Common use of INSOLVENCY OF GRANTOR Clause in Contracts

INSOLVENCY OF GRANTOR. (a) Notwithstanding any other provision in this Agreement, if the Grantor has been declared insolvent or placed into receivership, rehabilitation, liquidation, or similar proceedings under the laws of Maryland, the Trustee shall comply with any order of the regulatory authority with oversight over the Trust Account or court of competent jurisdiction directing the Trustee to transfer to such regulatory authority or other designated receiver all of the assets in the Trust Account. (b) The assets so transferred shall be applied in accordance with the priority statutes of the state in which the Trust Account is established applicable to the assets of insurance companies in liquidation. (c) If the regulatory authority with oversight over the Trust Account determines that the assets held in the Trust Account or any part of the assets are not necessary to satisfy the claims of the Beneficiary, the assets or any part of the assets shall be returned to the Trustee for distribution in accordance with this Agreement.

INSOLVENCY OF GRANTOR. (a) Notwithstanding any other provision in this Agreement, if the Grantor has been declared insolvent or placed into receivership, rehabilitation, liquidation, or similar proceedings under the laws of MarylandBermuda, the Trustee shall comply with any order of the regulatory authority with oversight over the Trust Account or court of competent jurisdiction directing the Trustee to transfer to such regulatory authority or other designated receiver all of the assets in the Trust Account. (b) The assets so transferred shall be applied in accordance with the priority statutes of the state in which the Trust Account is established applicable to the assets of insurance companies in liquidation. (c) If the regulatory authority with oversight over the Trust Account determines that the assets held in the Trust Account or any part of the assets are not necessary to satisfy the claims of the Beneficiary, the assets or any part of the assets shall be returned to the Trustee for distribution in accordance with this Agreement.

INSOLVENCY OF GRANTOR. (a) Notwithstanding any other provision in this Agreement, if the Grantor has been declared insolvent or placed into receivership, rehabilitation, liquidation, or similar proceedings under the laws of Maryland, the Trustee shall comply with any order of the regulatory authority with oversight over the Trust Account or court of competent jurisdiction directing the Trustee to transfer to such regulatory authority or other designated receiver all of the assets in the Trust Account. (b) The assets so transferred shall be applied in accordance with the priority statutes of the state in which the Trust Account is established applicable to the assets of insurance companies in liquidation. (c) If the regulatory authority with oversight over the Trust Account determines that the assets held in the Trust Account or any part of the assets are not necessary to satisfy the claims of the Beneficiary, the assets or any part of the assets shall be returned to the Trustee for distribution in accordance with this Agreement.. [THIS SPACE INTENTIONALLY LEFT BLANK]

INSOLVENCY OF GRANTOR. (a) Notwithstanding any other provision in this Agreement, if the Grantor has been declared insolvent or placed into receivership, rehabilitation, liquidation,, or similar proceedings under the laws of MarylandBermuda, the Trustee shall comply with any order of the regulatory authority with oversight over the Trust Account or court of competent jurisdiction directing the Trustee to transfer to such regulatory authority or other designated receiver all of the assets in the Trust Account. (b) The assets so transferred shall be applied in accordance with the priority statutes of the state in which the Trust Account is established applicable to the assets of insurance companies in liquidation. (c) If the regulatory authority with oversight over the Trust Account determines that the assets held in the Trust Account or any part of the assets are not necessary to satisfy the claims of the Beneficiary, the assets or any part of the assets shall be returned to the Trustee for distribution in accordance with this Agreement.. [THIS SPACE INTENTIONALLY LEFT BLANK]