Common use of DAC TAX Clause in Contracts

DAC TAX. The Company and the Reinsurer hereby enter into an election under Treasury Regulations Section 1.848-2(g) (8) whereby: a. For each taxable year under this Agreement, the party with the net positive consideration, as defined in the regulations promulgated under Treasury Code Section 848, will capitalize specified policy acquisition expenses with respect to this Agreement without regard to general deductions limitation of Section 848 (c) (1); b. The Company and the Reinsurer agree to exchange information pertaining to the net consideration under this Agreement each year to ensure consistency or as otherwise required by the Internal Revenue Service; c. The Company will submit to the Reinsurer by May 1 of each year its calculation of the net consideration for the preceding calendar year. This schedule of calculations will be accompanied by a statement signed by an officer of the Company stating that the Company will report such net consideration in its tax return for the preceding calendar year; d. The Reinsurer may contest such calculation by providing an alternative calculation to the Company in writing within 30 days of the Reinsurer's receipt of the Company's calculation. If the Reinsurer does not so notify the Company, the Reinsurer will report the net consideration as determined by the Company in the Reinsurer's tax return for the previous calendar year; e. If the Reinsurer contests the Company's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 days of the date the Reinsurer submits its alternative calculation. If the Company and the Reinsurer reach agreement on the net amount of consideration, each party will report such amount in their respective tax returns for the previous calendar year. Both Company and Reinsurer represent and warrant that they are subject to U.S. taxation under either Subchapter L of Chapter 1, or Subpart F of Subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.

DAC TAX. The Company and the Reinsurer hereby enter into an election under Treasury Regulations agree to the following pursuant to Section 1.848-2(g2(g)(8) (8) whereby:of the Income Tax Regulations issued December 29, 1992, under Section 848 of the Internal Revenue Code of 1986, as amended. This election shall be effective for all taxable years for which this Agreement remains in effect. a. For each taxable year under A. The term "party" will refer to either the Company or the Reinsurer, as appropriate. B. The terms used in this AgreementArticle are defined by reference to Regulation Section 1.848-2 in effect as of December 29, the 1992. The term "net consideration" will refer to net consideration as defined in Treasury Regulation Section 1.848-2(f). C. The party with the net positive consideration, as defined in the regulations promulgated under Treasury Code Section 848, consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses expense with respect to this Agreement without regard to the general deductions limitation of Section 848 (c) (1848(c)(1);. b. D. The Company and the Reinsurer agree to exchange information pertaining to the amount of the net consideration under this Agreement each year to ensure consistency or as otherwise required by the Internal Revenue Service;. c. E. The Company will submit a schedule to the Reinsurer by May June 1 of each year of its calculation of the net consideration for the preceding calendar year. This schedule of calculations will be accompanied by a statement signed by an officer of the Company stating that the Company will report such net consideration in its tax return for the preceding calendar year;. d. F. The Reinsurer may contest such calculation by providing an alternative calculation to the Company in writing within 30 thirty (30) days of the Reinsurer's receipt of the Company's Company calculation. If the Reinsurer does not so notify the Company, the Reinsurer will report the net consideration as determined by the Company in the Reinsurer's tax return for the previous calendar year;. e. G. If the Reinsurer contests the Company's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Company Reinsurer and the Reinsurer Company reach agreement on the net an amount of net consideration, each party will shall report such amount in their respective tax returns for the previous calendar year. Both Company and Reinsurer represent and warrant that they are subject to U.S. taxation under either Subchapter L of Chapter 1, or Subpart F of Subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.

