Novated Contracts. Targeted Policies satisfying all of the requirements for novation under Applicable Law shall be assumed by the Reinsurer on the applicable assumption date and shall be deemed to have been assumed by novation. Such contracts shall cease to be “Reinsured Contracts” under this Agreement, and shall thereafter not be deemed indemnity coinsured under Article II (such contracts, the “Novated Contracts”). Notwithstanding the foregoing, in the event that a Novated Contract is determined by appropriate Governmental Authorities or a court of competent jurisdiction to not be novated from the Ceding Company to the Reinsurer (including in jurisdictions requiring the insured’s affirmative consent for novation where the insured or policyholder, as the case may be, either did not or refused to provide such consent), then such Novated Contract shall for all purposes of this Agreement be deemed, retroactive to the Effective Time, to be a Reinsured Contract and such novation shall be null and void and of no effect. All Targeted Policies not novated by the Reinsurer shall remain Reinsured Contracts of the Ceding Company.
Appears in 3 contracts
Sources: Reinsurance Agreement (Lincoln Life Flexible Premium Variable Life Account LMB-V), Reinsurance Agreement (Lincoln Life Variable Annuity Account LMB-K), Reinsurance Agreement (Lincoln Life Flexible Premium Variable Life Account LMB-V)