DAC Tax Reimbursement Sample Clauses

DAC Tax Reimbursement. (a) For purposes of this Agreement, the term "DAC Adjustment" is calculated as follows: First, for each taxable year with respect to each category of Policies, "the gross amount incurred by the reinsurer with respect to [this Agreement]" (as such phrase is defined in Treasury Regulations Section 1.848-2(f)(2)(i)(A) issued pursuant to Section 848 of the Code) for such category (but not including any DAC Adjustment incurred in such year) is multiplied by the applicable percentage set forth in Section 848(c)(1) of the Code for such category. The amount, if any, from the preceding sentence for a category of Policies is then reduced (below zero, if necessary) by the amortization allowed the Company under Section 848(a)(2) of the Code with respect to any such amount (without regard to any payment of any DAC Adjustment). The result for a category, whether positive or negative, is then multiplied by the quotient of: tr/(1-(tr x (l+Y))), where tr = the maximum applicable marginal corporate federal income tax percentage (as set forth in Section 11 of the Code) for the taxable year, and Y= the applicable percentage set forth in Section 848(c)(1) of the Code for such category of Policies. The aggregate amount of such calculations for all categories of Policies for a taxable year (whether positive or negative) is the DAC Adjustment for the year.
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DAC Tax Reimbursement. It is intended that the Ceding Company generally should not bear an economic cost relating to the federal income Tax treatment of the net consideration determined under Code Section 848 with regard to the New Insurance Policies. To achieve this result, the Parties will negotiate in good faith with respect to each year in which the Ceding Company suffers a Tax detriment as a result of the issuance of any New Insurance Policy or the fact that any New Insurance Policy remains in force, an annual reimbursement amount payable by the Reinsurer to the Ceding Company (the “DAC Tax Reimbursement”) that reflects the net Tax detriment suffered by the Ceding Company as a result thereof in such year. Such amount shall be remitted by the Reinsurer to the Ceding Company as soon as reasonably practicable following the completion of such negotiations. The Parties shall cooperate in good faith to determine a reimbursement methodology that minimizes administrative costs for both Parties and the need for ongoing calculations with respect to relevant Premiums on the New Insurance Policies. The amount of any Tax detriment shall be calculated without regard to Tax items or attributes of the Ceding Company unrelated to the New Insurance Policies, including any “net negative consideration” under Code Section 848 unrelated to the New Insurance Policies. Any dispute between the Parties with regard to the proper amount of the DAC Tax Reimbursement will be resolved by an independent accounting firm mutually acceptable to the Parties.
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DAC Tax Reimbursement. The DAC Tax Payment shall be calculated as follows: DAC = [k*(.95)*(NC)*(NQ)—AMORT] * [TAX%/(1-TAX%)] ARM Where: DAC = DAC Tax Payment for Settlement of Account Date k = DAC Tax capitalization rate, equal to .077 NQ = Percentage of Non Qualified consideration incurred NC = The Cash Settlement Value (see Schedule B) prior to inclusion of DAC Tax Reimbursement AMORT = Amortization (over 10 years) relating to prior DAC capitalization under this Agreement TAX % = The Federal Corporate Income Tax—currently 35% ARM = Xxxxxxxxx’x Constant = 1-[k*(TAX%)*(.95)/(1-TAX%)]
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DAC Tax Reimbursement. On a quarterly basis, the Reinsurer shall reimburse (or be reimbursed by, as the facts may provide) the Company for DAC Taxes incurred on Policies issued on or after the Effective Time and on additional premiums paid on Policies on or after the Effective Time. The DAC Tax reimbursement shall be computed by multiplying the DAC Tax Factor by the net consideration earned by the Company for Policies issued on or after the Effective Time and for additional premiums paid on Policies on or after the Effective Time that is subject to DAC tax pursuant to the provisions of Section 848 of the Internal Revenue Code of 1986, as amended (the "Code"), and its related Treasury Regulations. The "DAC Tax Factor" shall mean 0.215% for "annuities," 0.252% for "group life" contracts, and 0.94% for "other life and accident and health" contracts, as such terms are defined in Section 848 of the Code. The Company and the Reinsurer mutually agree to prospectively adjust the DAC Tax Factor to reflect any changes in the Federal income tax rate applicable to the Company or changes to Section 848 of the Code or to the related Treasury Regulations.
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DAC Tax Reimbursement. In regards to the Policies reinsured hereunder, Reinsurer shall calculate and pay to Reinsured annually:
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DAC Tax Reimbursement. On a basis no less frequent than annual, REINSURER shall reimburse (or be reimbursed by, as the facts may provide) the CEDANT for DAC Taxes incurred on the Riders reinsured hereunder. The DAC Tax reimbursement shall be computed by multiplying the DAC Tax Factor by (i) 100% of reinsurance premiums as calculated in ARTICLE V of this Agreement, plus (ii) CEDANT's Net Consideration (as defined in Section 848 of the Internal Revenue Code of 1986, as amended, and the related Treasury Regulations) relating to this Agreement. The "
Sample 1
DAC Tax Reimbursement. It is intended that the Ceding Company generally should not bear an economic cost relating to the federal income Tax treatment of the net consideration determined under Code Section 848 with regard to the New Insurance Policies. To achieve this result, the Parties will negotiate in good faith with respect to each year in which the Ceding Company suffers a Tax detriment as a result of the issuance of any New Insurance Policy or the fact that any New Insurance Policy remains in force, an annual reimbursement amount payable by the Reinsurer to the Ceding Company (the “DAC Tax Reimbursement”) that reflects the net Tax detriment suffered by the Ceding Company as a result thereof in such year. Such amount shall be remitted by the Reinsurer to the Ceding Company as soon as reasonably practicable following the completion of such negotiations. The Parties shall cooperate in good faith to determine a reimbursement methodology that minimizes administrative costs for both Parties and the need for ongoing calculations with respect to relevant Premiums on the New 42115819.1
Sample 1
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DAC Tax Reimbursement. In accordance with Treasury Regulations Section 1.848-2(g)(8), the Company and the Reinsurer hereby elect to determine specified contract acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1) of the Code.
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Related to DAC Tax Reimbursement

