Aggregate RTC Ratio definition
Aggregate RTC Ratio means, with respect to the Insurance Subsidiaries taken as a whole, on any date of determination, the ratio of their statutory risk in force to the sum of their statutory contingency reserves and their surplus as regards policyholders for the expressed calculation of statutory risk to capital.
Aggregate RTC Ratio means, with respect to the Insurance Subsidiaries taken as a whole, on any date of determination, the ratio of their statutory risk in force to the sum of their statutory contingency reserves and their surplus as regards policyholders for the expressed calculation of statutory risk to capital. If any of the following events (“Capital Events”) occur subsequent to the most recently ended fiscal quarter for which an Insurance Subsidiary’s internal financial statements are available but prior to or simultaneously with the event for which the Aggregate RTC Ratio calculation is made, the Aggregate RTC Ratio shall be calculated by giving pro forma effect to such Capital Events (including the application of proceeds therefrom, as applicable) using the Insurance Subsidiary’s internal financial statements for the most recently ended fiscal quarter. Capital Events, in each case solely in respect of an Insurance Subsidiary, are: • the Incurrence, repayment, repurchase, or redemption of any Indebtedness; • the issuance, repurchase or redemption of Capital Stock, Disqualified Stock or Preferred Stock; • contributions from parents or affiliates; • receipt of proceeds from the issuance of Surplus Notes; • Asset Dispositions; • Investments and Asset Acquisitions outside the ordinary course of business; • reinsurance transactions; • discontinued operations; and • any change in the designation of an Insurance Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary. For the avoidance of doubt, for the purposes of the calculation of Aggregate RTC Ratio the statutory risk in force to be used is that as of the date of the calculation. For purposes of this definition, whenever calculations are made on a pro forma basis, such calculations shall be made in Good Faith by the Issuer. For purposes of this definition, any amount in a currency other than U.S. dollars will be converted to U.S. dollars based on the exchange rate for such currency as of the RTC Calculation Date.