Modified Coinsurance Adjustment Sample Clauses

The Modified Coinsurance Adjustment clause defines how financial settlements are adjusted between a ceding insurer and a reinsurer under a modified coinsurance arrangement. In practice, this clause outlines the method for calculating and transferring investment income, reserves, and other related amounts, ensuring that both parties account for the underlying assets and liabilities consistently. Its core function is to align the financial interests of both parties and prevent mismatches in reported income or reserves, thereby promoting transparency and fairness in the reinsurance relationship.
Modified Coinsurance Adjustment. The “Modified Coinsurance Adjustment” shall be calculated for each Accounting Period as [(1) – (2)], where: (1) equals the Investment Credit on Modified Coinsurance Assets for the Accounting Period; and (2) equals the change in the Modified Coinsurance Reserve for the Accounting Period (where the change equals the Modified Coinsurance Reserve at the end of the Accounting Period minus the Modified Coinsurance Reserve at the beginning of the Accounting Period).
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Modified Coinsurance Adjustment. The Modified Coinsurance Adjustment shall be computed quarterly (in addition to any terminal adjustments) according to the following: • Modco Reserves at the end of the current calendar quarter • Minus the Modco Reserves at the beginning of the current quarter • Minus Modco Investment Income as defined below. • With respect, however, to the first Accounting Period as of the effective date of this Agreement, the “Modco Reserves at the beginning of the current Accounting Period” shall be equal to zero (0). • In the Accounting Period in which termination of this Agreement occurs, the “Modco Reserves at the end of the current Accounting Period”, shall be equal to zero (0). • Modco Investment Income is equal to the actual investment income earned during the quarter by the assets held in the trust account described in Section Q. • Modco Reserves are equal to the REINSURER’s quota share of the statutory reserves on the Business reinsured under this Agreement. • There are no expense allowances or expense reimbursements.
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Modified Coinsurance Adjustment. The REINSURER shall pay to the REINSURED any positive Modified Coinsurance Adjustment as described in Schedule III.
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Related to Modified Coinsurance Adjustment

  • PREMIUM ADJUSTMENT If THE COMPANY overpays a reinsurance premium and THE REINSURER accepts the overpayment, THE REINSURER’s acceptance will not constitute or create a reinsurance liability or increase in any existing reinsurance liability. Instead, THE REINSURER will be liable to THE COMPANY for a credit in the amount of the overpayment. If a reinsured policy terminates, THE REINSURER will refund the excess reinsurance premium. This refund will be on a prorated basis without interest from the date of termination of the policy to the date to which a reinsurance premium has been paid.

  • True-Up Adjustments From time to time, until the Retirement of the Recovery Bonds, the Servicer shall identify the need for True-Up Adjustments and shall take all reasonable action to obtain and implement such True-Up Adjustments, all in accordance with the following:

  • Performance Adjustment One-twelfth of the annual Performance Adjustment Rate will be applied to the average of the net assets of the Portfolio (computed in the manner set forth in the Fund's Declaration of Trust or other organizational document) determined as of the close of business on each business day throughout the month and the performance period.

  • FORCE ADJUSTMENT General 11.01 When any condition arises which reduces the work load to the extent that, in the Company's opinion, force adjustment is warranted, the following shall apply: (a) If the contemplated adjustment to the force would involve the lay-off of 50 or more Regular employees from the bargaining unit within a period of 30 days, or alternatively the spreading of the equivalent work by part-timing, the Company shall endeavour to reach agreement with the Union as to whether a plan of part-timing, lay-offs, or a combination of the two shall be put into effect. (b) If the contemplated adjustment to the work force is less extensive than that described in subsection 11.01 (a), the Company shall not resort to lay-off of Regular employees or part-timing of Regular Full-Time employees, except with the agreement of the Union. 11.02 In the event that an agreement as to a plan cannot be reached under subsection 11.01 (a) within a period of 30 calendar days after the matter has been submitted to the Union, the Company may proceed on a plan of lay-off to the extent it deems necessary. 11.03 It is expressly understood, however, that if the Company proceeds on a plan of lay-off at the expiration of the 30 day period or later as prescribed in this Article, negotiations toward an agreement relating to a force adjustment plan shall be resumed at any time at the request of either party. Similarly, after agreement has been reached as to a plan of force adjustment either party may resume negotiations at any time in an effort to obtain agreement upon modifications of the plan then in effect.

  • CPI Adjustment If the CPI Percentage Increase (as defined below) is more than [***] for the relevant Adjustment Period, then the Rent payable during that Adjustment Period shall be adjusted upward by a percentage equal to the CPI Percentage Increase (as defined below) applicable to such Adjustment Period, but not to exceed an adjustment during any Adjustment Period of greater than [***]. The term “Consumer Price Index” shall mean the unadjusted Consumer Price Index for All Urban Workers, U.S. City Average, All Items, 1982-84=100, calculated and published by the United States Department of Labor, Bureau of Labor Statistics. The “CPI Percentage Increase” shall mean, with respect to any Adjustment Period, [***]. For the avoidance of doubt, no CPI Adjustment shall be made to any payment due under this Ground Lease for any Adjustment Period if the result of such CPI Adjustment would be to (a) reduce the amount of such payment to an amount that is less than the amount of such payment due for the immediately preceding Adjustment Period or (b) to raise the amount of such payment to an amount that is greater than [***]. For illustrative purposes only, [***]. The CPI Percentage Increase for any Adjustment Period shall be calculated by the Tenant, and the Tenant shall deliver written notice to the Landlord describing such calculation in reasonable detail (a “CPI Notice”) no later than thirty (30) days after the commencement of any Adjustment Period. If the Landlord disagrees with the Tenant’s calculation of the CPI Percentage Increase, then the Landlord shall deliver to the Tenant written notice, describing the basis for such disagreement in reasonable detail (a “CPI Disagreement Notice”), not later than thirty (30) days after delivery of the CPI Notice. If the Landlord fails to deliver a CPI Disagreement Notice within thirty (30) days after delivery of any CPI Notice, then the Landlord shall be conclusively deemed to have agreed with the calculation of the CPI Percentage Increase set forth in such CPI Notice.