Attorney for Service of Process Sample Clauses
The Attorney for Service of Process clause designates a specific individual or entity, often a law firm or attorney, to receive legal documents on behalf of a party in the event of a lawsuit or legal proceeding. This clause typically applies when one or more parties are located outside the jurisdiction where the contract is enforced, ensuring that there is a reliable and accessible contact for the delivery of legal notices. Its core function is to facilitate the proper and timely service of legal documents, thereby preventing delays or disputes over whether a party has been properly notified of legal actions.
Attorney for Service of Process shall be the Subscribing Reinsurer's true and lawful attorney upon whom may be served any lawful process in any action, suit or proceeding instituted by or on behalf of the Company or any beneficiary arising under this Contract pursuant to the Service of Suit Article."
Attorney for Service of Process shall be the Subscribing ▇▇▇▇▇▇▇▇▇'s true and lawful attorney upon whom may be served any lawful process in any action, suit or proceeding instituted by or on behalf of the Company or any beneficiary arising under this Contract pursuant to the Service of Suit Article."
10. The following paragraphs shall be added to and made part of Schedule 1 as the first and second paragraphs following the Required Collateral Percentage Matrix:
Attorney for Service of Process shall be the Subscribing
Attorney for Service of Process with a copy to the Subscribing Reinsurer, shall be the Subscribing Reinsurer's true and lawful attorney upon whom may be served any lawful process in any action, suit or proceeding instituted by or on behalf of the Company or any beneficiary arising under this Contract pursuant to the Service of Suit Article."
10. The following paragraphs shall be added to and made part of Schedule 1 as the first and second paragraphs following the Required Collateral Percentage Matrix:
Attorney for Service of Process shall be the Subscribing ▇▇▇▇▇▇▇▇▇'s true and lawful attorney upon whom may be served any lawful process in any action, suit or proceeding instituted by or on behalf of the Company or any beneficiary arising under this Contract pursuant to the Service of Suit Article." CIRT 2022-01 Effective January 1, 2022, this endorsement (the "Endorsement") forms a part of the Quota Share Reinsurance Contract No. with an Effective Date of January 1, 2022 (the "Contract") to which it is attached between the Company (as defined in the Contract) and the Subscribing Reinsurer (as defined in the Interests and Liabilities Agreement attached to and forming part of the Contract). Unless otherwise specified herein, all capitalized defined terms used in this Endorsement have the same meanings ascribed to such terms in the Contract. For value received, the Company and the Subscribing Reinsurer agree and stipulate that in the event the Insured informs the Subscribing Reinsurer in writing that the Insured has determined that (i) the Company becomes insolvent, (ii) the Company is not in material compliance with the Policy, (iii) the Company is not in material compliance with the Contract, (iv) the Company has failed to recover in a timely manner from any reinsurer under the Contract, (v) the Company has not timely paid in full any payment due to the Insured, (vi) the Company is subject to a liquidation or rehabilitation order or procedure or any similar order or procedure or (vii) amounts payable by the Subscribing Reinsurer under the Contract are subject to attachment, garnishment or other remedies of a creditor of the Company other than the Insured, (individually and collectively, a "Cut Through Triggering Event"), the Subscribing Reinsurer shall remain liable for 100% of its share of the loss payable by the Company under the attached Contract, and the Subscribing Reinsurer shall make payment thereof directly to the Insured, subject to the other applicable terms of the Contract. The parties hereto acknowledge and agree that the Insured shall be entitled, as an express third-party beneficiary, to enforce against the Subscribing Reinsurer its obligations to make payment directly to the Insured in the circumstances described in this Endorsement to the same extent as if such Insured were a party to the Contract. The parties agree that in the event that the Insured notifies the Subscribing Reinsurer of a Cut Through Triggering Event, subparagraph E(2) of Article 1 - Business Covered - ...