Loss Reserves. This Article applies only to those Reinsurers signatory hereto who do not qualify for credit under the regulations of the State insurance authorities or departments which have jurisdiction over the Company’s loss reserves. The Company agrees that when, for its Annual Convention Statement purposes, it files with the authorities or departments mentioned above or sets up in its books statutory reserves for known outstanding loss and allocated loss expenses reinsured by this Agreement it shall forward to Reinsurers a clear statement of Reinsurers’ proportion of such reserves detailing all the amounts involved and how those amounts are calculated. Reinsurers, promptly upon receipt of the Company’s statement, shall apply for and secure delivery to the Company of a clean, irrevocable and unconditional Letter of Credit, in an amount equal to their proportion of the stated reserves. Under no circumstances shall any amount relating to Incurred But Not Reported (IBNR) losses be included in the amount of the Letter of Credit in respect of losses or loss expenses. All Letters of Credit procured pursuant to this Agreement shall be issued by a Bank which is a Member of the Federal Reserve and shall be in full conformity with the requirements of the authorities or departments mentioned in the first paragraph of this Article current at the date of the Company’s statement. Further, they shall be “Evergreen” in that they shall be issued for an initial period of not less than one year and shall be automatically extended for one year from their original expiration dates and subsequently from their extended expiration dates unless and until, at least thirty days before any expiration date, the issuing bank gives notice to the Company by registered mail that the issuing bank elects not to extend the life of the Letter of Credit in question beyond its forthcoming expiration date. In consideration of the agreement of Reinsurers to furnish such Letters of Credit to the Company to enable it to obtain credit for the reinsurance provided under this Agreement, the Company hereby undertakes to hold such Letters of Credit and the proceeds of any drawings made upon them in trust for Reinsurers and to use and apply the proceeds of any such drawings for the following purposes only:-
Loss Reserves. Maintain loss reserves (“Minimum Loss Reserve”) at all times during the term of the Agreement and calculated as of the last day of each month, in an amount not less than an amount which is in accordance with GAAP and pursuant to the recommendations of the independent certified public accounting firm preparing the financial statements required to be delivered to Agent under this Agreement.
Loss Reserves. Each allowance for losses on Credits and other real estate owned reflected on the Latest Balance Sheet is adequate in accordance with applicable regulatory guidelines and GAAP in all material respects, and there are no circumstances reasonably likely to require in accordance with such guidelines or GAAP a future material increase in any provisions for such losses or a material decrease in any of such allowances. Each such allowance after the Latest Balance Sheet date will be adequate in accordance with such guidelines and GAAP in all material respects.
Loss Reserves. The Loss Reserves (as defined below) of the wholly-owned subsidiaries of GAINSCO that are insurance companies (the "GAINSCO Insurance Subsidiaries"), as set forth in the most recent unaudited consolidated balance sheet of GAINSCO (the "GAINSCO Balance Sheet"), net of reinsurance recoverables (other than intercompany reinsurance), are fairly stated in the GAINSCO Balance Sheet in accordance with generally accepted actuarial standards and principles. For the purpose of this Section 4.6, "Loss Reserves" means all reserves for all losses and loss adjustment expenses, including, without limitation, case reserves, reserves for loss adjustment expenses, both allocated and unallocated, reserves for incurred but not reported losses and loss adjustment expenses, and otherwise determined in accordance with those generally accepted actuarial standards and principles applied in determining such Loss Reserves reflected in the GAINSCO Balance Sheet.
Loss Reserves. 1. If a jurisdiction of the United States will not permit the Reinsured in the statements required to be filed with its regulatory authority(ies), to receive full credit as admitted reinsurance for any Reinsurer's share of obligations, the Reinsured shall forward to such Reinsurer a statement of the Reinsurer's share of such obligations. Upon receipt of such statement the Reinsurer shall promptly apply for, and provide the Reinsured with, a "clean," unconditional and irrevocable Letter of Credit, in the amount specified in the statement submitted, with terms and bank acceptable to the regulatory authority(ies) having jurisdiction over the Reinsured.
Loss Reserves. Borrower shall maintain loss reserves in an aggregate amount which, as of the end of each quarter in each Fiscal Year of Borrower, shall not be less than an amount equal to the Loss Reserve Percentage, multiplied by the Net Contract Payments outstanding as of the date of determination.
Loss Reserves. If necessary, maintain loss reserves in an amount, calculated as of the last day of each month, which is in accordance with GAAP.
Loss Reserves. Transatlantic and Alleghany shall cooperate with one another in connection with determining the appropriate loss reserves of Transatlantic at December 31, 2011. In furtherance and not in limitation of the foregoing, Alleghany shall have the right to participate in any reserve studies or similar exercises undertaken by Transatlantic and/or by independent consultants of Transatlantic to determine the appropriate loss reserves of Transatlantic at December 31, 2011, provided that Transatlantic shall make the final determination with respect to such loss reserves.
Loss Reserves. 28 Section 3.31.
Loss Reserves. The Authority shall employ or retain a Qualified Claims Administrator for the purpose of adjusting Claims and submitting a report to the Authority and each Member Entity setting forth (a) the amount of Loss Reserves necessary to be established with respect to each Claim arising during the preceding full Coverage Year(s), and (b) any adjustments (whether increase or decrease) necessary to be made in the amount of each Loss Reserve previously established pursuant to this Section and to make supplemental reports from time to time throughout each year as needed in accordance with prudent practice. In determining the amount of Loss Reserves necessary to be established or adjusted as described above, the Qualified Claims Administrator shall consider such facts and circumstances occurring during the period covered by such report as it, in its independent judgment, deems necessary in accordance with prudent practice. Notwithstanding the foregoing, the Qualified Claims Administrator shall take into account Settlements of Claims in accordance with the criteria set forth in this Section. The Authority shall adjust Loss Reserves in the Program Op erations Fund annually, and additionally from time to time throughout each year as needed in accordance with prudent practice. In the event that any such adjustment to Loss Reserves results in the Unencumbered Reserves being reduced to zero, the Authorit y shall provide prompt written notice of such fact to the Member Entities and the Authority shall have the discretion to impose, and the Member Entities shall be obligated to pay, any Special Assessment which the Board of Directors may determine is necessa ry in order to fund the Unencumbered Reserves at a prudent level with the advice of a qualified actuary or other person knowledgeable about public entity property programs.
