Third Amendment Closing Settlement Amount Clause Samples

Third Amendment Closing Settlement Amount. In consideration for the reinsurance contemplated hereunder, on the Third Amendment Closing Date, the Ceding Company will transfer to the Reinsurer, in accordance with the provisions set forth below in this Section 4, cash and specified cash-equivalent or other securities approved in advance by the Reinsurer with an aggregate market value, including amounts of due and accrued investment income related thereto (the “Designated Value”), equal to the Third Amendment Quota Share of the following balances, each measured as of the Third Amendment Effective Date unless otherwise provided: (a) Economic Reserves determined with respect to the Third Amendment Additional Policies in accordance with the provisions of Annex A-3 hereto (excluding reserves for claims in the course of settlement and claims that have been incurred but not reported for the Third Amendment Additional Policies as of the Third Amendment Effective Date) (“Economic Reserves”), minus (b) any policy loans outstanding on the Third Amendment Additional Policies, net of any unearned policy loan interest on such loans but including related amounts of interest due and accrued, plus or minus, as the case may be, (c) balances as agreed mutually by the parties pertaining to Other Reinsurance or ▇▇▇▇▇▇ that are not otherwise reflected in items (a) or (b) above as to which risks are ceded hereunder (items (a), (b) and (c) taken together, the “Ceded Reserves”), plus or minus (d) the amount of any balance of interest maintenance reserves associated with the Third Amendment Additional Policies, determined on a pre-tax basis based on the historic amortized cost basis and including any additional amounts of interest maintenance reserves required to be established or maintained in connection with the completion of the transactions contemplated by this Amendment No. 3 (“IMR”) (provided, that in the case of existing IMR, but not in the case of additional IMR required to be established or maintained in connection with the completion of the transactions contemplated by this Amendment No. 3, such amount shall not be less than zero and provided, further, that in determining any IMR created as a result of the transactions contemplated hereunder, all ▇▇▇▇-to-market gains and losses, determined consistent with applicable statutory accounting principles and not previously reflected in statutory book value, shall be included irrespective of whether such gains and losses are required to be included in IMR pursuant to applica...