Common use of No Insolvency or Bankruptcy Clause in Contracts

No Insolvency or Bankruptcy. Neither Company nor LaSalle Re Limited shall (a) be the subject of any voluntary or involuntary petition under bankruptcy, insolvency or similar law affecting creditors generally (provided, however, that Company or LaSalle Re Limited, as applicable, shall not be in breach of this condition with respect to an involuntary petition unless such involuntary petition is not dismissed within sixty (60) days following Company's or LaSalle Re Limited's receipt of notice of the filing of such petition), (b) be the subject of any liquidation, transformation or rehabilitation proceeding, or (c) has had a receiver or similar person or entity appointed for any of its property.

No Insolvency or Bankruptcy. Neither Company nor LaSalle Re Limited shall (a) be is the subject of any voluntary or involuntary petition under bankruptcy, insolvency or similar law affecting creditors generally (provided, however, that Company or LaSalle Re Limited, as applicable, shall not be in breach of this condition with respect to an involuntary petition unless such involuntary petition is not dismissed within sixty (60) days following Company's or LaSalle Re Limited's receipt of notice of the filing of such petition), (b) be is the subject of any liquidation, transformation or rehabilitation proceeding, or (c) has had a receiver or similar person or entity appointed for any of its property.