Admitted Assets Sample Clauses

Admitted Assets. ALSC has assets that qualify as admitted assets under the Insurance Laws in an amount at least equal to the sum of all its reserves and liability amounts and its minimum statutory capital and surplus as required by such Insurance Laws.
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Admitted Assets. The admitted assets of each Subsidiary of the Company, each Syndicate and VUG as determined under applicable laws or under the Lloyd's regulations as presently in effect are in an amount at least equal to the minimum amounts required by applicable laws or regulations.
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Admitted Assets. Should the Reinsurer be informed in writing by the insurance regulatory authority of its domiciliary jurisdiction that the Reinsurer may not treat the assets supporting the Policy Reserves as admitted assets because of the existence of the Security Trust or any provision of the Security Trust, Reinsurer will use its best efforts to promptly take measures acceptable to the Company as may be necessary to enable the Reinsurer to treat the assets supporting the Policy Reserves as admitted assets, and the Company will use reasonable efforts to assist the Reinsurer in obtaining favorable treatment of the assets supporting the Policy Reserves as admitted assets. If the Reinsurer is unable to find and take such measures acceptable to the Company, then the Reinsurer may substitute collateral in the form of a letter of credit in place of the Security Trust and thereafter terminate the Security Trust. The letter of credit shall be a clean, irrevocable and unconditional letter of credit in favor of the Company, issued in a form acceptable to the Company, in an amount at least equal to the Required Balance, and shall be issued or confirmed by a bank that is a member of the Federal Reserve System. The amount of the letter of credit may be adjusted at the same times and in the same manner as provided for in Sections 5.2 and 3.9 for adjustment of the balance of the Security Trust. The Company and Reinsurer agree that the letter of credit delivered hereunder may be drawn upon by the Company or the Reinsurer, as the case may be, only for the reasons and upon the same conditions as provided for in Section 5.4 for permitted withdrawals from the Security Trust. In the event that the letter of credit is substituted for the Security Trust as provided for in this Section, then upon a Terminal Accounting the reference to the Security Trust in Section 17.2 shall be deemed to refer to the letter of credit.
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Admitted Assets. 2 Affiliate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
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Related to Admitted Assets

  • Contributed Assets In accordance with Section 704(c) of the Code, income, gain, loss and deduction with respect to any property contributed to the Company with an adjusted basis for federal income tax purposes different from the initial Asset Value at which such property was accepted by the Company shall, solely for tax purposes, be allocated among the Members so as to take into account such difference in the manner required by Section 704(c) of the Code and the applicable Regulations.

  • Transferred Assets (a) As of the Effective Time (as defined in Section 2.1) and upon the terms and conditions set forth herein, Seller will sell, assign, transfer, convey and deliver to Purchaser, and Purchaser will purchase from Seller, all of the transferable rights, title and interests of Seller in the following assets associated with the Banking Centers and identified in this Agreement and the Schedules and Exhibits hereto, and not otherwise excluded pursuant to the provisions of Subsection 1.1(b):

  • Leased Assets The term "Leased Assets" shall have the meaning ascribed thereto in Section 3.6.

  • Retained Assets Notwithstanding anything to the contrary in Sections 2.1 through 2.9 or elsewhere herein, the Assets do not include the following (the “Retained Assets”):

  • Purchased Assets Subject to the terms and conditions of this Agreement, at the Closing, each Seller shall sell, convey, assign, transfer and deliver to the Buyer, and the Buyer shall purchase, free and clear of all Encumbrances, all right, title and interest of such Seller in and to the following Assets (collectively, the “Purchased Assets”):

  • Acquired Assets 11 Upon the terms and subject to the conditions set forth in this Agree- ment, at the Closing Seller shall sell, assign, transfer, convey and deliver to Buyer free and clear of all Liens, and Buyer shall purchase, acquire and take assignment and delivery of, all right, title and interest of Seller in and to the Acquired Assets, including the following:

  • Remaining Assets In the event that the School closes, the School shall return any remaining public assets to the State, provided that any outstanding obligations of the School are fulfilled first pursuant to Sec. 302D-19, HRS.

  • Excluded Assets Notwithstanding the foregoing, the Purchased Assets shall not include the following assets (collectively, the “Excluded Assets”):

  • Assets The School shall maintain a complete and current inventory of all of its property and shall update the inventory annually. The School shall take all necessary precautions to safeguard assets acquired with public funds.

  • Leased Personal Property Other than Personal Property owned by the Company or the Company Subsidiary, the Company or the Company Subsidiary has good and valid leasehold title to all of the tangible personal property Assets used by the Company or the Company Subsidiary, free and clear of any and all Encumbrances other than Permitted Encumbrances which would not permit the termination of the lease therefor by the lessor. Disclosure Schedule 3.9(c) sets forth all Leases for personal property. With respect to each Lease listed on Disclosure Schedule 3.9(c), (i) there has been no breach or default under such Lease by the Company, the Company Subsidiary or by any other party, (ii) the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby will not cause (with or without notice and with or without the passage of time) a default under any such Lease, (iii) such Lease is a valid and binding obligation of the applicable lessor, is in full force and effect and is enforceable by the Company or the Company Subsidiary in accordance with its terms, (iv) no action has been taken by the Company or the Company Subsidiary and no event has occurred which, with notice or lapse of time or both, would permit termination, modification or acceleration by a party thereto other than by the Company or the Company Subsidiary without the consent of the Company or the Company Subsidiary, (v) no party has repudiated any term thereof or threatened to terminate, cancel or not renew any such Lease, and (vi) neither the Company nor the Company Subsidiary has assigned, transferred, conveyed, mortgaged or encumbered any interest therein or in any leased property subject thereto (or any portion thereof).

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