Statutory Reserve definition
Statutory Reserve means the gross statutory reserves required with respect to the Business Reinsured calculated in accordance with SAP and applicable valuation laws, regulations and generally accepted actuarial guidelines to which the Ceding Company is subject on each valuation date.
Statutory Reserve means the aggregate of the maximum reserve, liquid asset, fees or similar requirements (including any marginal, special, emergency or supplemental reserves or other requirements) established by any central bank, monetary authority, the Board, the Financial Conduct Authority, the Prudential Regulation Authority, the European Central Bank or other Governmental Authority for any category of deposits or liabilities customarily used to fund loans in the applicable currency. Such reserve, liquid asset, fees or similar requirements shall include those imposed pursuant to Regulation D of the Board. Term SOFR Loans and Alternative Currency Loans shall be deemed to be subject to such reserve, liquid asset, fee or similar requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under any applicable law, rule or regulation, including Regulation D of the Board. The Statutory Reserve shall be adjusted automatically on and as of the effective date of any change in any reserve, liquid asset or similar requirement.
Statutory Reserve means the amount of statutory reserves established by the Insurer as of the Closing Date, with respect to the liabilities covered by the Group Annuity Contract, in accordance with statutory accounting principles prescribed or permitted by New Jersey Law.
Examples of Statutory Reserve in a sentence
Any change in the interest rate on a Loan resulting from a change in the ABR or the Statutory Reserve Rate shall become effective as of the opening of business on the day on which such change becomes effective.
The Reinsurer shall owe to the Ceding Company an initial modified coinsurance adjustment (the “Initial Modified Coinsurance Adjustment”) equal to the sum of the Net Statutory Reserve as of the Effective Date for each of the types of General Account Modified Coinsurance Business, each multiplied by the applicable Quota Share for the type of Business Reinsured.
The Statutory Reserve shall be adjusted automatically on and as of the effective date of any change in such percentage.
The "Modified Coinsurance Reserve" equals the Reinsurer's quota share of the greater between the Statutory Reserve and the Account Value.
Any change in the interest rate on a Loan resulting from a change in the Base Rate or the Statutory Reserve Rate shall become effective as of the opening of business on the day on which such change becomes effective.
More Definitions of Statutory Reserve
Statutory Reserve means the statutory reserves calculated consistent with the reserve requirements, statutory accounting rules, valuation laws, regulations and actuarial principles applicable to the Ceding Company.
Statutory Reserve means any fund set aside by a credit union solely for institutional capital purposes;
Statutory Reserve means a fraction (expressed as a decimal), the ----------------- numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board and any other banking authority, domestic or foreign, to which the Agent or, if the Agent is not a bank, the Liquidity Agent (as such term is defined in the Liquidity Agreement) (including any branch, Affiliate, or other fronting office thereof) is subject, with respect to the Eurodollar Rate, ========== for Eurocurrency Liabilities (as defined in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Each LIBOR Rate Tranche shall be deemed to constitute Eurocurrency Liabilities and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Holder under such Regulation D. Statutory Reserves shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.
Statutory Reserve means the insurance reserve required by Pennsylvania insurance laws to be included in an insurer’s financial statement on account of its insurance business in force.
Statutory Reserve means for any day, the percentage (expressed as a decimal, rounded upward to the nearest 1/100 of 1%), as determined in good faith by the Agent (which determination shall be conclusive), which is in effect on such day as prescribed by the Board of Governors of the Federal Reserve System representing the maximum reserve requirement (including supplemental, marginal and emergency reserve requirements) with respect to Eurocurrency funding (currently referred to as "Eurocurrency Liabilities") of a member bank in such Federal Reserve System. The Adjusted LIBOR Rate shall be adjusted automatically as of the effective date of each change in the Statutory Reserve.
Statutory Reserve means all reserves computed in accordance with statutory reserving requirements.
Statutory Reserve means a fraction (expressed as a decimal), the ----------------- numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board and any other banking authority, domestic or foreign, to which the Agent or, if the Agent is not a bank, the Liquidity Agent (as such term is defined in the Liquidity Agreement) (including any branch, Affiliate, or other fronting office thereof) is subject, with respect to the Eurodollar Rate, for Eurocurrency Liabilities (as defined in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Each LIBOR Rate Tranche shall be deemed to constitute Eurocurrency Liabilities and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Holder under such Regulation D. Statutory Reserves shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.