Transaction IMR definition

Transaction IMR means the amount of the Interest Maintenance Reserve, calculated on an after-Tax basis, that is created on the Closing Date as a direct result of the transactions contemplated by this Agreement divided by the Applicable Tax Gross-Up Percentage.
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Transaction IMR means the amount of IMR that is created on the Closing Date as a direct result of the transfer of the Initial Premium by the Ceding Company to the Reinsurer, determined in accordance with Applicable SAP of the Ceding Company. “Trust Account” means the trust account established by the Reinsurer, as grantor, for the benefit of the Ceding Company, as beneficiary, pursuant to the Trust Agreement. “Trust Account Balance” means, as of any date of determination, the aggregate Statutory Book Value of all Eligible Assets in the Trust Account on such date. “Trust Account Report” has the meaning set forth in Section 3.8(c). “Trust Agreement” has the meaning set forth in the Recitals. “Trustee” means Citibank, N.A., a national banking association. “Unauthorized Access” has the meaning set forth in Section 12.3.
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Examples of Transaction IMR in a sentence

  • The Ceding Company and the Reinsurer agree that the Existing IMR Amount and the Transaction IMR Amount as of the Closing Date shall be calculated by the Ceding Company and ceded to the Reinsurer.

  • The Ceding Company and the Reinsurer agree that the Existing IMR Amount and the Transaction IMR Amount as of the Phase 1 Closing Date were calculated by the Ceding Company and ceded to the Reinsurer.

  • The Ceding Company and the Reinsurer agree that the Existing IMR Amount and the Transaction IMR Amount, in each case, in respect of the Phase 2 Reinsured Policies as of the Phase 2 Closing Date shall be calculated by the Ceding Company and ceded to the Reinsurer.

  • Seller must also inform Buyer in writing, prior to or concurrently with the delivery of such calculation, whether it will elect the Funds Withheld Option if the Closing occurs on such anticipated Closing Date and the Closing Transaction IMR is equal to or less than the Negative IMR Threshold.

  • The Ceding Company and the Reinsurer agree that the Existing IMR Amount and the Transaction IMR Amount, in each case, in respect of the Phase 2 Reinsured Policies, as of the Phase 2 Closing Date shall be calculated by the Ceding Company and ceded to the Reinsurer.

  • For clarity, the Funds Withheld Option will be implemented if and only if the actual Closing Transaction IMR is equal to or less than the Negative IMR Threshold and Seller has elected the Funds Withheld Option pursuant to this Section 2.9(c).

  • The Parties agree that on and after the Recapture Effective Date, all liabilities (including the Ceded Reserves, the Ceded IMR and the Transaction IMR (defined below)) relating to the Recaptured Policies that are ceded by the Ceding Company to, and assumed by, the Reinsurer under the Agreement are hereby recaptured by the Ceding Company on a cut-off basis as further provided below.