Common use of ASSUMPTION BY TOWER Clause in Contracts

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:

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: