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.
Sample 1Sample 2
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.
Sample 1Sample 2
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.
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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.

  • 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”).

  • 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.

  • 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.

  • At the Closing Date, the Company will have no assets, except the Acceptable Financial Assets.

  • 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 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.

  • 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.

  • 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.

  • 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 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.
Sample 1
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.
Sample 1
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.
Sample 1
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.
Sample 1

Related to Acceptable Financial Assets

  • Financial Asset The meaning specified in Section 8-102(a)(9) of the UCC.

  • financial assets means (i) cash, (ii) securities, or (iii) a contract of insurance, a deposit or an evidence of a deposit that is not a security for the purposes of securities legislation;

  • Securities Account is any “securities account” as defined in the Code with such additions to such term as may hereafter be made.

  • Acceptable Collateral means: (i) a Letter of Credit; and/or (ii) a cash amount (in pounds) transferred to the credit of a Reserve Account;

  • Eligible Instruments means monetary assets, money market instruments and securities that are payable in Dollars only and essentially risk free as to collection of principal and interest, including U.S. Government Obligations.

  • Deposit Account is any “deposit account” as defined in the Code with such additions to such term as may hereafter be made.

  • Controlled Securities Account means each securities account (including all financial assets held therein and all certificates and instruments, if any, representing or evidencing such financial assets) that is the subject of an effective Control Agreement.

  • Investment Property Control Agreement means an agreement in writing, in form and substance satisfactory to Agent, by and among Agent, any Borrower or Guarantor (as the case may be) and any securities intermediary, commodity intermediary or other person who has custody, control or possession of any investment property of such Borrower or Guarantor acknowledging that such securities intermediary, commodity intermediary or other person has custody, control or possession of such investment property on behalf of Agent, that it will comply with entitlement orders originated by Agent with respect to such investment property, or other instructions of Agent, and has such other terms and conditions as Agent may require.

  • Collateral Accounts means any and all accounts established and maintained by the Pledgee in the name of any Pledgor to which Collateral may be credited.

  • Investment Property the collective reference to (i) all “investment property” as such term is defined in Section 9-102(a)(49) of the New York UCC (other than any Foreign Subsidiary Voting Stock excluded from the definition of “Pledged Stock”) and (ii) whether or not constituting “investment property” as so defined, all Pledged Notes and all Pledged Stock.

  • Pledged Investment Property means any investment property of any Grantor, and any distribution of property made on, in respect of or in exchange for the foregoing from time to time, other than any Pledged Stock or Pledged Debt Instruments.

  • Liquid Investments means (a) readily marketable direct full faith and credit obligations of the United States of America or obligations unconditionally guaranteed by the full faith and credit of the United States of America; (b) commercial paper issued by (i) any Lender or any Affiliate of any Lender or (ii) any commercial banking institutions or corporations rated at least P-1 by Moody’s or A-1 by S&P; (c) certificates of deposit, time deposits, and bankers’ acceptances issued by (i) any of the Lenders or (ii) any other commercial banking institution which is a member of the Federal Reserve System and has a combined capital and surplus and undivided profits of not less than $250,000,000 and rated Aa by Moody’s or AA by S&P; (d) repurchase agreements which are entered into with any of the Lenders or any major money center banks included in the commercial banking institutions described in clause (c) and which are secured by readily marketable direct full faith and credit obligations of the government of the United States of America or any agency thereof; (e) investments in any money market fund which holds investments substantially of the type described in the foregoing clauses (a) through (d); (f) readily and immediately available cash held in any money market account maintained with any Lender; provided that, such money market accounts and the funds therein shall be unencumbered and free and clear of all Liens and other third party rights other than a Lien in favor of the Administrative Agent pursuant to the Security Documents; and (g) other investments made through the Administrative Agent or its Affiliates and approved by the Administrative Agent. All the Liquid Investments described in clauses (a) through (d) above shall have maturities of not more than 365 days from the date of issue.

  • Collateral Account is any Deposit Account, Securities Account, or Commodity Account.

  • Asset Sale Proceeds Account means one or more deposit accounts or securities accounts holding only the proceeds of any sale or disposition of any Notes Collateral.

