Closing Surplus definition

Closing Surplus means, as applicable, the amount by which either (i) the Statutory Capital exceeds the Minimum Regulatory Capital, each as of immediately prior to the Closing, or (ii) the Minimum Regulatory Capital exceeds the Statutory Capital, in each case as of immediately prior to the Closing and accounting for and after taking into account the payment or transfer, as applicable, of the Approved Excess Surplus to the Foundation (provided that for the avoidance of doubt, “Minimum Regulatory Capital” for purposes of calculating “Closing Surplus” shall continue to mean 375% of the authorized control level risk based capital of the Company as of the Closing Date (as further set forth in the definition of “Minimum Regulatory Capital”), notwithstanding any reference to 500% in the definition of “Approved Excess Surplus”), provided, however, that if the Minimum Regulatory Capital exceeds the Statutory Capital, such amount shall be expressed as a negative number for purposes of the calculation of the Closing Foundation Amount and the Final Foundation Amount.
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Closing Surplus means the amount of Southern Security's surplus with respect to policyholders determined in accordance with Statutory Accounting Principles as of the Closing Date.
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Closing Surplus as defined in Section 1.3(d).
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Examples of Closing Surplus in a sentence

  • The Final Closing Statement shall be prepared in a manner consistent with SAP, consistently applied; provided, that the Closing Indebtedness and Company Transaction Expenses, in each case, if applicable, shall be calculated in accordance with GAAP and without duplication of any amounts included in the calculation of the Closing Surplus.


More Definitions of Closing Surplus

Closing Surplus has the meaning ascribed to it in Section 2.3.
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Closing Surplus shall have the meaning defined in Section 1.4(c).
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Closing Surplus shall have the meaning set forth in Section 2.4(f)(i).
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Related to Closing Surplus

  • Operating Surplus means, with respect to any period ending prior to the Liquidation Date, on a cumulative basis and without duplication,

  • Capital Surplus has the meaning assigned to such term in Section 6.3(a).

  • Adjusted Operating Surplus means, with respect to any period, (a) Operating Surplus generated with respect to such period less (b) (i) the amount of any net increase in Working Capital Borrowings (or the Partnership’s proportionate share of any net increase in Working Capital Borrowings in the case of Subsidiaries that are not wholly owned) with respect to such period and (ii) the amount of any net decrease in cash reserves (or the Partnership’s proportionate share of any net decrease in cash reserves in the case of Subsidiaries that are not wholly owned) for Operating Expenditures with respect to such period not relating to an Operating Expenditure made with respect to such period, and plus (c) (i) the amount of any net decrease in Working Capital Borrowings (or the Partnership’s proportionate share of any net decrease in Working Capital Borrowings in the case of Subsidiaries that are not wholly owned) with respect to such period, (ii) the amount of any net decrease made in subsequent periods in cash reserves for Operating Expenditures initially established with respect to such period to the extent such decrease results in a reduction in Adjusted Operating Surplus in subsequent periods pursuant to clause (b)(ii) above and (iii) the amount of any net increase in cash reserves (or the Partnership’s proportionate share of any net increase in cash reserves in the case of Subsidiaries that are not wholly owned) for Operating Expenditures with respect to such period required by any debt instrument for the repayment of principal, interest or premium. Adjusted Operating Surplus does not include that portion of Operating Surplus included in clause (a)(i) of the definition of “Operating Surplus.”

  • Working Capital Surplus means the amount by which the Working Capital is greater than the Target Working Capital Amount.

  • Capital and Surplus means, as to any Insurance Subsidiary, as of any date, the total amount shown on line 38, page 3, column 1 (or such other line on which the equivalent information is provided on any other such Annual Statement) of the Annual Statement of such Insurance Subsidiary as of such date, or an amount determined in a consistent manner for any date other than one as of which an Annual Statement is prepared.

  • Statutory Surplus means, with respect to any Insurance Subsidiary at any time, the statutory capital and surplus of such Insurance Subsidiary at such time, as determined in accordance with SAP ("Liabilities, Surplus and Other Funds" statement, page 3, line 25 of the Annual Statement for the 1995 Fiscal Year entitled "Surplus as Regards Policyholders").

  • Distributable surplus means the Gains that has been realised on a marked to market basis and is carried forward to the balance sheet at market value, arising out of appreciation on investments which is readily available for distribution to the unit holders as Income.

