Trust Account Substitutions. The Reinsurer shall have the right to instruct the Trustee to substitute or exchange assets in the Trust Account; provided, that (a) the replacement assets are Permitted Investments, (b) the replacement assets shall be deposited in the Trust Account on the same day of substitution or exchange, (c) the aggregate Book Value of the replacement assets to be deposited or credited to the Trust Account (as determined by the Reinsurer on such day) are at least equal to the aggregate Book Value of the Assets being removed from the Trust Account (as determined by the Reinsurer on such day), (d) the aggregate Fair Market Value of the replacement assets to be deposited or credited to the Trust Account (as determined by the Reinsurer on such day) are at least equal to the aggregate Fair Market Value of the assets being removed from the Trust Account (as determined by the Reinsurer on such day), and (e) the Market-to-Book Ratio following such substitution is not less than the Market-to-Book Ratio before giving effect to such substitution.
Appears in 6 contracts
Samples: Reinsurance Agreement (Unum Group), Reinsurance Agreement (Unum Group), Reinsurance Agreement (Unum Group)
