Common use of Withdrawals by the Company Clause in Contracts

Withdrawals by the Company. The Company may withdraw the assets held in the SLDI Reserve Trust Account at any time and from time to time, notwithstanding any other provisions of this Agreement, and assets withdrawn from such SLDI Reserve Trust Account shall be utilized and applied by the Company (or any successor by operation of law of the Company, including, but not limited to, any liquidator, rehabilitator, receiver or conservator of the Company), without diminution because of insolvency on the part of the Company or the Reinsurer; provided however, that following any such withdrawal the Company (or any successor by operation of law of the Company, including, but not limited to, any liquidator, rehabilitator, receiver or conservator of the Company) may only apply such assets for one or more of the following purposes: (a) to pay, or reimburse the Company for payment of, Premiums received by Reinsurer hereunder which are to be returned to policyholders or ceding companies because of cancellations of Covered Insurance Contracts reinsured hereunder and any other "Covered Insurance Contracts" under any other Reinsurance Agreements between the Company and the Reinsurer that are reinsured on a coinsurance basis; (b) to pay, or reimburse the Company for payment of, surrenders, benefits, losses or other amounts payable pursuant to the provisions of the Covered Insurance Contracts reinsured hereunder and any other "Covered Insurance Contracts" under any other Reinsurance Agreements between the Company and the Reinsurer that are reinsured on a coinsurance basis; and (c) to fund an account with the Company in an amount no less than the deduction, for reinsurance ceded, from the Company's liabilities for the Reserves to be maintained with respect to the Covered Insurance Contracts reinsured hereunder and any other "Covered Insurance Contracts" under any other Reinsurance Agreements between the Company and the Reinsurer that are reinsured on a coinsurance basis.

Withdrawals by the Company. The Company may withdraw the assets held in the SLDI SLD Reserve Trust Account at any time and from time to time, notwithstanding any other provisions of this Agreement, and assets withdrawn from such SLDI SLD Reserve Trust Account shall be utilized and applied by the Company (or any successor by operation of law of the Company, including, but not limited to, any liquidator, rehabilitator, receiver or conservator of the Company), without diminution because of insolvency on the part of the Company or the Reinsurer; provided however, that following any such withdrawal the Company (or any successor by operation of law of the Company, including, but not limited to, any liquidator, rehabilitator, receiver or conservator of the Company) may only apply such assets for one or more of the following purposes: (a) to pay, or reimburse the Company for payment of, Premiums received by Reinsurer hereunder which are to be returned to policyholders or ceding companies because of cancellations of Covered Insurance Contracts reinsured hereunder and any other "Covered Insurance Contracts" under any other Reinsurance Agreements between the Company and the Reinsurer that are reinsured on a coinsurance basis; (b) to pay, or reimburse the Company for payment of, surrenders, benefits, losses or other amounts payable pursuant to the provisions of the Covered Insurance Contracts reinsured hereunder and any other "Covered Insurance Contracts" under any other Reinsurance Agreements between the Company and the Reinsurer that are reinsured on a coinsurance basis; and (c) to fund an account with the Company in an amount no less than the deduction, for reinsurance ceded, from the Company's liabilities for the Reserves reserves to be maintained with respect to the Covered Insurance Contracts reinsured hereunder and any other "Covered Insurance Contracts" under any other Reinsurance Agreements between the Company and the Reinsurer that are reinsured on a coinsurance basis.