Net Reserves. On the Signature Date of this Agreement, the Company agrees to pay the Reinsurer pursuant to the terms of the Custodial Agreement as a reserve transfer an amount equal to the adjusted net reserves, on the Effective Date of this Agreement with respect to the liabilities reinsured as of such date and described in Schedule A, less the amount of the Ceding Allowance, as defined below, which the Company shall retain as its Ceding Allowance. Adjusted net reserves are calculated as net reserves, prior to the application of this treaty, minus net due and deferred premiums, prior to the application of this treaty, minus net policy loans, prior to the application of this treaty, plus advance premiums, prior to the application of this treaty. The parties expressly agree that the Company’s assets to be transferred to the Reinsurer pursuant to the terms of this Agreement shall be cash.
Net Reserves. On the Effective Date of this Agreement, the Company agrees to pay the Reinsurer pursuant to the terms of the Trust Agreement as a reserve transfer an amount equal to the adjusted net reserves, on the Effective Date of this Agreement with respect to the liabilities reinsured as of such date and described in Schedule A, less the amount of the Ceding Allowance, as defined below, which the Company shall retain as its Ceding Allowance. Reinsurer shall have the sole right to determine which of the Company’s assets shall be transferred to Reinsurer. Adjusted net reserves are calculated as net reserves, prior to the application of this treaty, minus net due and deferred premiums, prior to the application of this treaty, minus net policy loans, prior to the application of this treaty, plus advance premiums, prior to the application of this treaty.
Net Reserves. 4.4 Review of calculation of Net Reserves at 31 December 2000 In connection with the preparation of the 31.12.2000 Financial Statements including the calculation of the net reserves of the Operations Winterthur shall and shall procure that each of the other Sellers (both before and after Completion) and each of the Group Companies (before Completion) shall:
Net Reserves. On the Effective Date of this Agreement, the Company agrees to transfer into the trust pursuant to the Trust Agreement as a reserve transfer an amount equal to the net reserves on the Effective Date of this Agreement with respect to the liabilities reinsured as of such date and described in Schedule A, less the ceding allowance. Net reserves are calculated as statutory reserves minus net due and deferred premiums minus policy loans, plus advance premiums.
Net Reserves. On the Effective Date of this Agreement, the Company agrees to pay the Reinsurer pursuant to the terms of the Custodial Agreement as a reserve transfer an amount equal to the adjusted net reserves, on the Effective Date of this Agreement with respect to the liabilities reinsured as of such date and described in Schedule A, less the amount of the Ceding Allowance, as defined below, which the Company shall retain as its Ceding Allowance. Reinsurer shall have the sole right to determine which of the Company’s assets shall be transferred to Reinsurer, subject to prior approval of the Mississippi Insurance Department, which approval shall not be unreasonably withheld. Adjusted net reserves are calculated as net reserves, prior to the application of this treaty, minus net due and deferred premiums, prior to the application of this treaty, minus net policy loans, prior to the application of this treaty, plus advance premiums, prior to the application of this treaty. The parties expressly agree that the Company’s assets to be transferred to the Reinsurer pursuant to the terms of this Agreement shall not include any mortgage loans or real estate without Reinsurer’s prior approval or the Nxxxxx Legacy Trust, which is listed as an asset on the Company’s financial statements. Return to Table of Contents
Net Reserves. On the Effective Date of this Agreement, the Company agrees to pay the Reinsurer as a reserve transfer an amount equal to the adjusted net reserves, on the Effective Date of this Agreement with respect to the liabilities reinsured as of such date and described in Schedule A less the ceding allowance. Adjusted net reserves are calculated as net reserves, prior to the application of this treaty, minus net due and deferred premiums, prior to the application of this treaty, minus policy loans, prior to the application of this treaty, plus advance premiums, prior to the application of this treaty.
