FA Value. As of any date of determination with respect to any AGER Funding Agreement, the outstanding deposit amount thereunder (provided, that to the extent that such Funding Agreement is issued in a currency other than U.S. Dollars, the outstanding deposit amount of such Funding Agreement shall be converted to U.S. Dollars will be converted to U.S. Dollars by AAM using the mid-spot rate applicable to such currency exchanges reported by Bloomberg as the of the end of the last business day of the... applicable month or reported by such other source as reasonably determined by AAM if Bloomberg is not available. For purposes of determining the applicable FA Rebate Amount, the FA Value of an AGER Funding Agreement will be increased (or decreased) by positive (or negative) Applicable Quarterly Net Investment Margin beginning on the first day of the first full fiscal quarter after such AGER Funding Agreement was issued and on the first day of each fiscal quarter thereafter. As used herein, the "Applicable Net Investment Margin" shall mean the investment margin on deferred annuities determined in accordance with GAAP and published by AHL in its then most recent annual report filed with the SEC (or such other audited source as may be agreed by the parties), and the "Applicable Quarterly Net Investment Margin" shall be the Applicable Net Investment Margin divided by 4. Notwithstanding the foregoing, when the outstanding deposit amount under any AGER Funding Agreement has been reduced to zero, the FA Rebate Amount with respect to such AGER Funding Agreement shall be zero and the FA Value of such AGER Funding Agreement shall be zero.View More
