NAIC Ratings definition

NAIC Ratings means the quality ratings assigned by the Securities Valuation Office of the NAIC to investments of the Company and its Consolidated Subsidiaries. References in this Agreement to particular NAIC Ratings are references to such ratings as currently defined and classified by the Securities Valuation Office of the NAIC and if such rating system is changed then each reference to a particular rating in this Agreement shall be deemed to be a reference to the rating under such changed rating system which most closely approximates the credit quality of the particular rating as defined on the date of this Agreement.
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NAIC Ratings means the quality ratings assigned by the Securities Valuation Office of the NAIC to investments of the Guarantor and the Primary Insurance Subsidiaries. References in this Agreement to particular NAIC ratings are references to such ratings as currently defined and classified by the Securities Valuation Office of the National Association of Insurance Commissioners and if such rating system is changed then each reference to a particular rating in this Agreement shall be deemed to be a reference to the rating under such changed rating system which most closely approximates the credit quality of the particular rating as currently defined. The Guarantor will use its best efforts to at all times have not less than 90% of its bond portfolio and that of the Primary Insurance Subsidiaries covered by NAIC Ratings. If for any reason beyond the control of the Guarantor NAIC Ratings are unavailable for such percentage of the bond portfolios of the Guarantor and the Primary Insurance Subsidiaries or the NAIC rating system is discontinued then in that event the Guarantor and the Banks agree to negotiate in good faith for an amendment to this Agreement replacing Sections 8.2 and 8.3 hereof with new covenants measuring the credit quality of the bond portfolio of the Guarantor and the Primary Insurance Subsidiaries and which are not materially more liberal nor restrictive than Sections 8.2 and 8.3 hereof as presently in effect, but in the event that the Guarantor and the Majority Banks are unable to agree to such an amendment within 60 days of the date the NAIC rating system is discontinued or
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NAIC Ratings means the quality ratings assigned by the Securities Valuation Office of the National Association of Insurance Commissioners to investments of the Guarantor and the Primary Insurance Subsidiaries. References in this Agreement to particular NAIC ratings are references to such ratings as currently defined and classified by the Securities Valuation Office of the National Association of Insurance Commissioners and if such rating system is changed then each reference to a particular rating in this Agreement shall be deemed to be a reference to the rating under such changed rating system which most closely approximates the credit quality of the particular rating as currently defined. The Guarantor will use its best efforts to at all times have not less than 90% of its bond portfolio and that of the Primary Insurance Subsidiaries covered by NAIC Ratings. If for any reason beyond the control of the Guarantor NAIC Ratings are unavailable for such percentage of the bond portfolios of the Guarantor and the Primary Insurance Subsidiaries or the NAIC rating system is discontinued then in that event the Guarantor and the Banks agree to negotiate in good faith for an amendment to this Agreement replacing Sections 6.11 and 6.12 hereof with new covenants measuring the credit quality of the bond portfolio of the Guarantor and the Primary Insurance Subsidiaries and which are not materially more liberal nor restrictive than Sections 6.11 and 6.12 hereof as presently in effect, but in the event that the Guarantor and the Required Banks are unable to agree to such an amendment within 60 days of the date the NAIC rating system is discontinued or the Guarantor is unable to comply with the preceding sentence then in that event this Agreement may, at the option of the Required Banks or the Guarantor, terminate whereupon the Commitments shall terminate and all outstanding Loans, together with interest thereon and any amounts due the Banks under this Agreement, including Section 2.5 hereof, shall be repaid.
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Examples of NAIC Ratings in a sentence

  • The Guarantor shall not permit the portion of the Invested Assets of the Guarantor and its Primary Insurance Subsidiaries consisting of notes, bonds and other obligations classified as bonds which bear NAIC Ratings from five to six to exceed 13% of Total SAP Adjusted Capital.

  • Maximum amount of notes, bonds and other obligations classified as bonds which bear NAIC Ratings from three to six, both inclusive (7.0% of Item 1) $___________ 3.

  • The Guarantor will not at any time permit the portion of the invested assets of the Guarantor and the Primary Insurance Subsidiaries consisting of notes, bonds and other obligations of a character classified as "Bonds" on a consolidated balance sheet of the Guarantor and the Primary Insurance Subsidiaries prepared in accordance with AAP which bear NAIC Ratings of from 5 to 6 both inclusive to exceed 13% of Capital.

  • The Guarantor shall not permit Invested Assets of the Guarantor and its Primary Insurance Subsidiaries consisting of notes, bonds and other obligations classified as bonds which bear NAIC Ratings from three to six, both inclusive, to exceed 7.0% of Net Invested Assets.

  • Maximum amounts of notes, bonds, and other obligations classified as bonds which bear NAIC Ratings from five to six, both inclusive (13% of Item 1) $___________ 3.

  • The Guarantor will not at any time permit the portion of the invested assets of the Guarantor and the Primary Insurance Subsidiaries consisting of notes, bonds and other obligations of a character classified as "Bonds" on a consolidated balance sheet of the Guarantor and the Primary Insurance Subsidiaries prepared in accordance with AAP which bear NAIC Ratings of from 3 to 6 both inclusive to exceed 5.5% of Net Invested Assets.

  • NAIC Ratings Migration • NAIC Migration– Manager will provide a report containing all ratings downgrades of Client holdings other than downgrades to a rating higher than NAIC 3.A. Monthly and quarterly reporting is to be provided to Client no later than 20 business days following the end of each calendar month.

  • The Guarantor shall not permit Invested Assets of the Guarantor and its Primary Insurance Subsidiaries consisting of notes, bonds and other obligations classified as bonds which bear NAIC Ratings from three to six, both inclusive, to exceed 5.5% of Net Invested Assets.