Funds Withheld Account. (a) On the Closing Date, the Ceding Company shall establish on its books and records a funds withheld account (the “Funds Withheld Account”) and transfer to or otherwise allocate to the Funds Withheld Account the assets described in Section 3.1(b)(i), and thereafter, shall maintain the Funds Withheld Account with Eligible Assets having a Statutory Book Value equal to the FWH Required Balance determined as often as agreed by the Parties but no less frequently than quarterly in accordance with this Agreement. The Ceding Company will retain, control and own all assets in the Funds Withheld Account. The Parties agree that the retention of the assets in the Funds Withheld Account by the Ceding Company in the Funds Withheld Account is not intended in any way to diminish or dilute the investment risk transferred to the Reinsurer through the calculation of the investment results of the assets in the Funds Withheld Account. The Ceding Company shall record the Funds Withheld Account Balance on its statutory financial statements as a payable to the Reinsurer. All investment income (including interest and principal payments, dividends, income on Xxxxxx and realized gains from sales) received on assets held in the Funds Withheld Account shall be deposited and maintained in Eligible Assets in the Funds Withheld Account, thereby increasing the Funds Withheld Account Balance. In addition, the calculation of the Statutory Book Value of equity securities and Xxxxxx held in the Funds Withheld Account shall include unrealized gains and losses on such equity securities and Xxxxxx.
Funds Withheld Account. (a) Prior to the Initial Settlement Date, the Ceding Company shall establish a funds withheld account (the “Funds Withheld Account”) to secure the payment liability of the Reinsurer on the books and records of the Ceding Company, which shall consist of a custody account established by the Ceding Company with the Custodian.
Funds Withheld Account. (a) Pursuant to the Reinsurance Contract, PMA is obligated to maintain a funds withheld account (the "FUNDS WITHHELD ACCOUNT") for the benefit of Retrocedant for each underwriting year for which coverage under the Reinsurance Contract is in place, until the commutation of, the final loss settlement under or the termination of the Reinsurance Contract. Pursuant to this Agreement, Retrocedant shall maintain a notional funds withheld account ("NOTIONAL ACCOUNT") for the underwriting year January 1, 2002 through December 31, 2002. "
Funds Withheld Account. (i) The Company shall maintain a funds withheld account payable to the Reinsurer on its books during the term of this Agreement (the “Funds Withheld Account”) in an amount which at any time during the term of this Agreement shall be equal to the Total Funds Withheld Balance at such time.
Funds Withheld Account. 10 Section 5.01 Funds Withheld Account .........................................................................................10 Section 5.02 Credit for Reinsurance .............................................................................................11 Section 5.03 Adjustment to Funds Withheld Account..................................................................11 Section 5.04 Withdrawal of Funds Withheld Account Assets .....................................................11 Section 5.05 Investment Management .........................................................................................11
Funds Withheld Account. A. At the subscribing reinsurer’s option, the Company shall retain any and all Reinsurance Premiums due hereunder on a Funds Withheld basis, provided however that payment of the subscribing reinsurer’s fixed expenses at a rate of 30% of the Reinsurance Premium (excluding any additional premium) shall be paid in cash to the subscribing reinsurer at such time as the respective Reinsurance Premiums are due and shall not be affected by the terms of this FUNDS WITHHELD ACCOUNT ARTICLE.
Funds Withheld Account. (a) From and after the Effective Time, the Cedant shall establish and maintain on its books and records a funds withheld account, which, from and after the Closing Date, shall consist of two (2) segregated custody accounts (collectively, the “Funds Withheld Account”) with The Bank of New York Mellon (the “Custodian”) (i) which shall (A) be clearly designated as a segregated funds withheld account on the books and records (and in the information systems) of the Cedant and (B) be separate and apart from the general and other accounts of the Cedant (ii) into which the Initial Funds Withheld Assets shall be deposited or, solely with respect to the Boxed Assets and the Transferred Notes, allocated on the Closing Date in accordance with Section 3.03(b). The assets held in or, with respect to the Boxed Assets and the Transferred Notes, allocated to, the Funds Withheld Account shall be invested in and consist only of Funds Withheld Permitted Investments and shall be valued, for the purposes of this Agreement, according to their Statutory Book Value. In accordance with Cedant SAP, the Cedant elects to cede to the Reinsurer all capital gains and losses in respect of the Initial Funds Withheld Assets from and after the Effective Time and any other assets held in or, with respect to the Boxed Assets and the Transferred Notes, allocated to, the Funds Withheld Account from and after the Closing Date.
Funds Withheld Account. (a) On the Effective Date, the Ceding Company and the Reinsurer shall enter into the Funds Withheld Trust Agreement to establish a funds withheld trust account (the “Funds Withheld Account”) under which Permitted Assets supporting the Funds Withheld Amount may be deposited (the “Funds Withheld Account Assets”).
Funds Withheld Account. (a) Prior to the Initial Settlement Date, the Ceding Company shall establish a sub-account with a unique account number on its balance sheet (the “Funds Withheld Account”) with assets to be settled as set forth in Section 8.02(b).
Funds Withheld Account. On (i) November 11, 2011, the Ceding Company transferred assets received from the Borrower into the Funds Withheld Account with a Book Value (as defined in the Reinsurance Agreement) equal to or greater than the Original Block Initial Funds Withheld Amount and (ii) the UILIC Closing Date, the Funds Withheld Balance was equal to or greater than $[****], and the Ceding Company recorded on its books and records and its statutory financial statements a payable to the Borrower in an amount equal to or greater than $[****].
