ModCo Account definition
Examples of ModCo Account in a sentence
The Ceding Company shall own the ModCo Account and the assets maintained therein, and the Reinsurer will not be required to provide reserve credit in respect of any Reinsured Liabilities ceded hereunder on a modified coinsurance basis.
The ModCo Account and the assets maintained therein will (x) be retained, controlled, owned and maintained by the Ceding Company, (y) be used exclusively for the purposes set forth in this Agreement and (z) be maintained by the Ceding Company in one or more custodial accounts segregated and distinct from the Ceding Company’s other general account assets.
The arbitration panel shall only be authorized to adjust the calculation of the ModCo Reserves required to be held in the ModCo Account as of any relevant date of determination to put the Reinsurer in substantially the same economic position it would have been in had the Ceding Company not obtained such permitted practice (with no other damages, including any equitable awards, being permissible).
On the Closing Date, the Ceding Company shall deposit Permitted Assets with a Statutory Book Value, as of the Closing Date, equal to $25,331,667,332 into the ModCo Account (the “Initial ModCo Deposit”).
On the Closing Date, the Ceding Company shall deposit Permitted Assets with a Statutory Book Value, as of the Closing Date, equal to $5,592,344,817 into the ModCo Account (the “Initial ModCo Deposit”).
On the Closing Date, the Ceding Company shall deposit Permitted Assets with a Statutory Book Value, as of the Closing Date, equal to $638,715,525 into the ModCo Account (the “Initial ModCo Deposit”).
Upon the expiration or termination of this Agreement pursuant to Section 8.1, in the absence of a recapture, any remaining ModCo Account Balance outstanding as of such date shall become immediately due and payable to the Reinsurer.
The ModCo Account shall be clearly designated as a segregated account on the books, records and information systems of the Ceding Company and shall be comprised of the assets held in the Specified Trust Accounts.
At all times and for all purposes under this Agreement, the balance of funds withheld shall be deemed to be equal to the Mod-Co Account Balance.
On the Effective Date, the Ceding Company shall credit to the ModCo Account an amount equal to the ModCo Account Balance as of such date.