the substituted insurer Underlying Carrier in the same manner as if said insurer the Underlying Carrier were substituted for the Company as the reinsured party hereunder, and to the extent this Agreement Contract reinsures such substituted insurerthe Underlying Carrier, coverage hereunder shall be excluded as respects the Company. In no event shall the provisions of this Article subject the Reinsurer to any duplicate liability to or on behalf of the Company or its liquidator, receiver, conservator or statutory successor.

Alternate Payee. 13.01 14.01 As respects subject business assumed as reinsurance under this Agreement, it is agreed that if the Company has a conservator, liquidator or receiver appointed for it, or becomes the subject of any conservation, liquidation or insolvency proceeding, and the General Agent exercises its option to require the Company to permit all its liabilities under the Policies reinsured hereunder to be assumed by another licensed insurer as is permitted pursuant to the General Agency Agreement, such assuming insurer shall be substituted for the Company as payee of any reinsurance recoverable hereunder in respect of losses under Policies subject hereto, and the Reinsurer, shall make payment thereof directly to the substituted insurer. In the event of assumption, the Company shall, however, be entitled to any ceding fees and other sums owing hereunder with respect to Policies originally issued on its behalf. 13.02 14.02 In the event that an assuming insurer is submitted for the Company under Section 13.0114.01, all the other provisions of this Agreement shall apply to the substituted insurer in the same manner as if said insurer were substituted for the Company as the reinsured party hereunder, and to the extent this Agreement reinsures such substituted insurer, coverage hereunder shall be excluded as respects the Company.

Alternate Payee. 13.01 14.01 As respects subject business assumed as reinsurance under this Agreement, it is agreed that if the Company has a conservator, liquidator or receiver appointed for it, or becomes the subject of any conservation, liquidation or insolvency proceeding, and the General Agent exercises its option to require the Company to permit all its liabilities under the Policies reinsured hereunder to be assumed by another licensed insurer as is permitted pursuant to the General Agency Agreement, such assuming insurer shall be substituted for the Company as payee of any reinsurance recoverable hereunder in respect of losses under Policies subject hereto, and the Reinsurer, shall make payment thereof directly to the substituted insurer. In the event of assumption, the Company shall, however, be entitled to any ceding fees and other sums owing hereunder with respect to Policies originally issued on its behalf. 13.02 14.02 In the event that an assuming insurer is submitted substituted for the Company under Section 13.0114.01, all the other provisions of this Agreement shall apply to the substituted insurer in the same manner as if said insurer were substituted for the Company as the reinsured party hereunder, and to the extent this Agreement reinsures such substituted insurer, coverage hereunder shall be excluded as respects the Company.