MRB Adjustment Amount definition
MRB Adjustment Amount means, with respect to MetLife and its Consolidated Subsidiaries, at any date, an amount equal to the sum of (a) the cumulative change from and after January 1, 2023 in carrying value of liabilities in connection with the ASU, which for avoidance of doubt will include the change in reserves due to market risk benefits (MRB), and (b) the cumulative change from and after January 1, 2023 in the fair value of derivatives in the market risk benefit hedging program of MetLife and its Consolidated Subsidiaries. Amounts (a) and (b) will be as reported quarterly in MetLife’s Form 10-Q or 10-K, as applicable. Such adjustments (i) shall apply to financial statements that are delivered to the Lenders in accordance with
MRB Adjustment Amount means, with respect to MetLife and its Consolidated Subsidiaries, at any date, an amount equal to the sum of (a) the cumulative change from and after January 1, 2023 in carrying value of liabilities in connection with the ASU, which for avoidance of doubt will include the change in reserves due to market risk benefits (MRB), and (b) the cumulative change from and after January 1, 2023 in the fair value of derivatives in the market risk benefit hedging program of MetLife and its Consolidated Subsidiaries. Amounts (a) and (b) will be as reported quarterly in MetLife’s Form 10-Q or 10-K, as applicable. Such adjustments (i) shall apply to financial statements that are delivered to the Lenders in accordance with Section 6.01, including financial statements for the quarter ended March 31, 2023; (ii) shall be computed on an after-tax basis beginning with the quarter ended March 31, 2023; and (iii) shall be determined in a manner substantially consistent with past practice as reflected in the calculation for the fiscal year ended December 31, 2022, as such past practice is updated as disclosed in MetLife’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 to reflect adoption of the ASU. The MRB Adjustment Amount may be a negative value (in which case it shall increase Consolidated Net Worth) or positive value (in which case it shall reduce Consolidated Net Worth) or zero.