Common use of Separation Time Clause in Contracts

Separation Time. Subject to the satisfaction and waiver (in accordance with the provisions hereof) of the conditions set forth in Section 7 (other than the conditions, which by their nature are to be satisfied at the Separation Time, but subject to such conditions being capable of being satisfied at the Separation Time), and subject to Section 1.8(b), the effective time and date of each Conveyance and assumption of any Asset or Liability in accordance with Section 1 in connection with the Internal Restructuring shall be immediately prior to the Distribution (the date of the Separation, the “Separation Date” and such time on such date the “Separation Time”) or such other time as determined pursuant to Section 1.8.

Separation Time. Subject to the satisfaction and waiver (in accordance with the provisions hereof) of the conditions set forth in Section 7 (other than the conditions, which by their nature are to be satisfied at the Separation Time, but subject to such conditions being capable of being satisfied at the Separation Time), and subject to Section 1.8(b), the effective time and date of each Conveyance and assumption of any Asset or Liability in accordance with Section 1 in connection with the Internal Restructuring Newco Transfer shall be immediately prior to 12:01 a.m., Eastern Time, on the anticipated Distribution Date (the date of the Separationsuch time, the “Separation DateTime,” and such time on such date the “Separation TimeDate”) or such other time as determined pursuant to Section 1.8.