I watched the effect at 2:22. You could emulate this pretty well right on the Premiere timeline. It looks like they were simply trying to create an artificial "loss" of vertical sync.
Copy/Paste the shot you want to see the effect onto V2, so you now have a duplicate of the shot, in sync with the shot below it on V1. Everything should look exactly as it did before when you play it.
Now, on the V2 shot, go into Effects, and keyframe the vertical move you want want at the speed you want. You can copy paste those keyframes to a second point on the clip timeline, to repeat the effect. On the second effect, make one extra keyframe just before the effect that "locks" the shot back in normal position.
Now you have your vertical sync "loss". You can keyframe some other effects of your choice in matching positions on the V1 clip to add to the effect. It may or may not exactly match your example, but the effect is so fast, I bet no one will tell the difference if they compared.
Dell Precision T7600 (x2)
Win 7 64-bit
Adobe CC 2014 (as of 7/2015)
256GB SSD system drive
4 internal media drives RAID 5
Typically cutting short form from HD MP4 and P2 MXF.