INSOLVENCY OF A PARTY TO THIS. AGREEMENT A party to this Agreement will be deemed insolvent when it: a. applies for or consents to the appointment of a receiver, rehabilitator, conservator, liquidator or statutory successor of its properties or assets; or b. is adjudicated as bankrupt or insolvent; or c. files or consents to the filing of a petition in bankruptcy, seeks reorganization to avoid insolvency or makes formal application for any bankruptcy, dissolution, liquidation or similar law or statute; or d. becomes the subject of an order to rehabilitate or an order to liquidate as defined by the insurance code of the jurisdiction of the party’s domicile.
Appears in 3 contracts
Samples: Yearly Renewable Term Reinsurance Agreement (American National Variable Life Separate Account), Yearly Renewable Term Reinsurance Agreement (American National Variable Life Separate Account), Yearly Renewable Term Reinsurance Agreement (American National Variable Life Separate Account)
INSOLVENCY OF A PARTY TO THIS. AGREEMENT A party to this Agreement will be deemed insolvent when it:
a. applies for or consents to the appointment of a receiver, rehabilitator, conservator, liquidator or statutory successor of its properties or assets; or;
b. is Is adjudicated as bankrupt or insolvent; or;
c. files or consents to the filing of a petition in bankruptcy, seeks reorganization to avoid insolvency or makes formal application for any bankruptcy, dissolution, liquidation or similar law or statute; or
d. becomes the subject of an order to rehabilitate or an order to liquidate as defined by the insurance code of the jurisdiction of the party’s 's domicile.
Appears in 1 contract
Samples: Reinsurance Agreement (Nationwide VLI Separate Account-7)
INSOLVENCY OF A PARTY TO THIS. AGREEMENT A party to this Agreement will be deemed insolvent when it:
a. (a) applies for or consents to the appointment of a receiver, rehabilitator, conservator, liquidator or statutory successor of its properties or assets; or
b. (b) is adjudicated as bankrupt or insolvent; or
c. (c) files or consents to the filing of a petition in bankruptcy, seeks reorganization to avoid insolvency or makes formal application for any bankruptcy, dissolution, liquidation or similar law or statute; or
d. (d) becomes the subject of an order to rehabilitate or an order to liquidate as defined by the insurance code of the jurisdiction of the party’s 's domicile.
Appears in 1 contract
Samples: Automatic Yrt Reinsurance Agreement (Jackson National Separate Account Iv)
INSOLVENCY OF A PARTY TO THIS. AGREEMENT A party to this Agreement will be deemed insolvent when it:
a. (a) applies for or consents to the appointment of a receiver, rehabilitator, conservator, liquidator or statutory successor of its properties or assets; or
b. (b) is adjudicated as bankrupt or insolvent; or
c. (c) files or consents to the filing of a petition in bankruptcy, seeks reorganization to avoid insolvency or makes formal application for an arrangement with creditors or takes advantage of any bankruptcy, dissolution, liquidation or similar law or statute; or
d. (d) becomes the subject of an order to rehabilitate or an order to liquidate as defined by the insurance code of the jurisdiction of the party’s 's domicile.
Appears in 1 contract
Samples: Automatic Yrt Reinsurance Agreement (Ids Life Variable Life Separate Account)
