Transaction IMR Amount definition
Transaction IMR Amount means the amount of the IMR, calculated on an after-tax basis, that is created on the Closing Date as a direct result of the transfer of assets by the Ceding Company to the Reinsurer pursuant to Section 3.1(a), determined in accordance with SAP applicable to the Ceding Company.
Transaction IMR Amount means, as of any date of determination, an amount equal to (a) the portion of the Ceding Company’s existing interest maintenance reserve created as a direct result of the substitutions of the Investment Assets set forth on Phase 1 Annex B or Phase 2 Annex B, as applicable (each as defined in the Master Transaction Agreement) immediately prior to the Phase 1 Closing Date or the Phase 2 Closing Date, as applicable, pursuant to the Master Transaction Agreement, which remains unamortized as of such date of determination, determined in accordance with SAP applicable to the Ceding Company plus (b) the portion of the Ceding Company’s interest maintenance reserve that is created on the Phase 1 Closing Date or the Phase 2 Closing Date, as applicable, as a direct result of the transactions contemplated by this Agreement, which remains unamortized as of such date of determination, determined in accordance with SAP applicable to the Ceding Company.
Transaction IMR Amount means the sum of (i) 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 determined in accordance with SAP applicable to the Ceding Company, plus (or minus, if the amount of the interest maintenance reserve is decreased due to realized losses) (ii) any interest maintenance reserve, calculated on an after-tax basis, that is created following the Closing Date with respect to the assets supporting the Reinsured Liabilities (including as a result of the disposition of assets in connection with the payment of the Terminal Settlement, if applicable) determined in accordance with SAP applicable to the Reinsurer.
Examples of Transaction IMR Amount 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.
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.
More Definitions of Transaction IMR Amount
Transaction IMR Amount means, as of any date of determination, an amount equal to (a) the portion of the Ceding Company’s existing interest maintenance reserve created as a direct result of the substitutions of the Investment Assets set forth on Phase 1 Annex B (as defined in the Master Transaction Agreement) immediately prior to the Closing pursuant to the Master Transaction Agreement, which remains unamortized as of such date of determination, determined in accordance with SAP applicable to the Ceding Company plus (b) the portion of the Ceding Company’s interest maintenance reserve that is created on the Closing Date as a direct result of the transactions contemplated by this Agreement, which remains unamortized as of such date of determination, determined in accordance with SAP applicable to the Ceding Company.
Transaction IMR Amount means the amount of realized gains or losses, calculated on an after-tax basis, created on the Closing Date as a direct result of the transfer of assets by the Ceding Company to the Reinsurer pursuant to Section 3.1(a), calculated using the definition of “Fair Market Value”.
Transaction IMR Amount shall have the meaning set forth in each Reinsurance Agreement.
Transaction IMR Amount means, with respect to any date of determination, the amount of the interest maintenance reserve, determined on a basis consistent with SAP applicable to the Ceding Company (calculated on a pre-tax basis), that is created on the Closing Date as a direct result of the transactions contemplated by this Agreement.