Acceptable Financial Assets definition

Acceptable Financial Assets means only the following kinds of assets: (i) cash and Cash Equivalents; and (ii) existing deposits of cash or securities with the Insurance Regulatory Authorities of the states listed on Schedule 4.31, all of which securities are rated as “investment grade” by the Securities Valuation Office of the National Association of Insurance Commissioners and constitute permissible investments under the insurance laws of the State of Wisconsin.

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Acceptable Financial Assets means only the following kinds of assets which shall be valued at their Market Value as of the close of business on the Business Day immediately preceding the Closing Date: (i) cash and Cash Equivalents; (ii) investment grade obligations of U.S. corporations or state or local governments (or instrumentalities thereof) (other than Cash Equivalents) that are listed in Section 1 of the Disclosure Schedule and are permissible investments under Oklahoma insurance law; and (iii) existing deposits of cash, securities or other assets with state insurance departments listed in Section 4.1(u)(6) of the Disclosure Schedule.

Acceptable Financial Assets means only the following kinds of assets: (i) Cash and Cash Equivalents; and (ii) Existing deposits of cash or securities with the Insurance Regulatory Authorities of the states listed on Sch. 4.31, all of which securities are rated as “investment grade” by the SVO, and constitute permissible investments under the insurance laws of the State of Wisconsin.

Examples of Acceptable Financial Assets in a sentence

Buyer shall have received a certificate dated the Closing Date and signed on behalf of Seller by the chief financial officer of Seller setting forth the Acceptable Financial Assets and the Market Value of such assets.
At the Closing Date, the Company will have no assets, except the Acceptable Financial Assets.
Buyer and Seller agree that following the Asset Transfer (if required) and the consummation of the transactions contemplated by the LPT and Quota Share Reinsurance Agreement, the Company shall not have any material assets other than Acceptable Financial Assets, the Insurance Licenses, and the reinsurance recoverables under the LPT and Quota Share Reinsurance Agreement and under the Reinsurance Agreements.
Prior to the Closing Date, Seller shall have caused the Company to liquidate and convert all Investment Assets held or maintained by the Company into cash or Cash Equivalents (but excluding any assets that are on deposit with any Governmental Authority and excluding any assets that are Acceptable Financial Assets).
The Independent Accounting Firm shall make its determination of the Fair Market Value of the Acceptable Financial Assets as of the Closing Date within fifteen (15) Business Days after submission thereof, which determination shall be binding and conclusive on all of the Parties hereto.
Unless the Buyer reasonably objects in writing to the retention by the Company of any assets set forth on the Asset List within five (5) Business Days of the Buyer’s receipt of the Asset List, the Buyer shall be deemed to have accepted such assets as Acceptable Financial Assets.
No earlier than twenty (20) Business Days prior to the Closing Date, the Seller Parties shall provide to the Buyer a list of any investment grade obligations, other than Acceptable Financial Assets, which are owned by the Company as of the date of delivery of such list and will not be transferred to the Parent or MGA in connection with the Related Transactions (the “Asset List”).
The Seller Parties and the Buyer shall each pay fifty percent (50%) of the total fees and expenses of the Independent Accounting Firm; provided, however, if the Independent Accounting Firm makes its determination of the Fair Market Value of the Acceptable Financial Assets as of the Closing Date and such determination is substantially the same as the value determined by one of the Parties, then the other Party shall pay 100% of the total fees and expenses of the Independent Accounting Firm.
Assetswing kinds of assets: (i) cash and Cash Equivalents, (ii) existing deposits of cash or securities with the Insurance Regulatory Authorities of the states listed on Schedule 4.31, all of which securities are rated as uation Office of the National Association of Insurance Commissioners and constitute permissible investments under the insurance laws of the State of Seller agree shall be deemed to be Acceptable Financial Assets for purposes of this Agreement.
Seller shall cause the Company to hold, at the Closing, Acceptable Financial Assets having a value (based on SAP) of at least $7 million.

More Definitions of Acceptable Financial Assets

Acceptable Financial Assets means only the following kinds of assets: (i) direct obligations of the U.S. Government or its agencies; (ii) U.S. Treasury Bonds; (iii) publicly traded investment grade equity securities; (iv) publicly traded investment grade bonds (NAIC "Class 1" or "Class 2"); (v) investment grade (NAIC "Class 1" or "Class 2") obligations of states, territories and possessions and their political subdivisions; (vi) cash and cash equivalents; (vii) assets upon which Buyer and Seller specifically agree; and (viii) accrued interest on the assets listed in items (i) through (vii) of this definition.

Acceptable Financial Assets means only the following kinds of assets: (i) cash and Cash Equivalents; and (ii) existing deposits of cash, securities or other assets with state insurance departments listed on Schedule 1.01.

Acceptable Financial Assets. Only the following kinds of assets, (i) cash and cash equivalents, (ii) Deposits identified on Schedule 5.22 and (iii) the assets identified on Schedule 5.7; provided, that in the event that any such assets mature or are sold, in each case, following the date hereof, the proceeds therefrom shall be held as cash.

Acceptable Financial Assets means only the following kinds of assets which shall be valued at their Market Value: (i) cash and Cash Equivalents; (ii) assets upon which the Buyer and the Seller specifically agree; and (iii) existing deposits of cash, securities or other assets with state insurance departments listed on Schedule 4.1(q)(5), other than those specifically indicated on such schedule as objected to by the Buyer.