Current Applicable 2016 Liabilities Value

Current Applicable 2016 Liabilities Value. Means as of the end of each calendar quarter after December 31, 2016, the Initial Applicable 2016 Liabilities Value less the Run-Off Amount for such calendar quarter; provided that the reserves backing such liabilities are, as of the applicable date of invoice of AAM fees under the Fee Agreement, in an Athene-Related Account.