DAC TAX. The Ceding Company and the Reinsurer hereby enter into an election under Treasury Regulations agree to the following, pursuant to Section 1.848-2(g2(g)(8) (8) wherebyof the Income Tax Regulation issued December 1992, under Section 848 of the Internal Revenue Code of 1986: a. For each taxable year under the term 'party" refers to either the Ceding Company or the Reinsurer, as appropriate; b. the terms used in this AgreementArticle are defined by reference to Regulation Section 1.848-2, effective December 29, 1992; c. the party with the net positive consideration, as defined in the regulations promulgated under Treasury Code Section 848, consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848 (c) (1848(c)(1); b. The Company and the Reinsurer d. all parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency consistency, or as otherwise required by the Internal Revenue Service; c. The Company e. the Reinsurer will submit a schedule to the Reinsurer Ceding Company by May April 1 of each year of its calculation of the net consideration for the preceding calendar year. This schedule of calculations will be accompanied by a statement signed by an officer of the Company stating that the Company Reinsurer will report such net consideration in its tax return for the preceding calendar year; d. The Reinsurer f. the Ceding Company may contest such calculation by providing an alternative calculation to the Company in writing within 30 days ReInsurer by May 1 of the Reinsurer's receipt year following the end of the Company's calculationtaxable year. If the Reinsurer Ceding Company does not so notify the CompanyReinsurer by May 1, the Reinsurer will report the net consideration as determined by the Company new considerations reported in the Reinsurer's respective tax return for returns will be the previous calendar yearvalue as defined in Item (e) above; e. If g. if the Reinsurer contests the Company's calculation of the net considerationCeding Company submits its alternative calculation, the parties will act in good faith to reach an agreement as to on the correct amount within 30 thirty (30) days of the date the Reinsurer Ceding Company submits its alternative calculation. If the Ceding Company and the Reinsurer reach agreement on an amount of the net amount of consideration, each party will shall report such amount in their respective tax returns for the previous calendar year. Both ; and h. the Ceding Company and the Reinsurer represent and warrant that they are subject to U.S. United States taxation under either Subchapter L of Chapter 1, or Subpart F of Part III of Subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.

DAC TAX. The Company and the Reinsurer hereby enter into an election under Treasury Regulations agree to the following pursuant to Section 1.848-2(g2(g)(8) (8) whereby:of the Income Tax Regulations issued December 29, 1992, under Section 848 of the Internal Revenue Code of 1986, as amended. This election shall be effective for all taxable years for which this Agreement remains in effect. a. For each taxable year under A. The term "party" will refer to either the Company or the Reinsurer, as appropriate. B. The terms used in this AgreementArticle are defined by reference to Regulation Section 1.848­2 in effect as of December 29, the 1992. C. The party with the net positive consideration, as defined in the regulations promulgated under Treasury Code Section 848, consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses expense with respect to this Agreement without regard to the general deductions limitation of Section 848 (c) (1c)(1);. b. D. The Company and the Reinsurer agree to exchange information pertaining to the amount of the net consideration under this Agreement each year to ensure consistency or as otherwise required by the Internal Revenue Service;. c. E. The Company will submit a schedule to the Reinsurer by May June 1 of each year of its calculation of the net consideration for the preceding calendar year. This schedule of calculations will be accompanied by a statement signed by an officer of the Company stating that the Company will report such net consideration in its tax return for the preceding calendar year;. d. F. The Reinsurer may contest such calculation by providing an alternative calculation to the Company in writing within 30 thirty (30) days of the Reinsurer's receipt of the Company's calculation. If the Reinsurer does not so notify the Company, the Reinsurer will report the net consideration as determined by the Company in the Reinsurer's tax return for the previous calendar year;. e. G. If the Reinsurer contests the Company's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Company Reinsurer and the Reinsurer Company reach agreement on the net an amount of net consideration, each party will shall report such amount in their respective tax returns for the previous calendar year. Both Company and Reinsurer represent and warrant that they are subject to U.S. taxation under either Subchapter L of Chapter 1, or Subpart F of Subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.

