Novated Contracts definition

Novated Contracts means, subject to the exceptions set forth in Section 2.7 hereof, the Novation Subject Contracts as to which (i) all applicable approvals from Governmental Authorities and all Required Consents of Policyholders have been obtained and (ii) Certificates of Assumption have become effective. For the avoidance of doubt, if a Novated Contract is no longer treated as a Novated Contract pursuant to Section 2.7, such Novation Subject Contract will continue to be treated as a Reinsured Contract.

Novated Contracts has the meaning set forth in Section 3.11(b).

Novated Contracts means (if applicable) the contracts specified by endorsement to the Policy.

Examples of Novated Contracts in a sentence

• On and after the applicable Effective Time, any Separate Account Charges with respect to the Novated Contracts shall be for the account of the Assuming Company and, if received by the Ceding Company, the Ceding Company shall promptly remit such amounts to the Assuming Company.

• Upon the terms and subject to the conditions and other provisions of this Agreement (including the exception process set forth in Section 2.7 hereof), as of the applicable Effective Times for the Novations, the Ceding Company shall cede, assign, transfer and sell to the Assuming Company, by way of assumption reinsurance, all rights and benefits under the Novated Contracts, and the Assuming Company shall accept thereunder and assume, by way of assumption reinsurance, all such rights and benefits.

• Subject to subclause (a) above, each of the Ceding Company and the Assuming Company shall maintain its respective Books and Records relating to the Novated Contracts.

• The Parties agree and acknowledge that the Principal Underwriters will continue to perform the principal underwriter function for the Novated Contracts.

• The territorial limits of this Agreement shall be identical with those of the Novated Contracts.

More Definitions of Novated Contracts

Novated Contracts shall have the meaning set forth in Section 5.20(e). “Novation Agreement” shall have the meaning set forth in Section 5.20(b). “OCC” shall have the meaning set forth in Section 3.29(a).

Novated Contracts shall have the meaning set forth in Article III ----------------- hereof.

Novated Contracts means a Reinsured Contract that has been novated to the Reinsurer or another Affiliate of the Parties in accordance with applicable Law.

Novated Contracts has the meaning ascribed thereto in Section 7.4.

Novated Contracts shall have the meaning set forth in the Assumption Reinsurance Agreement.

Novated Contracts means the Contracts set forth on Schedule 1.1(a)(vii).

Novated Contracts has the meaning ascribed to such term in Section 1.2(a)(ii).