Common use of INTERNAL REPLACEMENTS Clause in Contracts

INTERNAL REPLACEMENTS. Should the Cedent, its affiliates, successors or assigns, initiate a "Program of Internal Replacement" that includes any of the Policies reinsured hereunder, the Cedent shall immediately notify the Reinsurer. All solicited replacement policies shall be treated as recaptured rather than surrendered. The Reinsurer may elect at its sole option to treat either all policies reinsured hereunder as recaptured or all policies of the issue year(s) in which policies were internally replaced as recaptured. Such recapture shall be subject to the payment of a Terminal Accounting and Settlement by the Cedent to the Reinsurer as described in Article IX. For purposes of this Agreement, the term "Program of Internal Replacement" means any effort by the Cedent, its affiliates, successors or assigns generally to solicit replacements of Policies by which a Policy or any portion of the cash value of a Policy is exchanged for another policy or contract that is not reinsured under this Agreement; provided, however, that providing unsolicited replacements at the request of a Policy owner shall not be considered a Program of Internal Replacement.

INTERNAL REPLACEMENTS. Should the CedentCeding Company, its affiliates, --------------------- successors or assigns, initiate a "Program of Internal Replacement" that includes any of the Policies reinsured hereunder, the Cedent Ceding Company shall immediately notify the Reinsurer. All solicited replacement policies shall be treated as recaptured rather than surrendered. The Reinsurer may elect at its sole option to treat either all policies reinsured hereunder as recaptured or all policies of the issue year(s) in which policies were internally replaced as recaptured. Such recapture shall be subject to the payment of a Terminal Accounting and Settlement by the Cedent Ceding Company to the Reinsurer as described in Article IXVIII. For purposes of this Agreement, the term "Program of Internal Replacement" means any effort by the CedentCeding Company, its affiliates, successors or assigns generally to solicit replacements of Policies by which a Policy or any portion of the cash value of a Policy is exchanged for another policy or contract that is not reinsured under this Agreement; provided, however, that providing unsolicited replacements at the request of a Policy owner shall not be considered a Program of Internal Replacement.

INTERNAL REPLACEMENTS. Should the CedentCeding Company, its affiliates, --------------------- successors or assigns, initiate a "Program of Internal Replacement" that includes any of the Policies reinsured hereunder, the Cedent Ceding Company shall immediately notify the Reinsurer. All solicited replacement policies shall be treated as recaptured rather than surrendered. The Reinsurer may elect at its sole option to treat either all policies reinsured hereunder as recaptured or all policies of the issue year(s) in which policies were internally replaced as recaptured. Such recapture shall be subject to the payment of a Terminal Accounting and Settlement by the Cedent Ceding Company to the Reinsurer as described in Article IX. X. For purposes of this Agreement, the term "Program of Internal Replacement" means any effort by the CedentCeding Company, its affiliates, successors or assigns generally to solicit replacements of Policies by which a Policy or any portion of the cash value of a Policy is exchanged for another policy or contract that is not reinsured under this Agreement; provided, however, that providing unsolicited replacements at the request of a Policy owner shall not be considered a Program of Internal Replacement.