Phase 2 Effective Time definition

Phase 2 Effective Time has the meaning set forth in Section 2.02.

Phase 2 Effective Time has the meaning ascribed to the term “Effective Time” in the Amended and Restated Reinsurance Agreements.

Phase 2 Effective Time means 23:59 on the final day of the most recent quarter of the financial year to have been completed prior to the Phase 2 Closing Date.

Examples of Phase 2 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”).

• Any legal proceedings before any court, tribunal or arbitration panel to which NWM Plc is a party and which relate to assets and/or liabilities that have transferred to NWM NV, other than certain exclusions (the “Proceedings”) shall, unless NWM Plc and NWM NV otherwise agree in writing before the Relevant Phase 2 Effective Time, be continued by, against or with NWM NV (instead of NWM Plc).

• Any “ Transferring Transaction”, being any Transaction which, prior to the Relevant Phase 2 Effective Date, is governed by an original arrangement referred to in paragraphs 1.3.1 to 1.3.14 above between NWM Plc and an EEA Counterparty and which is within the Transferring Business, shall be governed by the corresponding Replicated Arrangement (and transferred Phase 2 TTCA, as applicable) with NWM NV with effect from the Relevant Phase 2 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”).