Modco Adjustment definition

Modco Adjustment means, for each Modco Sub-Account as of any date of determination, an amount equal to (a) the Modified Coinsurance Reserves attributable to such Modco Sub-Account as of such date, plus (b) the applicable Quota Share of the Experience Account Balance to the extent relating to the Reinsured Policies, minus (c) the Statutory Carrying Value of the assets maintained in such Modco Sub-Account as of such date, plus (d) the amount of cash withdrawn from such Modco Sub-Account pursuant to Section 10.03(b) in order to satisfy collateral posting requirements with respect to any Other Risk ▇▇▇▇▇▇.

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Modco Adjustment means, as of any date of determination, an amount equal to (a) the Modco Reserves as of such date, plus (b) the IMR as of such date, minus (c) the Statutory Carrying Value of the assets maintained in the Modco Account (including the Quota Share of the Statutory Carrying Value of the assets maintained in the Allianz Trust Account) as of such date, minus (d) any amounts due and unpaid by the Ceding Company under Section 7.03(a) or (b).

Modco Adjustment has the meaning set forth in Section 3.3(c).

Examples of Modco Adjustment in a sentence

• For the avoidance of doubt, if the Reinsurer fails to make the election described in this Section 8.02, then the Reinsurer shall be responsible for the full amount of any positive Modco Adjustment in accordance with the terms of Section 9.02(d).

• Within thirteen (13) Business Days following the Recapture Effective Date, the Ceding Company shall deliver to the Reinsurer a final Quarterly Accounting Report, each as of the Recapture Effective Date (collectively, the “Terminal Accounting Report”), and the final Quarterly Settlement Amount and final Modco Adjustment set forth in such Terminal Accounting Report shall be paid in accordance with Section 7.03.

• The Parties agree and acknowledge that the Modco Adjustment shall always equal zero.

• After a final and binding resolution of any dispute described in this Section 3.3(f) is reached, the Parties agree to promptly make any necessary adjustments under Section 3.3 to the applicable Net Settlement or the Modco Adjustment.