Recapture Effective Time Clause Samples
Recapture Effective Time. Following the occurrence of any Recapture Event, the Retrocedent, in the case of Sections 7.1(a) or (b) and the Retrocessionaire, in the case of Section 7.1(c), shall have the right, but not the obligation, for the Retrocedent to recapture in full the Retrocessionaire’s liability for the Covered Losses, by giving written notice (the “Recapture Notice”) to the Retrocessionaire or Retrocedent (as applicable); provided that such right to recapture shall expire one hundred and eighty (180) days following the Recapture Notice. Any Recapture Notice shall state the effective date and time of the recapture, provided that such effective date is no less than ten (10) days and no more than sixty (60) days following the delivery of such Recapture Notice (the “Recapture Effective Time”).
Recapture Effective Time. Following the occurrence of any Recapture Event, the Cedent shall have the right, but not the obligation, to recapture in full the Reinsurer’s liability for the Covered Losses, by giving written notice to the Reinsurer within one (1) year of the Cedent becoming aware of such Recapture Event so long as such Recapture Event is then continuing. Any notice of recapture shall state the effective date and time of the recapture (the “Recapture Effective Time”).