ModCo Reserves definition

ModCo Reserves has the meaning set forth in Section 4.1(k).
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ModCo Reserves means, for each Accounting Period, an amount equal to 100% of the Quota Share of (a) the Statutory Reserves, plus (b) the IMR, minus (c) the result of (i) uncollected premium, plus (ii) deferred and accrued premium, minus (iii) advance premium (where (c) is calculated in accordance with Exhibit 1 of the Statutory Financial Statements), plus (d) the result of (i) resisted claims, plus (ii) pending claims, plus (iii) incurred but not reported claims (where (d) is calculated in accordance with Exhibit 8 of the Statutory Financial Statements), each as determined as of the last calendar day of the current Accounting Period in accordance with the methodologies used by the Ceding Company to calculate such amounts in accordance with SAP, and after giving effect to the credit for reinsurance taken by the Ceding Company in respect of the Covered Insurance Policies for the Existing Reinsurance Agreements (for avoidance of doubt, all accruals net of reinsurance ceded are included in these amounts, such as amounts recoverable from reinsurers and other amounts receivable under Existing Reinsurance Agreements).
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ModCo Reserves means an amount equal to the Quota Share of the Net Statutory Reserves.
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Examples of ModCo Reserves in a sentence

  • The arbitration panel shall only be authorized to adjust the calculation of the ModCo Reserves required to be held in the ModCo Account as of any relevant date of determination to put the Reinsurer in substantially the same economic position it would have been in had the Ceding Company not obtained such permitted practice (with no other damages, including any equitable awards, being permissible).


More Definitions of ModCo Reserves

ModCo Reserves means an amount equal to the Quota Share of the separate -------------- account liabilities as would be shown on Exhibit 3 of the Separate Account Statutory Statements filed with the Ceding Company's domiciliary state with respect to the Policies; provided, however, that Modco Reserves shall be net of the Ceded Reinsurance Agreements, if any.
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ModCo Reserves means, as of any date of determination, the Reinsurer’s Quota Share of the amount calculated in accordance with Schedule 1.01(e) solely with respect to the Modco Liabilities.
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Related to ModCo Reserves

  • PDP Reserves means the Proven Reserves which are categorized as both “developed” and “producing” under the definitions for oil and gas reserves promulgated by the Society of Petroleum Evaluation Engineers (or any generally recognized successor) as in effect at the time in question and reasonably acceptable to the Administrative Agent.

  • free reserves means such reserves which, as per the latest audited balance sheet of a company, are available for distribution as dividend:

  • Availability Reserves means, without duplication of any other Reserves or items that are otherwise addressed or excluded through eligibility criteria, such reserves as the Agent from time to time determines in its discretion as being appropriate (a) to reflect the impediments to the Agent’s ability to realize upon the Collateral, (b) to reflect claims and liabilities that the Agent determines may need to be satisfied in connection with the realization upon the Collateral, (c) to reflect criteria, events, conditions, contingencies or risks which the Agent believes in good faith could adversely affect any component of the Borrowing Base, or the assets, business, financial performance or financial condition of any Loan Party, or (d) to reflect that a Default or an Event of Default then exists. Without limiting the generality of the foregoing, Availability Reserves may include, in the Agent’s discretion, (but are not limited to) reserves based on: (i) rent; (ii) customs duties, and other costs to release Inventory which is being imported into the United States; (iii) outstanding Taxes and other governmental charges, including, without limitation, ad valorem, real estate, personal property, sales, claims of the PBGC and other Taxes which may have priority over the interests of the Agent in the Collateral; (iv) salaries, wages and benefits due to employees of any Borrower, (v) Customer Credit Liabilities, (vi) customer deposits, (viii) reserves for reasonably anticipated changes in the Appraised Value of Eligible Inventory between appraisals, (viii) warehousemen’s or bailee’s charges and other Permitted Encumbrances which may have priority over the interests of the Agent in the Collateral, (ix) amounts due to vendors on account of consigned goods, (x) Cash Management Reserves, (xi) Bank Products Reserves and (xii) royalties payable in respect of licensed merchandise.

  • Required Reserves at any time means the product of (x) the Net Pool Balance and (y) the greater of (I) 13.00% and (II) the sum of (a) the Yield Reserve Ratio, plus (b) the Servicing Fee Reserve Ratio, plus (c) the greater of (i) the sum of the Loss Reserve Ratio and the Dilution Reserve Ratio and (ii) the Minimum Reserve Ratio, each as in effect at such time.

  • road reserve means the area contained within the statutory width of a road, and includes roadways, shoulders and sidewalks and the airspace above such roadways, shoulders and sidewalks and all other areas within the road reserve boundary.