Reinstatements, Conversions and Exchanges Clause Samples

Reinstatements, Conversions and Exchanges. In no event shall the modified coinsurance provided hereunder with respect to a particular Policy be in force and binding unless such Policy is in force and binding as of the Effective Date; provided, however, that the Policies and Post-Closing Policies reinsured shall include (a) all Post-Closing Policies; (b) all lapsed or surrendered Policies or Post-Closing Policies reinstated in accordance with their terms on and after the Effective Date; and (c) all Policies or Post-Closing Policies issued on or after the Effective Date pursuant to any option provided under the term of any policies coinsured by the Reinsurer pursuant to any Ancillary Agreement for the conversion of such policies to a variable individual life insurance policy. Upon the reinstatement of any lapsed or surrendered Policy or Post-Closing Policy, such Policy or Post-Closing Policy shall be automatically reinsured hereunder.

Reinstatements, Conversions and Exchanges. In no event shall the reinsurance provided hereunder with respect to a particular Variable Contract be in force and binding unless such Variable Contract is in force and binding as of the Effective Time; provided, however, that the Variable Contracts reinsured shall include all lapsed Variable Contracts reinstated in accordance with their terms at or after the Effective Time. Upon the reinstatement of any lapsed Variable Contract, such Variable Contract shall be automatically reinsured hereunder. If the Company collects Contributions in arrears from a reinstated Variable Contract, the Company shall pay to the Reinsurer all Contributions so collected.

Reinstatements, Conversions and Exchanges. The Policies reinsured shall include (a) all lapsed or surrendered Policies reinstated in accordance with their terms on and after the Effective Date, and (b) all Policies issued on and after the Effective Date, pursuant to (i) any conversion rights provided under the terms of any group insurance contract issued at any time by the Company or (ii) any option provided under the terms of any variable life insurance contract issued at any time by the Company for the exchange of such contract for a non-variable life insurance contract. Upon the reinstatement of any lapsed or surrendered Policy or the issuance of any conversion or exchange Policy, such Policy shall be automatically reinsured hereunder.

Reinstatements, Conversions and Exchanges. Upon the reinstatement of any lapsed or surrendered Policy or Post-Closing Policy, or the issuance of any exchange or converted Policy or Post-Closing Policy, such Policy or Post-Closing Policy shall be automatically reinsured hereunder. If the Company collects Premiums in arrears from a Policyholder of a reinstated Policy or Post-Closing Policy, the Company shall pay to the Reinsurer all Premiums so collected.

Reinstatements, Conversions and Exchanges. (a) If any Reinsured Contract in-force as of the Effective Time lapses after the Effective Time and is subsequently reinstated prior to the termination of this Agreement in accordance with the terms of the Reinsured Contract, such reinstated contract shall automatically be reinsured hereunder. The Reinsurer shall be entitled to the Quota Share of all amounts received by the Ceding Company in connection with each such reinstatement. (b) Any policy that lapsed prior to the Effective Time that would have been a Reinsured Contract hereunder if it remained in-force as of the Effective Time and is subsequently reinstated after the Effective Time in accordance with the terms of the Reinsured Contract shall automatically be reinsured as a Reinsured Contract hereunder if it is reinstated (i) on or prior to the greater of (x) one year from the Effective Time and (y) the expiration of the period for reinstatement specified in the terms of Reinsured Contract, or (ii) with the prior written consent of the Reinsurer. The Reinsurer shall be entitled to (1) the Quota Share of all amounts received by the Ceding Company in connection with each such reinstatement, and (2) to the extent not already included in such amounts transferred to the Reinsurer, the Reinsurer shall be entitled to an amount equal to the Quota Share of Ceding Company Statutory Reserves associated with such reinstated Reinsured Contract as of the effective time of such reinstatement. (c) In the event that, pursuant to the terms of a Reinsured Contract, a policyholder converts or exchanges a Reinsured Contract into a new contract that is not administered on the same systems as the Reinsured Contracts, such new contract shall cease to be a Reinsured Contract hereunder. In each such event, the Ceding Company shall be entitled to an amount equal to the Ceding Company Statutory Reserves associated with such Reinsured Contract immediately prior to such conversion or exchange and shall be entitled to retain the Quota Share of all amounts received by the Ceding Company in connection with such conversion or exchange.