FUNDING OF RESERVES. (This Article is only applicable if the Reinsurer cannot qualify for credit by each governmental authority having jurisdiction over the Company's reserves.) As regards Policies issued by the Company coming within the scope of this Contract, the Company agrees that, when it files with the Insurance Department or sets up on its books reserves for losses (including Loss and Loss Expense paid by the Company but not recovered from the Reinsurer, Loss and Loss Expense reported and outstanding, and an allowance for Incurred But Not Reported Losses and Loss Expenses as determined by the Company) covered hereunder and/or unearned premium, which it is required by law to set up, it shall forward to the Reinsurer a statement showing the proportion of such reserves applicable to it. The Reinsurer hereby agrees that it shall apply for and secure delivery to the Company of a clean, irrevocable, unconditional Letter of Credit, dated on or before December 31 of the year in which the request is made, issued by a member of the Federal Reserve System or any bank approved for use by the NAIC Securities Valuation Office, and containing provisions acceptable to the insurance regulatory authorities having jurisdiction over the Company's reserves in an amount equal to the Reinsurer's proportion of reserves as shown in the statement prepared by the Company. The Letter of Credit shall be issued for a period of not less than one year, and shall be automatically extended for one year from its date of expiration or any future expiration date unless 30 days prior to any expiration date the issuing bank notifies the Company by registered mail that the issuing bank elects not to consider the Letter of Credit extended for any additional period. An issuing bank, not a member of the Federal Reserve System or not chartered in the state of domicile of the Company, shall provide 60 days notice to the Company prior to any expiration in the event of nonextension. Notwithstanding any other provisions of this Contract, the Company or its court-appointed successor in interest may draw upon such credit at any time without diminution because of the insolvency of the Company or of any Reinsurer for one or more of the following purposes only:
FUNDING OF RESERVES. (This Article applies to the Reinsurer who does not qualify for credit by any state or any other governmental authority having jurisdiction over the Company’s loss reserves and/or to the Reinsurer to which the provisions of the Contingent Collateral Article apply.)
FUNDING OF RESERVES shall read as follows: The Reinsurer agrees to fund its share of the Reinsured’s ceded unearned premium (including, but not limited to, the unearned portion of any deposit premium installment as calculated by the Reinsured) and outstanding loss and Loss Adjustment Expense reserves (including all case reserves plus any reasonable amount estimated to be unreported from known Loss Occurrences) by:
FUNDING OF RESERVES. It is Also Agreed that as respects the above Subscribing Reinsurer in the attached Contract, the following shall be added to the Contract:
FUNDING OF RESERVES. (a) Pursuant to Section 6.3 of the Loan Agreement, on the date hereof, the Closing Date Borrowers shall deposit with Central Account Bank $3,471,849 for deposit in the Impositions and Insurance Reserve as required in connection with the Addition of the Additional Borrower Sites hereunder, and has delivered to Lender an Officer’s Certificate setting forth in reasonable detail the calculation of the forgoing.
FUNDING OF RESERVES. (a) With respect to the Liquidating Trust Expense Reserve, the amount of cash deposited into such reserve shall be equal to the amount of cash necessary to fund the expenses expected to be incurred by the Liquidating Trust as determined, in the Liquidating Trustee’s discretion with the approval of the Liquidating Trust Advisory Board.
FUNDING OF RESERVES. (This Article does not apply to a Reinsurer authorized in both the United States and Canada. This Article applies only to a Reinsurer who does not qualify for credit by Canadian Insurance Authorities and/or United States governmental authorities having jurisdiction over the Company’s loss reserves. If the Reinsurer is authorized in the United States but not Canada, the United States funding requirements noted below shall not apply; likewise, if the Reinsurer is authorized in Canada but not the United States, the Canadian funding requirements noted below shall not apply.)
FUNDING OF RESERVES. Currency. Taxes.
FUNDING OF RESERVES. Reserves will be funded with the surplus of net unrestricted assets, with the exception of the University Xxxxx’x unrestricted net assets which are used exclusively for the University Gables project. The amount of a reserve fund target minimum and fiscal viability will be reviewed annually and calculated after approval of the annual budget. The Board of Directors may, from time to time, direct that a specific source of revenue be set aside for reserves. The use of reserves will be reported to the Executive Committee/Board of Directors at their next scheduled meeting, accompanied by a description of the analysis and determination of the use of funds. APPROVAL
FUNDING OF RESERVES. In the event either Integon National or the Ceding Company are not authorized to act as a reinsurer by insurance regulatory authorities of any state in the United States of America which requires authorization for the ceding company to receive credit with respect to outstanding losses recoverable and unearned premium reserves assumed by the reinsuring company, then upon request of the ceding company, the assuming company shall fund its share of outstanding losses recoverable and unearned premium reserve hereunder by a clean, irrevocable and unconditional letter of credit in such form as may be required by the insurance regulatory authorities. The parties hereby agree that any amounts withdrawn from such letter of credit shall be used only to reimburse the ceding company for the reinsurer’s share of such losses and unearned premium reserve, and to refund to the reinsurer any excess amount upon determination of the reinsuring company’s ultimate liability under this Agreement. The parties further agree that the reinsuring company may, at its option, fund its share of such outstanding losses recoverable and unearned premium reserve by cash advance or other means acceptable to the insurance regulatory authorities.
