Common use of Consenting Party Consent and Release Clause in Contracts

Consenting Party Consent and Release. The Consenting Party hereby consents to the assignment, transfer, and novation of the Reinsurance Agreement contemplated herein and waives any rights that it may have under the Reinsurance Agreement that arise or are triggered as a result of such assignment, transfer, and novation. The parties acknowledge and agree that the Transferor is hereby irrevocably released from all obligations, duties, and liabilities under the Reinsurance Agreement (whether known or unknown and whether existing now or arising hereafter with respect to periods on, before, or after the Effective Date) and shall have no further rights, duties, obligations, or liabilities thereunder, it being understood that the Transferee is assuming all such rights, duties, obligations, and liabilities pursuant to this Agreement. From and after the Effective Date, the Consenting Party shall not look to the Transferor and instead shall look only to the Transferee with respect to any rights it may have under the Reinsurance Agreement. The parties hereto acknowledge and agree that any failure on the part of the Transferee to perform under the Reinsurance Agreement shall not result in any liability to the Transferor. The Consenting Party agrees that, from and after the Effective Date, it shall perform any and all of its obligations and duties under the Reinsurance Agreement owing to the Transferor for the benefit of the Transferee and pay any amounts owing to the Transferor under the Reinsurance Agreement to the Transferee.