GAAP Reserves definition

GAAP Reserves means, with respect to any item which is the subject of a Good Faith Contest, accounting reserves which are established and maintained pursuant to GAAP.

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GAAP Reserves means an amount determined by the Administrative Agent, in its Permitted Discretion, as being appropriate to reflect any GAAP balance sheet reserves in excess of the aggregate amount of the Reserves hereunder (other than GAAP Reserves).

GAAP Reserves means the policy and claim and related liabilities established in accordance with generally accepted accounting principles in the United States.

Examples of GAAP Reserves in a sentence

• The Mercer GAAP Reserves (i) were determined in accordance with GAAP consistently applied, (ii) were computed on the basis of methodologies consistent in all material respects with those used in prior periods, (iii) were fairly stated in all material respects in accordance with sound actuarial principles, (iv) were established in accordance with prudent insurance practices generally followed in the insurance industry, and (v) satisfied the requirements of all Applicable Laws in all material respects.

• The GAAP Reserves shall be determined utilizing recognized actuarial practices, as agreed upon by both the Ceding Company and the Reinsurer.

• The Company GAAP Reserves (i) were determined in accordance with GAAP consistently applied, (ii) were computed on the basis of methodologies consistent in all material respects with those used in prior periods, (iii) were fairly stated in all material respects in accordance with sound actuarial principles, (iv) were established in accordance with prudent insurance practices generally followed in the insurance industry, and (v) satisfied the requirements of all applicable Laws in all material respects.

• The basis for the GAAP Reserves will be the Reinsurer’s current GAAP reserving basis.

More Definitions of GAAP Reserves

GAAP Reserves means the Ceding Company's net reserves calculated using country-regionplaceU.

GAAP Reserves means, as of the date of determination, an ------------- ------------- amount equal to the gross reserves that are required to be held by the Reinsurer with respect to the Commuted Reinsured Contract Liabilities, determined in accordance with then applicable generally acceptable accounting principles consistently applied. The Consideration shall be determined and paid in accordance with Sections 3.1(c) and (d) below.