Effect of Assumption. 5.3.1 For purposes of carrying out the responsibilities assumed under this MOU, and subject to the limitations contained in 23 U.S.C. 327 and this MOU, ADOT shall be deemed to be acting as FHWA with respect to the environmental review, consultation, and other related actions required under those responsibilities.
Effect of Assumption. Upon the satisfaction of all requirements for the novation and assumption of a Reinsured Policy, the Ceding Company shall be deemed to have assigned and transferred all of its rights relating to such Novated Contract as of the Assumption Date and the Reinsurer shall be deemed to have assumed and accepted all of the risks, liabilities and obligations under or arising out of the applicable Novated Contract, whether arising prior, on or subsequent to the applicable Assumption Date. The Reinsurer hereby agrees that it shall be directly and solely liable for such risks, liabilities and obligations. On each Assumption Date, the Reinsurer shall assume all risks, liabilities and obligations under or arising out of the applicable Novated Contract such that the Reinsurer shall be considered and deemed the original party in lieu of the Ceding Company, from the inception date of the applicable Reinsured Policy. The Novated Contracts shall continue and remain in full force and effect, except as modified by the Notice and Certificate of Assumption. For the avoidance of doubt, a Novated Contract shall not constitute the creation of a new contract or the termination of the applicable Reinsured Policy; rather, such Novated Contract shall be considered and deemed a continuation of the existing contract as if the Reinsurer were the original party in lieu of the Ceding Company. Notwithstanding the foregoing, it is understood and agreed that such assignment, transfer and assumption shall not affect any indemnification rights of the parties pursuant to Article IX, or any other indemnification or right to recovery provided to a party under any other agreement. Promptly after assumption by the Reinsurer of any Novated Contracts, the Ceding Company shall deliver original books and records that relate to such Novated Contracts to the Reinsurer to the extent required by applicable Law. Upon the assumption by the Reinsurer of any Novated Contract of if any Reinsured Policy is otherwise renewed, replaced or otherwise transitioned to a policy issued by the Reinsurer or its Affiliates on their respective policy forms, (a) the Required Balance shall be adjusted in the next succeeding report to be delivered by the Reinsurer under Section 5.7 to reflect the removal of such Reinsured Policy, and the portion of the assets held in the Trust Account relating to such Novated Contract or former Reinsured Policy shall be released from the Trust Account and transferred to the Reinsurer and (ii) if...
Effect of Assumption. 5.3.1 For purposes of carrying out the responsibilities assumed under this MOU, and subject to the limitations contained in 23 U.S.C. 327 and this MOU, Caltrans shall be deemed to be acting as the FHWA with respect to the environmental review, consultation, and other actions required under those responsibilities.
Effect of Assumption. Upon the satisfaction of all requirements for the novation and assumption of a Targeted Policy, the Ceding Company shall be deemed to have assigned and transferred all of its rights relating to such Novated Contract as of the assumption date and the Reinsurer shall be deemed to have assumed and accepted all of the Reinsured Liabilities under or arising out of the applicable Novated Contract. The Reinsurer hereby agrees that it shall be directly and solely liable for such Reinsured Liabilities. As of each assumption date, the Reinsurer shall assume all Reinsured Liabilities under or arising out of the applicable Novated Contract such that the Reinsurer shall be considered and deemed the original party in lieu of the Ceding Company in respect of such Reinsured Liabilities. For the avoidance of doubt, a Novated Contract shall not constitute the creation of a new contract or the termination of the applicable Reinsured Contract; rather such Novated Contract shall be considered and deemed a continuation of the existing contract as if the Reinsurer were the original party thereto in lieu of the Ceding Company in respect of the Reinsured Liabilities under or arising out of the applicable Reinsured Contract. It is understood and agreed that such assignment, transfer and assumption shall not affect any indemnification rights of the parties pursuant to Article VIII, or any other indemnification or right to recovery provided to a party under any other agreement. LICENSES;
Effect of Assumption. 5.3.1 For purposes of carrying out the responsibilities assumed under this MOU, and subject to the limitations contained in 23 U.S.C. 327 and this MOU, TxDOT shall be deemed to be acting as FHWA with respect to the environmental review, consultation, and other action required under those responsibilities.
Effect of Assumption. Nothing in this Assumption Agreement shall, or shall be deemed to modify or otherwise affect any provisions of the Asset Purchase Agreement or affect the rights of the parties under the Asset Purchase Agreement. In the event of any conflict between the provisions hereof and the provisions of the Asset Purchase Agreement, the provisions of the Asset Purchase Agreement shall govern and control.
Effect of Assumption. 22 Section 3.4 Effect of Breach of Obligation to Assume.............................................23
Effect of Assumption. 5.3.1 For purposes of carrying out the responsibilities assumed under this MOU, and subject to the limitations contained in 23 U.S.C. 327 and this MOU, ODOT shall be deemed to be acting as FHWA with respect to the environmental review, consultation, and other action required under those responsibilities. 5.4.1 As provided at 23 U.S.C. 327(a)(2)(E), nothing in this MOU preempts or interferes with any power, jurisdiction, responsibility, or authority of an agency other than the USDOT (including FHWA), under applicable statutes and regulations with respect to a project.
Effect of Assumption. From and after the Effective Time of the Merger, -------------------- GB Bancorp shall succeed to, and be substituted for, and may exercise every right and power of, Cupertino under the Debenture Agreement with the same effect as if GB Bancorp had been originally named in the place and stead of Cupertino in the Debenture Agreement, and the Debenture holders shall look solely and exclusively to GB Bancorp for the performance and discharge of the obligations of Cupertino under the Debenture Agreement and the Debentures.
Effect of Assumption. If a member of the Limited Hillside -------------------- Group has assumed a Plan pursuant to Section 3.1 or 3.2: (i) such entity shall become the sole Plan Sponsor, the contributing sponsor and the plan administrator of such Plan (unless, following the assumption of the Plan, another person or entity has been designated as plan administrator pursuant to the terms of the plan document) for purposes of ERISA and the Code, and (ii) each member of the Full Hillside Group shall be jointly and severally liable for Required Contributions to the Plan in accordance with Section 4.1. In no event, however, shall any Additional Hillside Member be liable for or subject to a lien for Termination Liability for either of the Plans. Except as otherwise provided by this Section 3.3, in the event that a member of the Xxxxxxx Xxxxxxxx Group assumes a Plan, the Full Hillside Group shall have responsibility for the Plan in accordance with the provisions of ERISA and the Code and nothing contained in this Agreement shall either expand or diminish the rights and responsibilities of any member of the Full Hillside Group. Upon assumption of a Plan or Plans by a member of the Limited Hillside Group, the Ampex Group shall have no obligations or liabilities in respect of the Plans, except for the specific obligations set forth herein and in the Hillside-Ampex/Sherborne Agreement. Nothing in this Agreement shall limit or expand the right of any party to claim a tax deduction for or to expense any contribution to the Plans. PBGC shall take no position in support of or against any party's claim to a tax deduction with respect to any contribution to the Plans.
