CTEX Amount definition
CTEX Amount means, as of any date of determination, an amount equal to the arithmetic mean of the statutory carrying value of assets required as of such date to satisfy contractholder obligations (or the greatest present value of accumulated deficiencies) as defined in the VM-21 guidelines relating to the Reinsured Contracts (other than with respect to which periodic contract payments are being made as of the applicable date of determination) in the worst Y of the 1,000 statutory stochastic capital market scenarios determined in accordance with the Required Balance Model and Calculation Methodologies, where (a) X is 70 as of the Effective Time but will be adjusted in accordance with Schedule E-1 and (b) Y is equal to the sum of (i) 1,000 minus (ii) the product of X as of such date of determination and 10.
Examples of CTEX Amount in a sentence
The Independent Actuary’s determination of the Reinsurer Statutory Reserves, the Ceding Company Statutory Reserves, [***] the CTEX Amount or whether the CTEX Amount and [***] were determined in accordance with the Required Balance Model and Calculation Methodologies shall be final and binding upon the Parties.