Examples of Subject Contract in a sentence
Prior to the first Effective Time as to any Novation Subject Contract that constitutes a NI Modco Accounts Reinsured Contract, the Assuming Company shall establish and maintain one or more non-insulated separate accounts to mirror the Ceding Company’s NI Modco Account for such Novation Subject Contracts, and shall allocate to such separate accounts all assets and liabilities with respect to NI ModCo Accounts Reinsured Contracts that become Novated Contracts in accordance with applicable Law.
For the avoidance of doubt, unless and until a Novation Subject Contract becomes a Novated Contract, the Ceding Company shall retain control over the Non-Guaranteed Elements for such Novation Subject Contract in accordance with the terms of the Coinsurance Agreement.
For the avoidance of doubt, a Novated Contract shall not constitute the creation of a new contract or the termination of the applicable Novation Subject Contract; rather such Novated Contract shall be considered and deemed a continuation of the existing contract as if the Assuming Company were the original party thereto in lieu of the Ceding Company in respect of such Novated Contract.
As of the date of this Agreement, neither the Company nor any of its Subsidiaries has received any written notice regarding any actual or possible material violation or breach of or material default under, or intention to cancel or materially modify to the detriment of the Company or any of its Subsidiaries, any Subject Contract, except in each case as would not, individually or in the aggregate, have a Company Material Adverse Effect.
Since December 31, 2019, the Company has not breached or violated, and has been in compliance in all material respects with, any applicable Law, certification or requirement pertaining to or contained in any Subject Contract with any Governmental Authority, except for such breaches, violations or failures that would not, individually or in the aggregate, have a Company Material Adverse Effect.
The Company hereby appoints the Administrator as its agent to collect all Subject Contract Recoverables in the Company’s name for the account of the Administrator.
To the extent that the Company recovers any Subject Contract Recoverables from any third party attributable to the Subject Contracts, the Company shall promptly transfer such amounts to the Administrator, together with any pertinent information that the Company may have relating thereto.
DTE and PGET wish to terminate and extinguish all of their respective obligations and liabilities under and in respect of the Subject Contract from and after the date of this Agreement, and are agreeable to releasing each other from all such obligations and liabilities in accordance with the terms and conditions of this Agreement, subject to the limitations set forth in this Agreement.
Without limiting the foregoing, except as expressly stated herein, Vendor is not a third party beneficiary of this Agreement and no obligation of Principal hereunder shall modify Vendor's obligations under the Subject Contract applicable law or limit Vendor's obligation for any breach of the Subject Contract or applicable law.
The Administrator is hereby authorized to endorse for payment to the Administrator any such checks, drafts, money orders and other instruments pertaining to the Subject Contract Recoverables that are payable to, or to the order of, the Company and received by the Administrator under this Agreement, whether they are delivered to the Lockbox Account or otherwise transferred and delivered by the Company to the Administrator.