Common use of INTERNAL REPLACEMENTS Clause in Contracts

INTERNAL REPLACEMENTS. Should the Ceding Company, its affiliates, successors or assigns, initiate a program of Internal Replacement that would include any of the annuities reinsured hereunder, the Ceding Company will immediately notify the Reinsurer. The Reinsurer may elect to treat such annuities as recaptured rather than surrendered, and such recapture will apply to all annuities reinsured hereunder. For purposes of this Agreement, the term "Internal Replacement" means any instance in which a policy or any portion of the cash value of an annuity is exchanged for another policy or annuity, not covered under this Agreement, which is written by the Ceding Company, its affiliates, successors or assigns.

INTERNAL REPLACEMENTS. Should the Ceding Company, its affiliates, successors or assigns, initiate a program of Internal Replacement that would include any of the annuities policies reinsured hereunder, the Ceding Company will immediately notify the Reinsurer. The Reinsurer may elect to treat For purposes of this Agreement, such annuities policies will be treated as recaptured rather than surrendered, and such recapture will apply to all annuities policies reinsured hereunder. For purposes of this Agreement, the term "Internal Replacement" means will mean any instance in which a policy or any portion of the cash value of an annuity a policy is exchanged for another policy or annuity, not covered under this Agreement, which is written by the Ceding Company, its affiliates, successors or assigns.

INTERNAL REPLACEMENTS. Should the Ceding Company, its affiliates, successors or assigns, initiate a program of Internal Replacement that would include any of the annuities reinsured hereunder, the Ceding Company will immediately notify the Reinsurer. The Reinsurer may elect to treat For purposes of this Agreement, such annuities will be treated as recaptured rather than surrendered, and such recapture will apply to all annuities reinsured hereunder. For purposes of this Agreement, the term "Internal Replacement" means will mean any instance in which a policy an annuity or any portion of the cash value of an annuity is exchanged for another policy or annuity, not covered under this Agreement, which is written by the Ceding Company, its affiliates, successors successors, assigns or assignsventure partners.