statutory income definition
statutory income means statutory income ascertained in accordance with this Act;
statutory income means, for any period with respect to any Insurance Subsidiary, the statutory net gain from operations of such Insurance Subsidiary, computed in accordance with SAP and as set forth on line 31 of the Summary of Operations in the Annual Statement or the Quarterly Statement of such Insurance Subsidiary most recently delivered to the Administrative Agent and the Lenders pursuant to Section 5.04 or, if such statement shall be modified, the equivalent item on any applicable successor form.
statutory income means statutory income ascertained in accordance with this Act; "statutory order" means an order having legislative effect; "stock in trade" of a chargeable
More Definitions of statutory income
statutory income means the pre-tax statutory income of the Borrower's Consolidated Insurance Subsidiaries (excluding capital gains and losses, but adjusting the amount of investment income derived from tax-exempt securities by dividing the nominal amount of such tax-exempt investment income by a fraction equal to 1 minus the Borrower's marginal tax rate).