Definition of Insolvency. For purposes of this Agreement, the Company or the Reinsurer shall be deemed insolvent if: 1. a court order is issued voluntarily or involuntarily placing it into conservatorship, rehabilitation, receivership, or liquidation, or appointing a conservator, rehabilitator, receiver or liquidator to take over its business; or 2. it has filed or consents to the filing of a petition in bankruptcy, seeks reorganization or an arrangement with creditors or takes advantage of any bankruptcy, dissolution, liquidation or similar law or statute.
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Samples: Reinsurance Agreement (Nationwide VLI Separate Account-7), Reinsurance Agreement (Nationwide Provident Vli Separate Account 1), Reinsurance Agreement (Nationwide Provident Vli Separate Account 1)
Definition of Insolvency. For purposes of this Agreementsection, the Company or the Reinsurer either party shall be deemed insolvent if:
1. : a) a court order is issued voluntarily or involuntarily placing it into conservatorship, rehabilitation, receivership, or liquidation, or appointing a conservator, rehabilitator, receiver or liquidator to take over its business; or
2. or b) it has filed or consents to the filing of a petition in bankruptcy, seeks reorganization or an arrangement with creditors or takes advantage of any bankruptcy, dissolution, liquidation or similar law or statute.
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Samples: Reinsurance and Administrative Services Agreement (Allstate Life Insurance Co)
Definition of Insolvency. For purposes of this Agreement, the Company or the Reinsurer shall be deemed insolvent if:
1. a court order is issued voluntarily or involuntarily placing it into conservatorship, rehabilitation, receivership, or liquidation, or appointing a conservator, rehabilitator, receiver or liquidator to take over its business; or
or 2. it has filed or consents to the filing of a petition in bankruptcy, seeks reorganization or an arrangement with creditors or takes advantage of any bankruptcy, dissolution, liquidation or similar law or statute.
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Definition of Insolvency. For purposes of this Agreement, the Company or the Reinsurer shall be deemed insolvent if:
(1. ) a court order is issued voluntarily or involuntarily placing it into conservatorship, rehabilitation, receivership, or liquidation, or appointing a conservator, rehabilitator, receiver or liquidator to take over its business; or
(2. ) it has filed or consents to the filing of a petition in bankruptcy, seeks reorganization or an arrangement with creditors or takes advantage of any bankruptcy, dissolution, liquidation or similar law or statute.
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Definition of Insolvency. For purposes of this Agreement, the Company or the Reinsurer shall be deemed insolvent if:
: (1. ) a court order is issued voluntarily or involuntarily placing it into conservatorship, rehabilitation, receivership, or liquidation, or appointing a conservator, rehabilitator, receiver or liquidator to take over its business; or
2. it has filed or consents to the filing of a petition in bankruptcy, seeks reorganization or an arrangement with creditors or takes advantage of any bankruptcy, dissolution, liquidation or similar law or statute.
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