Phase 1 Effective Time definition
Examples of Phase 1 Effective Time in a sentence
This Agreement shall become effective as of (a) 12:00:01am, New York City Time, on July 1, 2020 with respect to the Phase 1 Reinsured Policies (the “Phase 1 Effective Time”) and (b) 12:00:01am, New York City Time, on January 1, 2021 with respect to the Phase 2 Reinsured Policies (the “Phase 2 Effective Time” and, the Phase 1 Effective Time or the Phase 2 Effective Time, as applicable, the “Applicable Effective Time”).
This Agreement shall become effective as of (a) 12:00:01 am, New York City Time, on July 1, 2020 with respect to the Phase 1 Reinsured Policies (the “Phase 1 Effective Time”) and (b) 12:00:01 am, New York City Time, on January 1, 2021 with respect to the Phase 2 Reinsured Policies (the “Phase 2 Effective Time” and, the Phase 1 Effective Time or the Phase 2 Effective Time, as applicable, the “Applicable Effective Time”).
Additionally, in no event shall the Reinsurer be required to reinsure any additional share of any insurance policies that were ceded to a third party under a Ceded Reinsurance Agreement as of the Phase 1 Effective Time and such additional share is no longer ceded under a Ceded Reinsurance Agreement as of the Phase 2 Closing as a result of a commutation or recapture of the applicable Ceded Reinsurance Agreement on or after the Phase 1 Effective Time and prior to the Phase 2 Closing Date.