Common use of General Account Assets Clause in Contracts

General Account Assets. With respect to any Novated Contracts, as of the applicable Effective Time of such Novated Contracts, the Novated Contracts shall cease to be Reinsured Contracts under the Indemnity Reinsurance Agreement. On the date during which the applicable Effective Time for such Novated Contracts occurs, the Ceding Company shall transfer to the Assuming Company assets with a Statutory Book Value equal to the Funds Withheld Account Balance or NI Modco Accounts Balance, as applicable, with respect to such Novated Contracts. In addition, the Ceding Company shall transfer to the Assuming Company all of its right, title and interest in and to the Policy Loan Balances with respect to such Novated Contracts as of the Effective Time through accounting transfers and other assets, if any, held by the Ceding Company that are attributable to the Novated Contracts.