Calculation Process Sample Clauses

Calculation Process. The calculation will be initially done by the Company, but will be subject to review by the Reinsurer. At the Reinsurer’s request, an independent actuary shall be used to verify that the Company’s calculations are accurate, and based on the assumptions described above. Such actuary must be satisfactory to both parties, and the cost of such actuary shall be borne equally by the parties.
Sample 1
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Calculation Process. The calculation will be initially done by the Company, but will be subject to review by the Reinsurer. At the Reinsurer’s request, an independent actuary shall be used to verify that the Company’s calculations are accurate. Such actuary must be satisfactory to both parties, and the cost of such actuary shall be borne equally by the parties. Reasonability of Final Calculations. In doing these calculations, an overall reasonability test will be employed using current actuarial principles not inconsistent with this Agreement. Consideration may take into account emerging industry experience and the ability to adjust policy charges in light of emerging experience. In the event that either party believes that the calculation of future profits is inappropriate, then that party may recommend a different calculation. If the other party does not agree with the recommendation, then an independent actuary shall be used to develop the assumption. The cost of such actuary shall be borne equally by the parties. EXHIBIT D STATE PREMIUM TAX The Reinsurer shall pay the Company a premium tax allowance equal to ____% of premium paid, multiplied by the quota share percentage reinsured. This premium tax rate will not vary by state, but may be adjusted from time to time, subject to the approval of both the Company and the Reinsurer, to reflect current average State Premium Tax rates. EXHIBIT E FORMULA FOR ANNUAL DAC TAX SETTLEMENT Within ________ (__) calendar days of the end of the Company’s taxable year, the Company shall calculate the DAC Tax Payment for the year and submit such calculations to the Reinsurer for review. If, within ________ (__) calendar days of the Reinsurer’s receipt of such calculations, the Reinsurer shall not have objected in writing to such calculations, the calculation shall become final. If, within ________ (__) business days of any objection in writing to such calculations, the Company and the Reinsurer shall not have agreed in writing to such calculations, any disputed aspects of the calculations shall be resolved by an outside tax consultant neutral to the parties. The decision of the outside tax consultant shall be final (and the resulting calculations shall be final), and the costs, expenses, and fees of the outside tax consultant shall be borne equally by the Company and the Reinsurer. Should the DAC Tax Payment be positive, such amount is due and payable to the Company. Should the DAC Tax Payment be negative, such amount is due and payable to th...
Sample 1

Related to Calculation Process

  • Calculation of CP Costs On the third Business Day immediately preceding each Settlement Date, each Conduit shall calculate the aggregate amount of its Conduit Costs for the related Settlement Period and shall notify Seller of such aggregate amount.

  • Calculation Any figure or percentage referred to in this Agreement shall be carried to seven decimal places.

  • Interest Calculation Interest on the outstanding principal balance of the Loan shall be calculated by multiplying (a) the actual number of days elapsed in the period for which the calculation is being made by (b) a daily rate based on a three hundred sixty (360) day year by (c) the outstanding principal balance.

  • Determination of Applicable Interest Rate As soon as practicable on each Interest Rate Determination Date, Bank shall determine (which determination shall, absent manifest error in calculation, be final, conclusive and binding upon all parties) the interest rate that shall apply to the LIBOR Advances for which an interest rate is then being determined for the applicable Interest Period and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to Borrower.

  • Accounting Terms; GAAP; Pro Forma Calculations (a) Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made (i) without giving effect to any election under Accounting Standards Codification 000-00-00 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein and (ii) without giving effect to any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof.

  • Interest Rates Payments and Calculations (a) Interest Rate. -------------

  • Calculation Disputes If the Defaulting Party disputes the Non-Defaulting Party’s calculation of the Settlement Amount or Termination Payment, in whole or in part, the Defaulting Party will, within two Business Days of receipt of Non-Defaulting Party’s calculation, provide to the Non- Defaulting Party a detailed written explanation of the basis for such dispute; provided, however, that the Defaulting Party must first transfer Performance Assurance to the Non-Defaulting Party in an amount equal to the full Settlement Amount or Termination Payment, as applicable. References to Defaulting Party and Non-Defaulting Party in this Section include the Potentially Defaulting Party and Potentially Non-Defaulting Party, as applicable.

  • Currency Calculations All financial statements and Compliance Certificates shall be set forth in Dollars. For purposes of preparing the financial statements, calculating financial covenants and determining compliance with covenants expressed in Dollars, Optional Currencies shall be converted to Dollars in accordance with GAAP.

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