Recaptured Policies Sample Clauses

Recaptured Policies. If and to the extent the assumption reinsurance transaction contemplated by this Agreement shall require the approval or consent (a “Required Approval”) of any third party, including, without limitation, any regulatory authority or Policyholder, which Required Approval shall not have been obtained and be in effect as of the Effective Date, then each Policy as to which such Required Approval has not been so obtained shall be deemed to remain a Policy recaptured by the Company (a “Recaptured Policy”) until such time as the Required Approvals are obtained and such Policy becomes a Novated Policy. Notwithstanding anything to the contrary in this Agreement, if a Policy does not become a Novated Policy on or before December 31, 2022, it will be deemed to be a Recaptured Policy and will not be able to become a Novated Policy under this Agreement.