The Assumption Reinsurer as Successor

The Assumption Reinsurer as Successor. With respect to Policy Liabilities, the Assumption Reinsurer is hereby appointed and constituted the successor to the Company under the Novated Policies and will perform all of the Company's obligations under the Novated Policies as if it had been the original issuer thereof. Except as required by applicable law, the Policy Liabilities shall be direct obligations of the Assumption Reinsurer, and the Company shall have no further obligations with respect to Policy Liabilities