Examples of Transferred Business in a sentence
Subject to certain exclusions, at and with effect from the Effective Date, the liabilities of each Transferor comprised in, arising from or in connection with the Transferred Business, shall be transferred by each Transferor to, be assumed by, and become liabilities of, Mercantile and each Transferor shall be released from those liabilities.
Subject to certain exclusions, at and with effect from the Effective Date, all assets that are comprised in, arising from or in connection with the Transferred Business shall transfer to Mercantile.
Any claim, investigation, counterclaim, complaint, petition, suit, appeal, enforcement action, or judicial, administrative, regulatory or arbitration proceedings, process or action, whether current, threatened or pending or which may be brought in the future which is in connection with the Transferred Business shall be continued or commenced by or against Mercantile.
The Scheme will also transfer the whole or part of certain reinsurance contracts protecting the Transferred Business, which will continue in force with the substitution of Mercantile in place of the Transferors as the reinsured party, on the terms that applied before the Scheme took effect to the extent that such reinsurance contracts protect the Transferred Business.
The RSAI Transferred Business and the MIC Transferred Business are referred to as the “Transferred Business” under the Scheme.