Common use of SPECIAL TERMINATIONS Clause in Contracts

SPECIAL TERMINATIONS. This Agreement shall terminate automatically upon termination of the Services Agreement. Either party may terminate this Agreement at any time by providing 30 days’ prior written notice to Retrocessionaire upon the happening of any one of the following circumstances: 1. A legal authority orders the other party to cease writing business; 2. The other party has voluntarily ceased assuming new and renewal reinsurance business; 3. The other party has become insolvent or has been placed into liquidation or receivership (whether voluntary or involuntary), or there has been instituted against it proceedings for the appointment of a receiver, liquidator, rehabilitator, conservator, or trustee in bankruptcy, or other agent known by whatever name, to take possession of its assets or control of its operations; 4. The other party’s policyholders’ surplus, as reported in the financial statements of the Retrocessionaire has been reduced by whichever is greater, either 25% of the amount of surplus at the Effective Date or 25% of the amount at the latest anniversary of the Effective Date; 5. The other party has merged with, been acquired by or becomes controlled by any company, corporation, or individual(s) not controlling such party’s operations previously; or 6. The other party’s A.M. Best Financial Strength Rating has been assigned or downgraded below B+.

SPECIAL TERMINATIONS. This Agreement shall terminate automatically upon termination of the Services Agreement. Either party may terminate this Agreement at any time by providing 30 days’ ' prior written notice to Retrocessionaire the other party upon the happening of any one of the following circumstances: 1. A legal authority orders the other party Reinsurer to cease writing business; 2. The other party has voluntarily ceased assuming new and renewal reinsurance business; 3. The other party has become insolvent or has been placed into liquidation or receivership (whether voluntary or involuntary), or there has been instituted against it proceedings for the appointment of a receiver, liquidator, rehabilitator, conservator, or trustee in bankruptcy, or other agent known by whatever name, to take possession of its assets or control of its operations; 4. The other party’s 's policyholders’ ' surplus, as reported in the its financial statements of the Retrocessionaire statements, has been reduced by whichever is greater, either 25% of the amount of surplus at the Effective Date or 25% of the amount at the latest anniversary of the Effective Date; 5. The other party has merged with, been acquired by or becomes controlled by any company, corporation, or individual(s) not controlling such party’s 's operations previously; or 6. The other party’s A.M. 's AM. Best Financial Strength Rating has been assigned or downgraded below B+.

SPECIAL TERMINATIONS. This Agreement shall terminate automatically upon termination of the Services Agreement. Either party may terminate this Agreement at any time by providing 30 days’ ' prior written notice to Retrocessionaire the other party upon the happening of any one of the following circumstances: 1. A legal authority orders the other party Reinsurer to cease writing business; 2. The other party has voluntarily ceased assuming new and renewal reinsurance business; 3. The other party has become insolvent or has been placed into liquidation or receivership (whether voluntary or involuntary), or there has been instituted against it proceedings for the appointment of a receiver, liquidator, rehabilitator, conservator, or trustee in bankruptcy, or other agent known by whatever name, to take possession of its assets or control of its operations; 4. The other party’s 's policyholders’ ' surplus, as reported in the its financial statements of the Retrocessionaire statements, has been reduced by whichever is greater, either 25% of the amount of surplus at the Effective Date or 25% of the amount at the latest anniversary of the Effective Date; 5. The other party has merged with, been acquired by or becomes controlled by any company, corporation, or individual(s) not controlling such party’s 's operations previously; or 6. The other party’s 's A.M. Best Financial Strength Rating has been assigned or downgraded below B+.

SPECIAL TERMINATIONS. This Agreement shall terminate automatically upon termination of the Services Agreement. Either party may terminate this Agreement at any time by providing 30 days’ ' prior written notice to Retrocessionaire the other party upon the happening of any one of the following circumstances: 1. A legal authority orders the other party Reinsurer to cease writing business; 2. The other party has voluntarily ceased assuming new and renewal reinsurance business; 3. The other party has become insolvent or has been placed into liquidation or receivership (whether voluntary or involuntary), or there has been instituted against it proceedings for the appointment of a receiver, ,liquidator, rehabilitator, conservator, or trustee in bankruptcy, or other agent known by whatever name, to take possession of its assets or control of its operations; 4. The other party’s 's policyholders’ ' surplus, as reported in the its financial statements of the Retrocessionaire statements, has been reduced by whichever is greater, either 25% of the amount of surplus at the Effective Date or 25% of the amount at the latest latest: anniversary of the Effective Date; 5. The other party has merged with, been acquired by or becomes controlled by any company, corporation, or individual(s) not controlling such party’s 's operations previously; or 6. The other party’s 's A.M. Best Financial Strength Rating has been assigned or downgraded below B+.