Consolidated Surplus definition

Consolidated Surplus means, at any date of determination, “surplus as regards to policyholders” (calculated in accordance with SAP) of the Borrower and its Subsidiaries, on a consolidated basis.
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Consolidated Surplus means the consolidated surplus as regards policyholders of the Insurance Subsidiaries, in each case determined in accordance with SAP and as reflected in the most recent consolidated statutory financial statements of the Insurance Subsidiaries delivered pursuant to Section 7.08(1)(c) or 7.08(2)(iii).
Sample 1
Consolidated Surplus means the consolidated surplus of the Corporation's life and property/casualty insurance subsidiaries determined based on the following: with respect to (a) any insurance subsidiary of the Corporation engaged principally in life insurance, the sum of (i) the amount reported on page 3, line 38, column 1 of its Annual Statement required under the laws of its state of domicile, plus (ii) the asset valuation reserve/interest maintenance reserve of such subsidiary; or (b) any insurance subsidiary of the Corporation engaged principally in property/casualty insurance, the amount reported on page 3, line 25, column 1 of its Annual Statement required under the laws of its state of domicile; or an amount determined in a consistent manner for any date other than one as of which an Annual Statement is prepared; provided, however, that if at any time SAP shall be modified to decrease the amount calculated under clause (b) of this paragraph by a reserve similar to the asset valuation reserve/interest maintenance reserve, then the amount under such clause (b) shall be deemed to be the sum of such reduced amount plus such reserve.
Sample 1

Examples of Consolidated Surplus in a sentence

  • In general, the 1981 Lease defines Consolidated Surplus as revenues from the Corporation’s operations during the year, minus the amounts paid, set aside or placed in reserve in connection with the Corporation’s operations and to comply with the Corporation’s obligations, including debt service and other requirements under the Corporation’s financing documents.

  • This amount does not represent funds (i.e. cash) available to discharge the obligations of the City.• Annual Consolidated Surplus – This amount is the difference between the City’s total revenues and expenses for the reporting period.

  • As a result, there was no Consolidated Surplus for the years ended December 31, 2021 and 2020, and no additional rent was payable to the City for those years.

  • As a result, there was no Consolidated Surplus for the year ended December 31, 2020, and no additional rent was payable to the City for 2020.

  • The Borrower will not permit the Consolidated Surplus at any time to be less than the sum of (i) $275,000,000 and (ii) 50% of Consolidated Net Income of the Regulated Insurance Companies for each fiscal year of the Borrower (beginning with the fiscal year ending December 31, 2012) for which such Consolidated Net Income is positive.

  • GLOSSARY Consolidated Surplus (Deficit) of Crown CorporationsThis summary includes Crown corporations whose results have not been incorporated into the line-by-line detail of the Budget Estimates.

  • And finally, the evaluation of if the intervention has been a success will be conducted from through reflection.

  • Consequently, there was no Consolidated Surplus for the year ended December 31, 2011 and no additional rent was payable to the City for 2011.

  • The Borrower will not permit FIC Consolidated Surplus at any time to be less than $225,000,000.

  • Mercantile Bank Securities Limited.Mercantile Exchange House (UK) Limited 16(a) Consolidated Surplus in Profit and Loss AccountMercantile Bank Limited.

Related to Consolidated Surplus

  • consolidated basis means on the basis of the consolidated situation;

  • Consolidated Operating Cash Flow means, with respect to the Company and its Subsidiaries on a consolidated basis, for any period, an amount equal to Consolidated Net Income for such period increased (without duplication) by the sum of:

  • Consolidated Assets means all assets which should be listed on the consolidated balance sheet of the Borrower and its Subsidiaries, as determined on a consolidated basis in accordance with GAAP.

  • Consolidated Net Interest Expense means, with respect to any Person for any period, (a) gross interest expense of such Person and its Subsidiaries for such period determined on a consolidated basis and in accordance with GAAP (including, without limitation, interest expense paid to Affiliates of such Person), less (b) the sum of (i) interest income for such period and (ii) gains for such period on Hedging Agreements (to the extent not included in interest income above and to the extent not deducted in the calculation of gross interest expense), plus (c) the sum of (i) losses for such period on Hedging Agreements (to the extent not included in gross interest expense) and (ii) the upfront costs or fees for such period associated with Hedging Agreements (to the extent not included in gross interest expense), in each case, determined on a consolidated basis and in accordance with GAAP.

