Common use of Conservation Court Approval Clause in Contracts

Conservation Court Approval. This Agreement, the Rehabilitation Agreement, the Assumption Endorsement, the Service Agreement and all related agreements concerning the transactions contemplated by these agreements shall have been approved by the Conservation Court and an Order or Orders approving said agreements shall be entered with the Conservation Court and be Final. The Order or Orders shall contain language satisfactory to both the Conservator and IA American that (1) the transactions are authorized; (2) the transactions, when consummated, shall be enforceable; (3) the transactions are fair to the policyholders and creditors of Golden State; (4) the form of this Agreement, the Rehabilitation Agreement, the Assumption Endorsement, the Service Agreement and all related agreements concerning the transactions contemplated by these agreements, are approved; and (5) the Policy Liabilities may be assumed and transferred to IA American, such that, upon Closing of this Agreement and all related agreements, the Policies shall be assumed by IA American and the policyholders of said Policies shall have no further policy claim against Golden State for Policy Liabilities, other than any California Insurance Code § 1033 priority 9 equity ownership rights, if any, as mutual policyholders. Said agreements shall be null and void without said Order or Orders entered by the Conservation Court approving said agreements.

Conservation Court Approval. This Agreement, the Rehabilitation Assumption Reinsurance Agreement, the Assumption Endorsement, the Service Agreement and all related agreements concerning the transactions contemplated by these agreements shall have been approved by the Conservation Court and an Order or Orders approving said agreements shall be entered with the Conservation Court and be Final. The Order or Orders shall contain language satisfactory to both the Conservator and IA American that (1) the transactions are authorized; (2) the transactions, when consummated, shall be enforceable; (3) the transactions are fair to the policyholders and creditors of Golden State; (4) the form of this Agreement, the Rehabilitation Assumption Reinsurance Agreement, the Assumption Endorsement, the Service Agreement and all related agreements concerning the transactions contemplated by these agreements, are approved; and (5) the Policy Liabilities may be assumed and transferred to IA American, such that, upon Closing of this Agreement and all related agreements, the Policies shall be assumed by IA American and the policyholders of said Policies shall have no further policy claim against Golden State for Policy Liabilities, other than any California Insurance Code § 1033 priority 9 equity ownership rights, if any, as mutual policyholders. Said agreements shall be null and void without said Order or Orders entered by the Conservation Court approving said agreements.