DAC TAX. The Company and parties to this Agreement agree to the Reinsurer hereby enter into an election under Treasury Regulations following provisions pursuant to Section 1.848-2(g2(g)(8) (8) wherebyof the Income Tax Regulations effective December 29, 1992, under Section 848 of the Internal Revenue Code of 1986, as amended: a. For each taxable year under The term “party” refers to either the Company or the Reinsurer, as appropriate. b. The terms used in this AgreementArticle are defined by reference to Regulation Section 1.848-2, the effective December 29, 1992. c. The party with the net positive consideration, as defined in the regulations promulgated under Treasury Code Section 848, consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848 (c) (1848(c)(1);. b. The Company and the Reinsurer d. Both parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency consistency, or as otherwise required by the Internal Revenue Service;. c. e. The Company will submit a schedule to the Reinsurer by May 1 of each year with its calculation of the net consideration for the preceding calendar year. This schedule of calculations will be accompanied by a statement signed by an officer of the Company stating that the Company will report such net consideration in its tax return for the preceding calendar year; d. . The Reinsurer may contest such calculation by providing an alternative calculation to the Company in writing within 30 thirty (30) days of the Reinsurer's ’s receipt of the Company's ’s calculation. If the Reinsurer does not so notify the CompanyCompany within the required timeframe, the Reinsurer will report the net consideration as determined by the Company in the Reinsurer's ’s tax return for the previous calendar year;. e. f. If the Reinsurer contests the Company's ’s calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Company and the Reinsurer reach an agreement on the net an amount of net consideration, each party will report such the agreed upon amount in their respective its tax returns return for the previous calendar year. . g. Both the Company and the Reinsurer represent and warrant that they are subject to U.S. United States taxation under either Subchapter L of Chapter 1, or Subpart F of Part III of Subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.

DAC TAX. 1) The Company and parties to this Agreement agree to the Reinsurer hereby enter into an election under Treasury Regulations following provisions pursuant to Section 1.848-2(g2(g)(8) (8) wherebyof the Income Tax Regulations effective December 29, 1992, under Section 848 of the Internal Revenue Code of 1986, as amended: a. For each taxable year under The term ‘party’ refers to either the Company or the Reinsurer, as appropriate. b. The terms used in this AgreementArticle are defined by reference to Regulation Section 1.848-2, the effective December 29, 1992. c. The party with the net positive consideration, as defined in the regulations promulgated under Treasury Code Section 848, consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848 (c) (1848(c)(1);. b. The Company and the Reinsurer d. Both parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency consistency, or as otherwise required by the Internal Revenue Service;. c. The e. If the Reinsurer has requested, the Company will submit a schedule to the Reinsurer by May June 1 of each year with its calculation of the net consideration for the preceding calendar year. This schedule of calculations will be accompanied by a statement signed by an officer of the Company stating that the Company will report such net consideration in its tax return for the preceding calendar year; d. . The Reinsurer may contest such calculation by providing an alternative calculation to the Company in writing within 30 thirty (30) days of the Reinsurer's ’s receipt of the Company's ’s calculation. If the Reinsurer does not so notify the CompanyCompany within the required timeframe, the Reinsurer will report the net consideration as determined by the Company in the Reinsurer's ’s tax return for the previous calendar year;. e. f. If the Reinsurer contests the Company's ’s calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Company and the Reinsurer reach an agreement on the net an amount of net consideration, each party will report such the agreed upon amount in their respective its tax returns return for the previous calendar year. . g. Both the Company and the Reinsurer represent and warrant that they are subject to U.S. United States taxation under either Subchapter L of Chapter 1, or Subpart F of Part Ill of Subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.

