Common use of Loss of License Clause in Contracts

Loss of License. The Company may suspend Managing Agent’s authority if a regulatory authority cancels, suspends or declines to renew the Managing Agent’s license or certificate of authority. In such event, the suspension shall remain in effect until the Managing Agent provides the Company with evidence that a license or certificate of authority has been granted or reinstated by the regulatory authority.

Loss of License. The Company may suspend Managing Agent’s binding authority if a regulatory authority cancels, restricts, suspends or declines to renew either the Managing Agent’s Company's or the Manager's license or certificate of authority, provided said license or certificate of authority is required to solicit and bind Business pursuant to the terms of this Agreement. In such event, the suspension shall remain in effect until the Managing Agent provides the Company with evidence that a such license or certificate of authority has been granted or reinstated by the regulatory authorityauthority and satisfactory evidence of such action has been provided to all parties.