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(e) DEEM the policies and policy holders of the Participating Companies to be policies and policy holders of the Terminating Company, but the provisions in this Agreement declared for the sharing by the said policies in the distributable surplus of the Terminating Company are to be substituted for any profit-sharing rights attached to such policies at the transfer date.
( e ) DEEM the policies and policy holders of the Participating Companies to be policies and policy holders of the Terminating Company, but the provisions in this Agreement declared for the sharing by the said policies in the distributable surplus of the Terminating Company are to be substituted for any profit-sharing rights attached to such policies at the transfer date.