  • Consolidated Debt means at any date the Debt of the Borrower and its Consolidated Subsidiaries, determined on a consolidated basis as of such date.

  • 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.”

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

  • Consolidated Cash Flow means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication:

  • Consolidated Rent Expense means, for any period, the rental expense attributable to leases of real property that is deducted in determining Adjusted Consolidated Net Income for such period, determined on a consolidated basis in accordance with GAAP. Consolidated Rent Expense shall be determined on a pro forma basis to give effect to any Material Specified Transaction occurring during such period as if such transactions had occurred on the first day of such period.

  • Consolidated Net Assets means the aggregate amount of assets (less reserves and other deductible items) after deducting current liabilities, as shown on the consolidated balance sheet of the Company and its Subsidiaries contained in the latest annual report to the stockholders of the Company and prepared in accordance with GAAP.

  • Consolidated Net Indebtedness means at any time, Consolidated Total Indebtedness minus all Unrestricted Cash of the Borrowers and their Subsidiaries calculated on a consolidated basis as of such time.

  • Consolidated Liquidity means, with reference to any period, an amount equal to (a) any Unrestricted Cash of the Borrowers and their Subsidiaries as calculated on a consolidated basis for such period and (b) the Aggregate Commitments of the Lenders minus the outstanding principal amount of all Loans and any issued and outstanding Letters of Credit; provided that the Borrowers are otherwise permitted to borrow such amount pursuant to the terms and conditions of this Agreement at the time such amount is calculated.

  • Consolidated Net Loss for any fiscal period, means the amount which, in conformity with GAAP, would be set forth opposite the caption "net income" (or any like caption), as the case may be, on a consolidated statement of earnings of the Borrower and its Subsidiaries, if any, for such fiscal period.

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

  • Consolidated Asset Coverage Ratio means, as of any date of determination, the ratio of (a) Consolidated Assets to (b) the sum of the aggregate amount of Revolving Borrowings and Term Loans then outstanding.

  • Consolidated Net Worth means at any time the consolidated stockholders’ equity of the Borrower and its Subsidiaries calculated on a consolidated basis as of such time.

  • Consolidated Depreciation Expense means, for any period, the depreciation expense of Borrower and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.

  • Consolidated Income Available for Debt Service for any period means Earnings from Operations of the Company and its Subsidiaries plus amounts which have been deducted, and minus amounts which have been added, for the following (without duplication): (i) interest on Debt of the Company and its Subsidiaries, (ii) provision for taxes of the Company and its Subsidiaries based on income, (iii) amortization of debt discount and deferred financing costs, (iv) provisions for gains and losses on properties and property depreciation and amortization, (v) the effect of any noncash charge resulting from a change in accounting principles in determining Earnings from Operations for such period and (vi) amortization of deferred charges.

  • Consolidated Cash Interest Charges means, for any Measurement Period, all Consolidated Interest Charges paid or payable in cash by Holdings and its Subsidiaries on a consolidated basis.

  • Consolidated Debt Service means, for any relevant period, the sum (without double counting), determined in accordance with GAAP, of:

  • Consolidated Cash Interest Expense means, for any period, Consolidated Interest Expense for such period, excluding any amount not payable in Cash.

  • Consolidated Net Debt means, as of any date of determination, (a) Consolidated Total Debt minus (b) Available Cash.

  • Consolidated Interest Expense means, with respect to any Person for any period, without duplication, the sum of:

  • Consolidated Adjusted Debt means, at any time, the sum of, without duplication, (i) Consolidated Funded Indebtedness and (ii) the product of Consolidated Rents multiplied by 6.0.

  • Consolidated Indebtedness means at any time the Indebtedness of the Borrower and its Subsidiaries calculated on a consolidated basis as of such time.

  • Consolidated Account means an account which is a consolidation of any separate accounts of a person who is liable for payment to the Municipality.