PGA Coverage definition

PGA Coverage means, for each ELNY Contract that is covered in whole or in part by any PGA, the present value of Benefit Payments calculated using the Applicable Discount Rate and, for Life Contingent Contracts, the expected mortality of the measuring life or lives for each such Contract as determined in accordance with the ELNY Mortality Table, subject to the statutory coverage limits specified under the applicable Guaranty Association Act. Unless otherwise required by law, the aggregate dollar limits for annuity benefit payments “with respect to any one life” pursuant to statutory coverage limits applicable to any PGA shall be determined by reference to the measuring life for payment of benefits under the terms of the applicable Covered Contract(s) on the Liquidation Date as reflected on the records of ELNY, and not by reference to the Contractowner (unless such Contractowner is also the measuring life). To the extent any person’s life is the measuring life under multiple Covered Contracts owned by the same person, the Covered Contracts shall be aggregated and a single limit applied. Additionally, any aggregate dollar limits applicable with respect to “each payee” shall be determined by reference to each current payee under the applicable Covered Contract as of the Liquidation Date as reflected on the records of ELNY, and not based on the annuitant or Contractowner, except to the extent the annuitant or Contractowner is also a payee. The parties agree and acknowledge that the foregoing is intended solely as a summary description of how PGA coverage is to be determined under the various Guaranty Association Acts governing the PGAs, and that each PGA’s coverage obligations will be determined for purposes of this Agreement by the PGA pursuant the Guaranty Association Act governing that PGA. In the event of any inconsistencies in this paragraph and the Guaranty Association Act governing a PGA, the Guaranty Association Act shall prevail. The proper venue and exclusive jurisdiction for the dispute of any coverage determination made by any Guaranty Association shall rest in the appropriate court in the state whose Guaranty Association Act governs the Guaranty Association. The proper venue and exclusive jurisdiction for the dispute of any coverage determination made by LICGCNY or the New York Article 75 GA shall be the Receivership Court.
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Examples of PGA Coverage in a sentence

  • A PGA Coverage Ratio (PGACR) for each Contract shall be the ratio of the Covered Contract (CC) to the Contract’s Liquidation Value (CLV) (e.g., PGACR = CC/CLV).

  • The PGA Coverage Ratio (PGACR) for each Contract will be used to determine: (i) the portion of the Contract that is a “Covered Contract,” (ii) post-Liquidation Date benefits that are Covered Benefit Payments, and (iii) the percentage of Transferred Assets otherwise allocable to the Contract that are sub-allocated to the PGA to satisfy its statutory rights, and which shall be used to continue the Contract as restructured and enhanced pursuant to the Agreement.

  • Each PGA shall, in accordance with the provisions of Section 5.3, provide a PGA Contribution for each Covered Contract of that PGA equal to the difference between (a) the PGA Coverage for that Covered Contract and (b) the value of the Transferred Assets allocated to that Covered Contract in accordance with Section 3.3.

Related to PGA Coverage

  • Lot coverage means the percentage of lot area covered by all buildings on the lot;

  • Fraud Coverage During the period prior to the first anniversary of the Cut-Off Date, 2.00% of the aggregate principal balance of the Mortgage Loans as of the Cut-Off Date (the "Initial Fraud Coverage"), reduced by Fraud Losses allocated to the Certificates since the Cut-Off Date; during the period from the first anniversary of the Cut-Off Date to (but not including) the fifth anniversary of the Cut-Off Date, the amount of the Fraud Coverage on the most recent previous anniversary of the Cut-Off Date (calculated in accordance with the second sentence of this paragraph) reduced by Fraud Losses allocated to the Certificates since such anniversary; and during the period on and after the fifth anniversary of the Cut-Off Date, zero. On each anniversary of the Cut-Off Date, the Fraud Coverage shall be reduced to the lesser of (i) on the first, second, third and fourth anniversaries of the Cut-Off Date, 1.00% of the aggregate principal balance of the Mortgage Loans as of the Due Date in the preceding month and (ii) the excess of the Initial Fraud Coverage over cumulative Fraud Losses allocated to the Certificates since the Cut-Off Date. The Fraud Coverage may be reduced upon written confirmation from the Rating Agencies that such reduction will not adversely affect the then current ratings assigned to the Certificates by the Rating Agencies.

  • Coverage or “Covering”) shall mean that the developing, making, using, offering for sale, promoting, selling or importing of a given compound, formulation or product would infringe a Valid Claim of an issued patent in the absence of a license under such Valid Claim. The determination of whether a compound, formulation or product is Covered by a particular Valid Claim shall be made on a country-by-country basis.

  • COBRA Coverage means continuation coverage required under Section 4980B of the Code and Part 6 of Title I of ERISA.

  • Period of Coverage means the Plan Year, with the following exceptions: (a) for Employees who first become eligible to participate, it shall mean the portion of the Plan Year following the date on which participation commences, as described in Section 3.1; and (b) for Employees who terminate participation, it shall mean the portion of the Plan Year prior to the date on which participation terminates, as described in Section 3.2.