Funds Withheld definition

Funds Withheld means the amount retained by GELAAC from reinsurance premiums payable to Reinsurer, in accordance with the terms of Article V.
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Funds Withheld. All cash balances in excess of $100,000 (in the aggregate any one year).
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Examples of Funds Withheld in a sentence

  • The Ceding Company shall withhold, on behalf of the Reinsurer, the Funds Withheld Assets.

  • If the Funds Withheld Adjustment for the Accounting Period is a negative amount, the Reinsurer shall owe the absolute value of such amount to the Ceding Company.

  • If the Funds Withheld Adjustment for the Accounting Period is a positive amount, the Ceding Company shall owe such amount to the Reinsurer.

  • Within [REDACTED] Business Days of the Closing Date of this Agreement, the Ceding Company shall deliver a report to the Reinsurer setting forth the Initial Consideration, Initial Modified Coinsurance Adjustment, Initial Funds Withheld Adjustment and the Net Initial Consideration.

  • On the Closing Date, the Ceding Company shall allocate to the General Account Portfolios and the [REDACTED] assets mutually determined by the Parties with an aggregate Book Value equal to the sum of the Initial Modified Coinsurance Adjustment plus the Initial Funds Withheld Adjustment.

  • Amounts due between the Parties for each Accounting Period in respect of Reinsurance Consideration, Reinsurance Expense Allowance, Reinsurance Benefits, the Modified Coinsurance Adjustment, the Funds Withheld Adjustment, [REDACTED] and any other amounts due between the Parties, including adjustments for previously estimated items and preliminary settlements, shall be determined on a net basis as reported by the Ceding Company on the Accounting Report.

  • The Reinsurer shall owe to the Ceding Company an initial funds withheld adjustment (the “Initial Funds Withheld Adjustment”) equal to [(1) + (2)], where: ▇▇▇▇▇▇▇ Resolution Life Insurance Company and TR Re, Ltd.

  • Annuity Reinsurance Agreement Effective October 1, 2021 Page 13 Assets or Modified Coinsurance Assets and shall cease to be included in the computation of the Funds Withheld Adjustment or Modified Coinsurance Adjustment; and (iii) the Reinsurer shall have no liability or obligation with respect to any disbursements from or interest to be credited to any retained asset account established by the Ceding Company in respect of the Business Reinsured.

  • The Reinsurer shall owe to the Ceding Company an initial funds withheld adjustment (the “Initial Funds Withheld Adjustment”) equal to the Effective Date IMR.

  • Amounts due between the Parties for each Accounting Period in respect of Reinsurance Consideration, Reinsurance Expense Allowance, Reinsurance Benefits, the Modified Coinsurance Adjustment, the Funds Withheld Adjustment, the [REDACTED] , the [REDACTED] and any other amounts due between the Parties, including adjustments for previously estimated items and preliminary settlements, shall be determined on a net basis as reported by the Ceding Company on the Accounting Report.