Common use of Liquidation Proceedings Clause in Contracts

Liquidation Proceedings. In the event the Cedent is placed in liquidation, Reinsurer shall (i) issue assumption certificates to the named insureds or reinsureds (including principals, as applicable) of any Reinsured Contracts which are in force (namely, those Reinsured Contracts whose contract term has not expired or been terminated) on the date such order of liquidation is issued pursuant to which the Reinsurer will assume all of the obligations arising under such in-force Reinsured Contracts, (ii) assume the responsibility, if necessary, for complying with any relevant state assumption reinsurance requirements and (iii) issue notifications to claimants under all other Reinsured Contracts that, until further notice, all claims under such Reinsured Contracts shall continue to be presented to the Reinsurer, in its capacity as Administrator, under the Administrative Services Agreement.