Common use of Application by a U.S Clause in Contracts

Application by a U.S. branch. A U.S. branch of an alien company apply- ing for such recognition shall file the following data with the designated Treasury official, and shall transmit therewith the fee in accordance with the provisions of § 223.22: (1) The submissions listed in para- graphs (a) (1) through (5) of this sec- tion, except that the financial state- ment of such branch shall show that it has net assets of not less than $250,000 over and above all liabilities, and (2) Evidence satisfactory to the Sec- retary of the Treasury to establish that it has on deposit in the United States not less than $250,000 available to its policyholders and creditors in the United States.