Phase 2 Effective Time definition

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

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.

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

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).

• 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”).