Novated Policies Sample Clauses
Novated Policies. In the event that a Reinsured Policy defined herein as a Novated Policy is determined by applicable regulatory authorities or by judicial decision (in either case, following the exhaustion of all rights of appeal) not to have been novated, such Reinsured Policy shall, for all purposes of this Assumption Agreement, be deemed never to have been a Novated Policy. Notwithstanding the foregoing, the fact that a Reinsured Policy has not been or cannot be assumed and novated by the Reinsurer pursuant to the terms and conditions of this Assumption Agreement, for whatever reason, shall in no event cause it not to be a Reinsured Policy under the Coinsurance Agreement.
Novated Policies. This Agreement shall cease to apply to any Reinsured Policy on the date that such Reissued Policy becomes assumed by the Reinsurer by novation pursuant to the Assumption Reinsurance Agreement.
Novated Policies. Zenith shall be the successor to the Company under the Novated Policies that it assumes as if the Novated Policies were direct obligations originally issued by Zenith. Zenith shall be substituted in the place and stead of the Company so as to effect a novation of the respective Insurance Contracts and release the Company from any and all rights and obligations thereunder. Each insured under a Novated Policy shall disregard the Company as a party thereto and treat Zenith as if it had been originally obligated thereunder except as otherwise provided herein. The insureds shall file claims arising under the Novated Policies on or after the effective date of such novation directly with Zenith. The insureds under the Novated Policies shall also have a right to assert claims related to such Novated Policies directly against Zenith and Zenith hereby consents to be subject to such claims by any insured under the Novated Policy; PROVIDED, HOWEVER, that the rights of any insured under any Insurance Contract shall be limited to and consist of those rights set forth in such Insurance Contract (including any rider or endorsement thereto), and no insured shall have the right to receive any greater amount under any Insurance Contract than such insured would have had in the absence of this Agreement (except that in assessing such right no effect shall be given to any bankruptcy, liquidation, insolvency, reorganization or moratorium of the Company, or the effect of laws or legal procedures affecting enforcement of creditors' rights against the Company generally). Payments made to insureds in discharge of obligations on Novated Policies to provide direct coverage to insureds will diminish any obligation in respect to those Novated Policies which Zenith may have to the estate of the Company if it shall be in receivership, liquidation or rehabilitation proceedings.
Novated Policies. Policy Name
Novated Policies. In the event that a Coinsured Policy defined herein as a Novated Policy is determined by applicable regulatory authorities or by judicial decision (in either case, following the exhaustion of all rights of appeal) not to have been novated, such Coinsured Policy shall, for all
Novated Policies