DAC TAX. The Company and parties hereto agree to the Reinsurer hereby enter into an election under Treasury Regulations following pursuant to Section 1.848-2(g2(g)(8) (8) whereby:of the Income Tax Regulations issued December 1992, under Section 848 of the Internal Revenue Code of 1986, as amended. This election shall be effective for 2004 and for all subsequent taxable years for which this Agreement remains in effect. a. For each taxable year under 14.1 The term "party" will refer to either contracting company as appropriate. 14.2 The terms used in this Agreement, the Article are defined by reference to Regulation Section 1 848-2 in effect December 1992. 14.3 The party with the net positive consideration, as defined in consideration for the regulations promulgated under Treasury Code Section 848, Coinsurance Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this the Coinsurance Agreement without regard to the general deductions limitation of Section 848 (c) (1848(c)(1);. b. The Company and the Reinsurer 14.4 Both parties agree to exchange information pertaining to the amount of net consideration under this the Coinsurance Agreement each year to ensure consistency or as otherwise required by the Internal Revenue Service;. c. 14.5 The Company will submit a schedule to the Reinsurer by May 1 of each year its of the calculation of the net consideration for the preceding calendar year. This schedule of calculations will be accompanied by a statement signed by an officer one of the Company Company's officers stating that the Company will report such net consideration in its tax return for the preceding calendar year;. d. 14.6 The Reinsurer may contest such calculation by providing an alternative calculation to the Company in writing within 30 days of the Reinsurer's receipt of the Company's calculation. If the Reinsurer does not so notify the Company, the Reinsurer will report the net consideration as determined by the Company in the Reinsurer's its tax return for the previous calendar year;. e. 14.7 If the Reinsurer contests the Company's calculation of the net considerationconsideration is contested, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date that the Reinsurer submits its Company receives the Reinsurer's alternative calculation. If the Company and the Reinsurer parties reach agreement on the net an amount of net consideration, each party will shall report such amount in their respective tax returns for the previous calendar year. Both Company and Reinsurer represent and warrant that they If the parties are subject unable to U.S. taxation under either Subchapter L of Chapter 1, or Subpart F of Subchapter N of Chapter 1 reach an agreement on the amount of the Internal Revenue Code net consideration, then the dispute will be resolved pursuant to Article XIV of 1986, as amendedthis Agreement.

DAC TAX. The Company and the Reinsurer hereby enter into an agree to the following pursuant to Section 1.8482(g)(8) of the Income Tax Regulations issued December 29, 1992, under Section 848 of the Internal Revenue Code of 1986, as amended. This election under Treasury Regulations shall be effective for all taxable years for which this Agreement remains in effect. 1. The term "party" will refer to either the Company or the Reinsurer, as appropriate. 2. The terms used in this Article are defined by reference to Regulation Section 1.848-2(g) (8) whereby:2 in effect as of December 29, 1992. a. For each taxable year under this Agreement, the 3. The party with the net positive consideration, as defined in the regulations promulgated under Treasury Code Section 848, consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses expense with respect to this Agreement without regard to the general deductions limitation of Section 848 (c) (1c)(1);. b. 4. The Company and the Reinsurer agree to exchange information pertaining to the amount of the net consideration under this Agreement each year to ensure consistency or as otherwise required by the Internal Revenue Service;. c. 5. The Company Reinsurer will submit a schedule to the Reinsurer Company by May June 1 of each year of its calculation of the net consideration for the preceding calendar year. This schedule of calculations will be accompanied by a statement signed by an officer of the Company Reinsurer stating that the Company Reinsurer will report such net consideration in its tax return for the preceding calendar year;. d. 6. The Reinsurer Company may contest such calculation by providing an alternative calculation to the Company Reinsurer in writing within 30 days of the ReinsurerCompany's receipt of the CompanyReinsurer's calculation. If the Reinsurer Company does not so notify the CompanyReinsurer, the Reinsurer Company will report the net consideration as determined by the Company Reinsurer in the ReinsurerCompany's tax return for the previous calendar year;. e. 7. If the Reinsurer Company contests the CompanyReinsurer's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer Company submits its alternative calculation. If the Company and the Reinsurer reach agreement on the net an amount of net consideration, each party will shall report such amount in their respective tax returns for the previous calendar year. Both Company and Reinsurer represent and warrant that they are subject to U.S. taxation under either Subchapter L of Chapter 1, or Subpart F of Subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.