  • Tax Reimbursement (a) Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any payments or distributions by Ceridian to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, but determined without regard to any payments required under this Section 7.04) (collectively, the "Payments") would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties are incurred by Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the "Excise Tax"), then Executive shall be entitled to receive an additional payment (a "Gross-Up Payment") in an amount such that, after payment by Executive of all taxes (and any interest or penalties imposed with respect to such taxes), including any income taxes and Excise Tax imposed upon the Gross-Up Payment, Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments.

  • Expense Reimbursement The Executive shall be entitled to receive reimbursement for all appropriate business expenses incurred by him in connection with his duties under this Agreement in accordance with the policies of the Company as in effect from time to time.

  • Expense Reimbursements To the extent that any reimbursements payable pursuant to this Agreement are subject to the provisions of Section 409A of the Code, any such reimbursements payable to Executive pursuant to this Agreement shall be paid to Executive no later than December 31 of the year following the year in which the expense was incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, and Executive’s right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit.

  • Business Expense Reimbursement During the Term of employment, the Executive shall be entitled to receive proper reimbursement for all reasonable, out-of-pocket expenses incurred by the Executive (in accordance with the policies and procedures established by the Company for its senior executive officers) in performing services hereunder, provided the Executive properly accounts therefore.

  • Loss Reimbursement Subadviser shall reimburse the Account for any material error to the Fund's net asset value caused by Subadviser's breach of its standard of care, as set forth in the following sentence that is a direct cause of a delay in the accurate daily pricing of the Fund. In managing the Account, Subadviser shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.

  • Business Expense Reimbursements During the Term, the Company shall promptly reimburse Executive for Executive’s reasonable and necessary business expenses in accordance with the Company’s then-prevailing policies and procedures for expense reimbursement (which shall include appropriate itemization and substantiation of expenses incurred).

  • Cost Reimbursement This payment method is based on an approved budget and submission of a request for reimbursement of expenses Xxxxxxx has incurred at the time of the request;

  • Compensation and Expense Reimbursement A. Client will pay the Company, as compensation for the services provided for in this Agreement and as reimbursement for expenses incurred by Company on Client's behalf, in the manner set forth in Schedule A annexed to this Agreement which Schedule is incorporated herein by reference.

  • Excise Tax Payments (a) Notwithstanding anything contained in this Agreement to the contrary, in the event that any payment (within the meaning of Section 280G(b)(2) of the Internal Revenue Code of 1986, as amended or replaced (the "Code")), or distribution to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise in connection with, or arising out of, his or her employment with the Company (a "Payment" or "Payments"), would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties are incurred by the Executive with respect to such excise tax (such excise tax, interest and penalties collectively referred to as the "Excise Tax"), then the Executive shall be entitled to receive an additional payment (a "Gross-Up Payment") in an amount such that after payment by the Executive of all such taxes (including any interest or penalties imposed with respect to such taxes), including any Excise Tax imposed upon the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments; provided, that the Executive shall not be entitled to receive any additional payment relating to any interest or penalties attributable to any action or omission by the Executive in bad faith.

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