Reserve Adjustment means as of any day the remainder of one minus that percentage (expressed as a decimal) which is the highest of any such percentages established by the Board of Governors of the Federal Reserve System (or any successor) for required reserves (including any emergency, marginal, or supplemental reserve requirement) regardless of the aggregate amount of deposits with said member bank and without benefit of any possible credit, proration, exemptions, or offsets for time deposits established at offices of member banks located outside of the United States or for eurocurrency liabilities, if any.
Reserve Adjustment has the meaning set forth in Section 2.2(d).
Reserve Adjustment shall have the meaning assigned such term in Section 5.23(a) hereof.
Examples of Reserve Adjustment in a sentence
Such reports will include information on the amount of Reinsurance Premiums, Allowance for Commissions and Expenses, Benefit Payments, Modified Coinsurance Reserve, Modified Coinsurance Reserve Adjustment, and the increase in the CARVM Allowance for the Reinsured Policies.
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Operating Cost Reserve Adjustment ($ in millions) The calculation of the 15% change is as follows.
On a monthly basis, commencing with the month in which the Closing occurs, an amount equal to the Monthly Reserve Adjustment will be shown as a credit to the Reinsurer on the Accountings required by Sections 3.5 and 3.6 below, if the foregoing formula yields a negative amount, or as a credit to the Company on such Accountings, if the foregoing formula yields a positive amount.
The Monthly Reserve Adjustment shall be calculated on a pre-tax basis.
More Definitions of Reserve Adjustment
Reserve Adjustment means an amount equal to 0.65 times the greater of (A)(i) the Net Reserve Release Amount minus (ii) $53 million and (B) $0.
Reserve Adjustment means a fraction (expressed as a decimal), the numerator of which is the number one (1) and the denominator of which is the number one (1) minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Agent is subject with respect to eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages will include those imposed pursuant to such Regulation D. Loans will be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Reserve Adjustment will be adjusted automatically on and as of the effective date of any change in any applicable reserve percentage.
Reserve Adjustment. EBITDA shall mean, with respect to any Person and its Subsidiaries for any test period, EBITDA, plus, to the extent deducted in determining EBITDA, one-time expenses incurred in connection with Permitted Acquisitions in an amount not to exceed $500,000.00 for any Fiscal Year, provided such expenses are incurred not later than 90 days after the closing of the applicable Permitted Acquisition, all on a consolidated basis. Restricted Payment shall mean (a) the declaration or payment of any dividend or the incurrence of any liability to make any other payment or distribution of cash or other property or assets (other than in the form of common stock) in respect of a Person's equity interests, (b) any payment on account of the purchase, redemption, defeasance, sinking fund or other retirement of a Person's equity interests or any other payment or distribution made in respect thereof, either directly or indirectly, (c) any payment or prepayment of principal of, premium, if any, or interest, fees or other amounts on or with respect to, and any redemption, purchase, retirement, defeasance, sinking fund or similar payment and any claim for rescission with respect to, any Subordinated Debt; (d) any payment made to redeem, purchase, repurchase or retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire equity interests of such Person now or hereafter outstanding; and (e) any payment, loan, contribution, or other transfer of funds or other property to any equity holder of such Person. Revolving Loan Availability shall mean with respect to Borrowers an amount up to the sum of the following sublimits: (i) up to eighty-five percent (85.0%) of the face amount (less maximum discounts, credits and allowances which may be taken by or granted to Account Debtors in connection therewith in the ordinary course of Borrowers’ business) of Borrowers’ Eligible Accounts; provided that such advance rate shall be reduced by one (1) percentage point for each whole or partial percentage point by which Dilution (as determined by Administrative Agent in good faith based on the results of the most recent twelve (12) month period for which Administrative Agent has conducted a field audit of Borrowers) exceeds five percent (5%); plus (ii) up to ninety percent (90.0%) of the face amount (less maximum discounts, credits and allowances which may be taken by or granted to Account Debtors in connection therewith in the ordinary course of Borrowers’ busine...
Reserve Adjustment. Reserve Adjustment" means as of any day the remainder of one minus that percentage (expressed as a decimal) which is the highest of any such percentages established by the Board of Governors of the Federal Reserve System (or any successor) for required reserves (including any emergency, marginal or supplemental reserve requirement) regardless of the aggregate amount of deposits with said member bank and without benefit of any possible credit, proration, exemptions or offsets for (a) (in determination of an Adjusted CD Rate) any type, duration or amount of new time deposit established that day at offices of member banks located in the United States, or (b) (in determination of an Adjusted LIBOR Rate) for time deposits established at offices of member banks located outside of the United States or for eurocurrency liabilities, if any. It is understood that either or both options may be used during a monthly billing period and that the billing by Bank will reflect the total of both options. If borrowings under Option 2 are prepaid, such prepayment shall be subject to a prepayment penalty consisting of the differential, if any, by which the then current rate is less than such rate at the borrowing date, applied to the amount of the borrowing for the period from the prepayment date through the date of maturity of such borrowings.
Reserve Adjustment means as of any day the remainder of one minus that percentage (expressed as a decimal) which is the highest of any such percentages established by the Board of Governors of the Federal Reserve System (or any successor) for required reserves (including any emergency, marginal or supplemental reserve requirement) regardless of the aggregate amount of deposits with said member bank and without benefit of any possible credit, proration, exemptions or offsets for (a) (in determination of an Adjusted CD Rate) any type, duration or amount of new time deposit established that day at offices of member banks located in the United States, or (b) (in determination of an Adjusted LIBOR Rate) for time deposits established at offices of member banks located outside of the United States or for eurocurrency liabilities, if any. It is understood that either or both options may be used during a monthly billing period and that the billing by Bank will reflect the total of both options. If borrowings under Option 2 are prepaid, such prepayment shall be subject to a prepayment penalty consisting of the differential, if any, by which the then current rate is less than such rate at the borrowing date, applied to the amount of the borrowing for the period from the prepayment date through the date of maturity of such borrowings.
Reserve Adjustment means the amount necessary to provide continuing coverage for the Covered Obligations in the amounts set forth in Exhibit IV.A and includes a reduction of $50,000 for the Companion Life policies and a reduction of $187,500 for the Hospital Indemnity policies.
Reserve Adjustment means the amount of reserve adjustments for increases (compared to the amounts therefor set forth on the audited TSL balance sheet at December 31, 1999) in ultimate estimated liabilities relating to 1999 and prior accident years. The Reserve Adjustment shall be calculated by Buyer and delivered to the Sellers' Advisory Representative at least sixty (60) days prior to the Payment Date for the first Earnout Period. If the Sellers' Advisory Representative does not deliver to Buyer a written objection with respect to the calculation of the Reserve Adjustment within ten (10) days following receipt, the calculation of the Reserve Adjustment shall be conclusive and binding upon the parties to this Agreement. If the Sellers' Advisory Representative does deliver a timely written objection with respect to the calculation of the Reserve Adjustment, the calculation of the Reserve Adjustment shall be submitted to an Independent Actuarial Firm, whose calculation of the Reserve Adjustment shall be conclusive and binding upon the parties to this Agreement. If the Reserve Adjustment calculated in accordance with the foregoing is determined to be negative due to net decreases in ultimate estimated liabilities relating to 1999 and prior accident years, the Reserve Adjustment will be zero (0).