Security Funding Report definition
Examples of Security Funding Report in a sentence
Notwithstanding anything to the contrary herein, if, in the absence of a Triggering Event or Recapture Event, the Security Funding Report demonstrates that the Required Balance is less than or equal to $5 million, then (a) the Reinsurer and the Ceding Company shall promptly deliver a joint notice to the Trustee to terminate the Trust Account and (b) the Reinsurer shall have no further obligation to maintain any asset in the Trust Account pursuant to this Agreement.
In addition, no later than [REDACTED] calendar days following the end of each calendar quarter, the Reinsurer shall provide to the Ceding Company a report indicating if any of the assets in the Security Funding Report for such calendar quarter are not an Eligible Asset and including reasonable and customary backup material demonstrating that the assets in Trust Account, together with the assets in the Protective Life Trust Account, are in compliance with the investment guidelines set forth on Schedule C.
In connection with any Failure to Top-Up, the shortfall amount between (x) the Market Value of the Collateral in the Trust Account and the Segregated Account as set forth in the most recent Security Funding Report or Interim Security Funding Report, as applicable, and (y) the Hannover Required Balance as of the most recent calendar quarter end is referred to herein as the “Top-Up Shortfall”.