Modco Accounts definition

Modco Accounts has the meaning set forth in Section 3.1(a).
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Modco Accounts means the “Modco Accounts,” as such term is defined in the Coinsurance Agreement, the Guaranteed Cost Coinsurance Agreement, the XXXX Modco Agreement and the Excluded Business Coinsurance Agreement.
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Examples of Modco Accounts in a sentence

  • Prior to the first Effective Time as to any Novation Subject Contract that constitutes a NI Modco Accounts Reinsured Contract, the Assuming Company shall establish and maintain one or more non-insulated separate accounts to mirror the Ceding Company’s NI Modco Account for such Novation Subject Contracts, and shall allocate to such separate accounts all assets and liabilities with respect to NI ModCo Accounts Reinsured Contracts that become Novated Contracts in accordance with applicable Law.

  • On the date during which the applicable Effective Time for such Novated Contracts occurs, the Ceding Company shall transfer to the Assuming Company assets with a Statutory Book Value equal to the Funds Withheld Account Balance or NI Modco Accounts Balance, as applicable, with respect to such Novated Contracts.

  • Investment income, capital gains and losses earned or accrued on the assets held in each of the Modco Accounts shall be credited to such Modco Account.

  • On the Recapture Date, all funds allocated to the Modco Accounts shall be released and no payment shall be due in respect thereof.

  • For the avoidance of doubt, the Cedant and the Reinsurer acknowledge and agree that the Reinsurer’s Quota Share of policy loans in respect of the Reinsured Policies shall be credited to the Modco Accounts and interest thereon shall be accounted for in accordance with Schedule 6.1(c).

  • The Cedant shall own and control all General Account Assets and Separate Accounts Assets in the Modco Accounts.

  • The Recoverables to which the Reinsurer is entitled pursuant to this Section 4.3 shall be provided through adjustments to the Modco Accounts in accordance with Section 6.1.

  • The Reinsurer’s indemnification obligations pursuant to this Section 4.4 shall be satisfied through adjustments to the Modco Accounts in accordance with Section 6.1.

  • All investment expenses of the Ceding Company in managing such assets shall be paid by the Reinsurer either directly by the Reinsurer or by the Ceding Company’s withdrawal of such expenses from the NI Modco Accounts.

  • In addition, the calculation of the Statutory Book Value of equity securities and Xxxxxx held in the NI Modco Accounts shall include unrealized gains and losses on such equity securities and Xxxxxx.

Related to Modco Accounts

  • Interim Accounts means the unaudited consolidated quarterly financial statements of the Issuer for the quarterly period ending on each 31 March, 30 June, 30 September and 31 December in each year, prepared in accordance with GAAP.

  • Sub-Accounts means the respective Sub-Accounts of the Escrow Account, into which the monies specified in Clause 4.1 would be credited every month and paid out if due, and if not due in a month then appropriated proportionately in such month and retained in the respective Sub Accounts and paid out therefrom on the Payment Date(s).

  • Intercompany Accounts has the meaning set forth in Section 2.03(a).

  • Management Accounts means unaudited accounts which shall incorporate a profit and loss statement, cash flow statement and balance sheet.

  • Special Accounts means the accounts referred to in Section 2.02 (b) of this Agreement;

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

  • Separate Accounts means the accounts which are to be prepared for each

  • Collection Accounts As defined in Section 3.10(a).

  • Operating Accounts shall have the meaning ascribed to it in Section 4.03.A.

  • Earnings Accounts means the bank accounts of each of the Obligors from time to time each of which shall be held with the Agent or any of the Agent’s corresponding banks and to which all the Earnings and any proceeds of the Insurances shall be paid.

  • Locked Box Accounts means the accounts in agreed form of the Group Companies, comprising a balance sheet as at the Locked Box Date and profit and loss account for the period which commenced on 18 October 2016 and which ended on the Locked Box Date;

  • Designated Accounts as used in any security agreement means both the Designated Accounts hereunder and the “Designated Accounts” in the comparable agreement entered into with respect to any other Pledgor.

  • Lockbox Accounts means the accounts maintained by Borrower at the Lockbox Banks into which all collections or payments on their Accounts and other Collateral are paid.

  • Excluded Accounts means any deposit account or securities account used exclusively as (a) payroll and other employee wage and benefit accounts, (b) tax accounts, including sales tax accounts, (c) escrow, fiduciary or trust accounts, (d) zero balance accounts and (e) the funds or other property held in or maintained in any such account identified in clauses (a) through (d).

  • Cash Management Accounts means the bank accounts of each Loan Party maintained at one or more Cash Management Banks listed on Schedule 8.01.

  • Concentration Accounts has the meaning ascribed to it in Annex C.

  • 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.

  • Funding Accounts has the meaning assigned to such term in Section 4.01(h).

  • Intercompany Account means any intercompany account balance outstanding as of immediately prior to the Initial Closing between (a) the Company or any of its Subsidiaries, on the one hand, and (b) the Owner or any Affiliate of the Owner (other than the Company or any of its Subsidiaries), any of their respective directors, officers or employees or any spouse, parent, siblings, descendants (including adoptive relationships and stepchildren) of the Owner and the spouses of each such natural persons, on the other hand.

  • Revenue Account means the Revenue Account established pursuant to the Resolution. “Revenues” means the Pledged Receipts and Recoveries of Principal.

  • Series Accounts means, collectively, the Finance Charge Account, the Principal Account, the Principal Accumulation Account, the Distribution Account, the Reserve Account and the Spread Account.

  • Other Accounts means all of the accounts and funds, other than the Sub-Advised Assets, managed by the Sub-Adviser for or on behalf of Northern Trust Investments, Inc. and/or its affiliates that have a substantially similar investment strategy for which the Sub-Adviser is being engaged pursuant to this Agreement.

  • Distribution Accounts Collectively, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, the Excess Interest Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single Eligible Account.

  • Client Accounts means accounts of Clients (i) that are Controlled by an Access Person and (ii) in which no Access Person has a substantial proportionate economic interest; provided that, the Client pays a management, advisory or any other similar arms-length fee to the Access Person and the beneficiary of the Client Account is not an Immediate Family member of an Access Person.