Common use of INTERNAL REPLACEMENTS Clause in Contracts

INTERNAL REPLACEMENTS. The Ceding Company may, at its sole discretion, offer an Internal Replacement on Business Reinsured under this Agreement, subject to the following conditions: a. the Ceding Company providing the Reinsurer with thirty (30) days advance written notice of such Internal Replacement; and b. the Reinsurer shall have the right to reinsure any rider that provides guaranteed living benefits similar to the Rider being replaced ("Replacement Reinsurance") at the rider fee charged by the Ceding Company. For the avoidance of doubt, the Replacement Reinsurance shall be limited to only those riders replacing Business Reinsured under this Agreement. The Parties must come to mutual agreement on the terms of such Replacement Reinsurance by the end of such thirty (30) day notice period or the Parties may agree to extend the term of such negotiation. Such reinsurance terms shall be no less favorable than the terms stated in this Agreement. For the avoidance of doubt, the Parties inability to reach mutually agreeable terms and conditions for the Replacement Reinsurance shall, in no event, prevent the Ceding Company from offering a program of Internal Replacement.