  • Common Surplus means the excess of all receipts of the Association collected on behalf of the Association, including, but not limited to, Assessments, rents, profits and revenues on account of the Common Elements, over the amount of Common Expenses.

  • Closing Adjustment Amount shall have the meaning set forth in Section 3.2(c).

  • Closing Cash means the aggregate amount of Cash of the Company as of the Effective Time.

  • Closing Indebtedness Amount has the meaning set forth in Section 1.4.

  • Post-Closing Adjustment Amount has the meaning set forth in Section 2.04(c).

  • REMIC I Available Distribution Amount For each Loan Group for any Distribution Date, the sum of the following amounts with respect to the Mortgage Loans in such Loan Group:

  • Estimated Closing Cash has the meaning set forth in Section 2.4(a).

  • REMIC II Available Distribution Amount For any Distribution Date, the amount distributed from REMIC I to REMIC II on such Distribution Date in respect of the REMIC I Regular Interests.

  • Estimated Closing Indebtedness has the meaning set forth in Section 2.4(a).

  • Closing Adjustment has the meaning set forth in Section 2.04(a)(ii).

  • Net Available Cash from an Asset Disposition means cash payments received (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise and net proceeds from the sale or other disposition of any securities received as consideration, but only as and when received, but excluding any other consideration received in the form of assumption by the acquiring person of Indebtedness or other obligations relating to the properties or assets that are the subject of such Asset Disposition or received in any other non-cash form) therefrom, in each case net of:

  • Reserve Account Surplus means, as of any Transfer Date following the Reserve Account Funding Date, the amount, if any, by which the amount on deposit in the Reserve Account exceeds the Required Reserve Account Amount.

  • Closing Cash Amount shall have the meaning set forth in Section 2.8(b).

  • Surplus Amount means [***].

  • REMIC III Available Distribution Amount For any Distribution Date, the amount distributed from REMIC II to REMIC III on such Distribution Date in respect of the REMIC II Regular Interests.

  • Final Closing Cash shall have the meaning set forth in Section 2.11(g).

  • Post-Closing Adjustment has the meaning set forth in Section 2.04(b)(ii).

  • Liquidating Gains means any net gain realized in connection with the actual or hypothetical sale of all or substantially all of the assets of the Partnership (including upon the occurrence of any Liquidating Event or Terminating Capital Transaction), including but not limited to net gain realized in connection with an adjustment to the Gross Asset Value of Partnership assets under the definition of Gross Asset Value in Section 1 of this Agreement.

  • Available Distribution Amount As to any Distribution Date and, with respect to any Mortgage Pool comprised of two or more Loan Groups, each Loan Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage Loans on deposit in the Custodial Account as of the close of business on the immediately preceding Determination Date, including any Subsequent Recoveries, and amounts deposited in the Custodial Account in connection with the substitution of Qualified Substitute Mortgage Loans, (ii) the amount of any Advance made on the immediately preceding Certificate Account Deposit Date, (iii) any amount deposited in the Certificate Account on the related Certificate Account Deposit Date pursuant to the second paragraph of Section 3.12(a), (iv) any amount deposited in the Certificate Account pursuant to Section 4.07, (v) any amount that the Master Servicer is not permitted to withdraw from the Custodial Account or the Certificate Account pursuant to Section 3.16(e), (vi) any amount received by the Trustee pursuant to the Surety Bond in respect of such Distribution Date and (vii) the proceeds of any Pledged Assets received by the Master Servicer, reduced by (b) the sum as of the close of business on the immediately preceding Determination Date of (w) aggregate Foreclosure Profits, (x) the Amount Held for Future Distribution, and (y) amounts permitted to be withdrawn by the Master Servicer from the Custodial Account in respect of the Mortgage Loans pursuant to clauses (ii)-(x), inclusive, of Section 3.10(a). Such amount shall be determined separately for each Loan Group. Additionally, with respect to any Mortgage Pool that is comprised of two or more Loan Groups, if on any Distribution Date Compensating Interest provided pursuant to this Section 3.16(e) is less than Prepayment Interest Shortfalls incurred on the Mortgage Loans in connection with Principal Prepayments in Full and Curtailments made in the prior calendar month, such Compensating Interest shall be allocated on such Distribution Date to the Available Distribution Amount for each Loan Group on a pro rata basis in accordance with the respective amounts of such Prepayment Interest Shortfalls incurred on the Mortgage Loans in such Loan Group in respect of such Distribution Date.