Exercise Term

Exercise Term. Means (a) with respect to a single Event, the one (1) year period commencing upon the occurrence of a Qualifying Catastrophic Event and ending at 12:00 A.M. Central Time on the first anniversary of such occurrence during which HM has the right to exercise the Option, or (b) with respect to multiple Events, the period commencing upon the occurrence of a Qualifying Catastrophic Event and ending at 12:00 A.M. Central Time on the anniversary of the Effective Date next following the end of the... Agreement Year during which such Qualifying Catastrophic Event occurs during which HM has the right to exercise the Option. View More

Exercise Term. Means (a) with respect to a single Event which (i) is a windstorm, the one (1) year period commencing upon the occurrence of a Qualifying Catastrophic Event and ending at 12:00 a.m. midnight Bermuda Time on the first anniversary of such occurrence (as the same may be extended under Section 2.4) during which Trenwick has the right to exercise the Securities Issuance Option, or (ii) is other than a windstorm, the eighteen (18) month period commencing upon the... occurrence of a Qualifying Catastrophic Event and ending at 12:00 a.m. midnight Bermuda Time on the date which is eighteen (18) months following such occurrence (as the same may be extended under Section 2.4) during which Trenwick has the right to exercise the Securities Issuance Option, or (b) with respect to a series of Events, the period commencing upon the occurrence of a Qualifying Catastrophic Event and ending one (1) year following the end of the Exposure Period during which such series of Events occurs, which one (1) year period ends at 12:00 a.m. midnight Bermuda Time on the January 1 next following the end of such Exposure Period (as the same may be extended under Section 2.4), during which Trenwick has the right to exercise the Securities Issuance Option. View More

Exercise Term. Means any time between the date hereof and August 4, 2005. 1 2

Exercise Term. Means the period of time during which Warrants may be exercised.