Receiver’s Authority over NEWCO Sample Clauses

Receiver’s Authority over NEWCO. 2.4.1 Pursuant to its duties as statutory liquidator of ELNY, the Receiver shall have authority to make (or cause to be made) examinations into the affairs of NEWCO for the purpose of ascertaining compliance by NEWCO with this Agreement and the other Definitive Agreements (to the extent NEWCO is a party thereto) and the performance of its contractual obligations to ELNY Restructured Contractowners (or payees thereof). The PGAs, NOLHGA and NEWCO shall facilitate and cooperate with the examiners in conducting any examination. The costs of any examiners, consultants or advisors retained to conduct the examination of NEWCO shall be funded out of the Retained Assets to the extent the Retained Assets following such examination are equal to at least $5 million; provided, thereafter, such costs shall be funded by NEWCO. The parties hereto agree and acknowledge that (i) NEWCO shall not be operating as a commercial insurer, (ii) any material expenses incurred by NEWCO could have a detrimental impact on the PGAs, the Life Insurance Companies and the Supplemental Benefits Participating Companies, and (iii) NEWCO shall be under the direct regulatory supervision of the District of Columbia Department of Insurance, Securities and Banking, or under any successor thereto having regulatory jurisdiction over NEWCO (“NEWCO Regulator”). Accordingly, assuming the substantial cooperation of the NEWCO Regulator with the Receiver, the Receiver shall rely, to the extent relevant, primarily on the reports and analysis provided to or developed by the NEWCO Regulator rather than independent examinations of NEWCO.
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