Common use of Assignee Assumption of Interests from Assignor Clause in Contracts

Assignee Assumption of Interests from Assignor. Effective as of the Effective Time, the Assignee hereby assumes all of the rights and interests of the Assignor under the Reinsurance Treaty and undertakes to pay, perform and discharge, or cause to be paid, performed or discharged, all of the liabilities and obligations of the Assignor under the Reinsurance Treaty, including those rights, interests, obligations, and liabilities incurred, accrued, or otherwise occurring or arising prior to the Effective Time. It is the intention of the parties that: a. The Assignee shall be substituted for the Assignor under the Reinsurance Treaty, in the Assignor's name, place and stead; and b. The Assignor shall be deemed to have ceased to be a party to, or the ceding company under, the Reinsurance Treaty and shall have released all of its rights and interests, and shall have been discharged from all obligations and liabilities thereunder to the Reinsurer; and c. The Reinsurer will conduct business solely with the Assignee, or its designee, with respect to the performance of any and all obligations and liabilities under the Reinsurance Treaty.

Appears in 20 contracts

Samples: Automatic and Facultative Yearly Renewable Term Reinsurance Agreement (Pruco Life of New Jersey Variable Appreciable Account), Automatic and Facultative Yearly Renewable Term Reinsurance Agreement (Pruco Life Variable Universal Account), Automatic and Facultative Yearly Renewable Term Reinsurance Agreement (Pruco Life of New Jersey Variable Appreciable Account)

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Assignee Assumption of Interests from Assignor. Effective as of the Effective Time, the Assignee hereby assumes all of the rights and interests of the Assignor under the Reinsurance Treaty and undertakes to pay, perform and discharge, or cause to be paid, performed or discharged, all of the liabilities and obligations of the Assignor under the Reinsurance Treaty, including those rights, interests, obligations, and liabilities incurred, accrued, or otherwise occurring or arising prior to the Effective Time. It is the intention of the parties that: a. The Assignee shall be substituted for the Assignor under the Reinsurance Treaty, in the Assignor's ’s name, place and stead; and b. The Assignor shall be deemed to have ceased to be a party to, or the ceding company under, the Reinsurance Treaty and shall have released all of its rights and interests, and shall have been discharged from all obligations and liabilities thereunder to the Reinsurer; and c. The Reinsurer will conduct business solely with the Assignee, or its designee, with respect to the performance of any and all obligations and liabilities under the Reinsurance Treaty.

Appears in 7 contracts

Samples: Automatic and Facultative Yearly Renewable Term Reinsurance Agreement (Pruco Life Variable Universal Account), Automatic and Facultative Yearly Renewable Term Reinsurance Agreement (Pruco Life of New Jersey Variable Appreciable Account), Automatic and Facultative Yearly Renewable Term Reinsurance Agreement (Pruco Life Variable Universal Account)

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