  • Approved Deposit Account means a Deposit Account that is the subject of an effective Deposit Account Control Agreement and that is maintained by any Loan Party with a Deposit Account Bank. “Approved Deposit Account” includes all monies on deposit in a Deposit Account and all certificates and instruments, if any, representing or evidencing such Deposit Account.

  • Blocked Account has the meaning provided in Section 6.13(a)(ii).

  • Securities Accounts (i) shall mean all “securities accounts” as defined in Article 8 of the UCC and (ii) shall include, without limitation, all of the accounts listed on Schedule 4.4(A) under the heading “Securities Accounts” (as such schedule may be amended or supplemented from time to time).

  • Deposit Account Agreement means the Deposit Account Agreement and Disclosure, as may be amended from time to time, issued by the Custodian and available on the Custodian’s internet customer portal, “xx.xxxxxxxxxxx.xxx”.

  • L/C Cash Deposit Account means an interest bearing cash deposit account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.

  • Investment Accounts means the Collateral Account, Securities Accounts, Commodities Accounts and Deposit Accounts.

  • Excluded Deposit Account means (a) any deposit account exclusively used for payroll, payroll taxes, and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such and (b) any Xxxxx Cash Accounts.

  • Approved Securities Intermediary means a Securities Intermediary or Commodity Intermediary selected or approved by the Administrative Agent and with respect to which a Grantor has delivered to the Administrative Agent an executed Control Account Agreement.

  • Collateral Deposit Account shall have the meaning set forth in Section 7.1(a).

  • Financial Account means an account maintained by a Financial Institution, and includes: (1) in the case of an Entity that is a Financial Institution solely because it is an Investment Entity, any equity or debt interest (other than interests that are regularly traded on an established securities market) in the Financial Institution; (2) in the case of a Financial Institution not described in subparagraph 1(q)(1) of this Article, any equity or debt interest in the Financial Institution (other than interests that are regularly traded on an established securities market), if (i) the value of the debt or equity interest is determined, directly or indirectly, primarily by reference to assets that give rise to U.S. Source Withholdable Payments, and (ii) the class of interests was established with a purpose of avoiding reporting in accordance with this Agreement; and (3) any Cash Value Insurance Contract and any Annuity Contract issued or maintained by a Financial Institution, other than a noninvestment- linked, nontransferable immediate life annuity that is issued to an individual and monetizes a pension or disability benefit provided under an account that is excluded from the definition of Financial Account in Annex II. Notwithstanding the foregoing, the term “Financial Account” does not include any account that is excluded from the definition of Financial Account in Annex II. For purposes of this Agreement, interests are “regularly traded” if there is a meaningful volume of trading with respect to the interests on an ongoing basis, and an “established securities market” means an exchange that is officially recognized and supervised by a governmental authority in which the market is located and that has a meaningful annual value of shares traded on the exchange. For purposes of this subparagraph 1(q), an interest in a Financial Institution is not “regularly traded” and shall be treated as a Financial Account if the holder of the interest (other than a Financial Institution acting as an intermediary) is registered on the books of such Financial Institution. The preceding sentence will not apply to interests first registered on the books of such Financial Institution prior to July 1, 2014, and with respect to interests first registered on the books of such Financial Institution on or after July 1, 2014, a Financial Institution is not required to apply the preceding sentence prior to January 1, 2016.

  • Collateral Account Agreement means the Collateral Account Agreement executed and delivered by Company and Administrative Agent on the Closing Date, substantially in the form of EXHIBIT XXIII annexed hereto, as such Collateral Account Agreement may hereafter be amended, supplemented or otherwise modified from time to time.

  • Excluded Deposit Accounts means, collectively, (i) payroll and payroll taxes accounts, workers’ compensation accounts and other employee wage and benefit payment accounts and xxxxx cash accounts, (ii) trust accounts and (iii) deposit accounts other than Collection Accounts and Collateral Deposit Accounts (as each such term is defined in the Revolving Credit Agreement), so long as the aggregate amount on deposit in all such deposit accounts does not exceed $2,500,000 in the aggregate at any time.