ASSUMPTION BY TOWER. Effective as of the Effective Date: (i) this Agreement effects a novation of all existing and future rights, duties, obligations and liabilities of PXRE of any nature whatsoever to TOWER in respect of 100% (one hundred percent) of PXRE's share of the Contract; (ii) STATE NATIONAL hereby agrees to enforce any duties, obligations and liabilities of PXRE in respect of 100% (one hundred percent) of PXRE's share of the Contract solely against TOWER; and (iii) STATE NATIONAL and TOWER hereby irrevocably and unconditionally release PXRE from any and all duties, obligations and liabilities of any nature whatsoever, whether known or unknown, reported or unreported, vested or contingent, arising pursuant to the Contract as though PXRE had never been a party to the Contract. Subject to receipt by TOWER of the payment set forth in Article III, TOWER hereby: (a) absolutely and unconditionally assumes all existing and future rights, duties and obligations of PXRE to STATE NATIONAL for 100% (one hundred percent) of PXRE's share under the Contract; and (b) agrees to perform and satisfy as the assuming reinsurer all duties and obligations owing to STATE NATIONAL in respect of 100% (one hundred percent) of PXRE's share of the Contract. Notwithstanding anything else to the contrary in this Agreement, TOWER shall reinsure STATE NATIONAL for 100% (one hundred percent) of PXRE's share under the Contract and on the basis of the terms and conditions of the Contract.
Appears in 3 contracts
Samples: Novation and Transfer Agreement (Tower Group, Inc.), Novation and Transfer Agreement (Tower Group, Inc.), Novation and Transfer Agreement (Tower Group, Inc.)
ASSUMPTION BY TOWER. Effective as of the Effective Date: (i) this Agreement effects a novation of all existing and future rights, duties, obligations and liabilities of PXRE of any nature whatsoever to TOWER in respect of 100% (one hundred percent) of PXRE's share of the Contract; (ii) STATE NATIONAL VIRGINIA SURETY hereby agrees to enforce any duties, obligations and liabilities of PXRE in respect of 100% (one hundred percent) of PXRE's share of the Contract solely against TOWER; and (iii) STATE NATIONAL VIRGINIA SURETY and TOWER hereby irrevocably and unconditionally release PXRE from any and all duties, obligations and liabilities of any nature whatsoever, whether known or unknown, reported or unreported, vested or contingent, arising pursuant to the Contract as though PXRE had never been a party to the Contract. Subject to receipt by TOWER of the payment set forth in Article III, TOWER hereby:
(a) absolutely and unconditionally assumes all existing and future rights, duties and obligations of PXRE to STATE NATIONAL VIRGINIA SURETY for 100% (one hundred percent) of PXRE's share under the Contract; and
(b) agrees to perform and satisfy as the assuming reinsurer all duties and obligations owing to STATE NATIONAL VIRGINIA SURETY in respect of 100% (one hundred percent) of PXRE's share of the Contract. Notwithstanding anything else to the contrary in this Agreement, TOWER shall reinsure STATE NATIONAL VIRGINIA SURETY for 100% (one hundred percent) of PXRE's share under the Contract and on the basis of the terms and conditions of the Contract.
Appears in 2 contracts
Samples: Novation and Transfer Agreement (Tower Group, Inc.), Novation and Transfer Agreement (Tower Group, Inc.)