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”).
The Scheme is conditional upon the Transferee satisfying all requirements under its financial regulatory authorisation, including satisfaction of any conditions required by the DNB (to the DNB’s satisfaction), in order to carry on the Transferring Business from the Phase 1 Effective Time (the “Condition”).
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.
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”).
The Scheme is conditional upon NWM NV satisfying all requirements under its financial regulatory authorisation, including satisfaction of any conditions required by the DNB (to the DNB’s satisfaction), in order to carry on the Transferring Business from the Phase 1 Effective Time.