Adjusted Capital and Surplus means, for TIC or CLIC, (i) its capital and surplus determined in accordance with SAP applied in a manner consistent with its past practice, plus (ii) its asset valuation reserve and the asset valuation reserves of its subsidiaries, determined in accordance with SAP applied in a manner consistent with its past practice, plus (iii) if the transaction set forth in Section 1.1(a) of the Sellers Disclosure Letter shall have been consummated, the statutory capital impact of such transaction, but in no event more than $50 million, minus (iv) the amount of any cash dividends contemplated to be made by TIC or CLIC on Exhibit F which have not been made prior to the Closing (calculated pro rata, in the case of quarterly dividends).
Adjusted Capital and Surplus shall have the meaning set forth in Schedule 1.01(a).
Adjusted Capital and Surplus means the sum of (i) a Person's capital and surplus as set forth in the SAP Financial Statements of such Person as of the last day of any calendar quarter plus (ii) the amount of any asset valuation reserve maintained by such Person at such time in accordance with SAP.
Examples of Adjusted Capital and Surplus in a sentence
PLICMI’s RBC Ratio shall be at least 250% and its Adjusted Capital and Surplus shall be at least seventy million dollars ($70,000,000), GBIG, LLC’s Net Working Capital shall be no less than two hundred fifty thousand dollars ($250,000), and Seller shall have delivered certificates of the chief financial officer of each of PLICMI and GBIG, LLC certifying to such effect as of the last day of the calendar month immediately preceding the Closing Date and as estimated on the Closing Date.
To the extent not taken into account in the calculation of Adjusted Capital and Surplus or otherwise in the determination of the Final Price, the Seller shall remit payment to NAIC, by wire transfer of immediately available funds to such account as is directed by Buyer, for Seller’s share of any Tax for a Pre-Closing Tax Period at least five (5) days before the due date for filing the Tax Return.
More Definitions of Adjusted Capital and Surplus
Adjusted Capital and Surplus means, as of any date of determination, an amount equal to (a) the sum of (1) the capital and surplus of the Company (as would be reflected in line 38, column 1 in the “Liabilities, Surplus and Other Funds” section of the Company’s balance sheet in the most recent annual statutory financial statements filed with the Department) as of such date or, if the line number is changed in such annual statutory financial statements, on the line that supersedes line 38 and reflects capital and surplus as of such date, in each case, calculated in accordance with SAP applied consistently with its application in connection with the preparation of the Quarterly Statutory Statement, subject to the Agreed Accounting Principles, and (2) the Asset Valuation Reserve as of such date minus (b) the aggregate par value of the outstanding Existing Surplus Note minus (c) the Admitted Net Deferred Tax Asset as of such date.
Adjusted Capital and Surplus means, at any time, with respect to any Life Insurance Subsidiary, the sum of the following (without duplication): (a) the amount of Capital and Surplus of such Life Insurance Subsidiary at such time plus (b) the amount of any asset valuation reserve maintained by such Life Insurance Subsidiary at such time.
Adjusted Capital and Surplus has the meaning ascribed thereto in the Stock Purchase Agreement.
Adjusted Capital and Surplus as of any date shall mean the Company's statutory capital and surplus as of such date, adjusted pursuant to the Formula set forth on EXHIBIT B hereto and determined based on SAP consistently applied throughout the specified period and in the immediately prior comparable period.
Adjusted Capital and Surplus as of any date shall mean Savers' statutory capital and surplus as of such date, adjusted pursuant to the Formula set forth on EXHIBIT B hereto and determined based on SAP consistently applied throughout the specified period and in the immediately prior comparable period.
Adjusted Capital and Surplus means, with respect to each Principal Insurance Subsidiary as of any date, the sum of (i) Capital and Surplus for such Principal Insurance Subsidiary and (ii) the asset valuation reserve of such Principal Insurance Subsidiary as of such date determined in accordance with Statutory Accounting Principles.
Adjusted Capital and Surplus means, at any time, with respect to any Regulated Insurance Company, the sum of the following (without duplication): (a) the amount of Capital and Surplus of such Regulated Insurance Company at such time plus (b) the amount of any asset valuation reserve maintained by such Regulated Insurance Company at such time in accordance with SAP.