DAC TAX. The Company and parties hereto agree to the Reinsurer hereby enter into an election under Treasury Regulations following pursuant to Section 1.848-2(g2(g)(8) (8) whereby:of the Income Tax Regulations issued December 1992, under Section 848 of the Internal Revenue Code of 1986, as amended. This election shall be effective for 2001 and for all subsequent taxable years for which this Agreement remains in effect. a. For each taxable year under 15.1 The term "party" will refer to either contracting company as appropriate. 15.2 The terms used in this Agreement, the Article are defined by reference to Regulation Section 1 848-2 in effect December 1992. 15.3 The party with the net positive consideration, as defined in consideration for the regulations promulgated under Treasury Code Section 848, Coinsurance Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this the Coinsurance Agreement without regard to the general deductions limitation of Section 848 (c) (1848(c)(1);. b. The Company and the Reinsurer 15.4 Both parties agree to exchange information pertaining to the amount of net consideration under this the Coinsurance Agreement each year to ensure consistency or as otherwise required by the Internal Revenue Service;. c. 15.5 The Company will submit a schedule to the Reinsurer by May 1 of each year its of the calculation of the net consideration for the preceding calendar year. This schedule of calculations will be accompanied by a statement signed by an officer one of the Company Company's officers stating that the Company will report such net consideration in its tax return for the preceding calendar year;. d. 15.6 The Reinsurer may contest such calculation by providing an alternative calculation to the Company in writing within 30 days of the Reinsurer's receipt of the Company's calculation. If the Reinsurer does not so notify the Company, the Reinsurer will report the net consideration as determined by the Company in the Reinsurer's its tax return for the previous calendar year;. e. 15.7 If the Reinsurer contests the Company's calculation of the net considerationconsideration is contested, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date that the Reinsurer submits its Company receives the Reinsurer's alternative calculation. If the Company and the Reinsurer parties reach agreement on the net an amount of net consideration, each party will shall report such amount in their respective tax returns for the previous calendar year. Both Company and Reinsurer represent and warrant that they If the parties are subject unable to U.S. taxation under either Subchapter L of Chapter 1, or Subpart F of Subchapter N of Chapter 1 reach an agreement on the amount of the Internal Revenue Code net consideration, then the dispute will be resolved pursuant to Article XIV of 1986, as amendedthis Agreement.

DAC TAX. The Ceding Company and the Reinsurer hereby enter into an election under Treasury Regulations agree to the following, pursuant to Section 1.848-2(g2(g)(8) (8) wherebyof the Income Tax Regulation issued December 1992, under Section 848 of the Internal Revenue Code of 1986: a. For each taxable year under the term “party” refers to either the Ceding Company or the Reinsurer, as appropriate; b. the terms used in this AgreementArticle are defined by reference to Regulation Section 1.848-2, effective December 29, 1992; c. the party with the net positive consideration, as defined in the regulations promulgated under Treasury Code Section 848, consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848 (c) (1848(c)(1); b. The Company and the Reinsurer d. all parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency consistency, or as otherwise required by the Internal Revenue Service; c. The Company e. the Reinsurer will submit a schedule to the Reinsurer Ceding Company by May April 1 of each year of its calculation of the net consideration for the preceding calendar year. This schedule of calculations will be accompanied by a statement signed by an officer of the Company stating that the Company Reinsurer will report such net consideration in its tax return for the preceding calendar year; d. The Reinsurer f. the Ceding Company may contest such calculation by providing an alternative calculation to the Company in writing within 30 days Reinsurer by May 1 of the Reinsurer's receipt year following the end of the Company's calculationtaxable year. If the Reinsurer Ceding Company does not so notify the CompanyReinsurer by May 1, the Reinsurer will report the net consideration as determined by the Company considerations reported in the Reinsurer's respective tax return for returns will be the previous calendar yearvalue as defined in Item (e) above; e. If g. if the Reinsurer contests the Company's calculation of the net considerationCeding Company submits its alternative calculation, the parties will act in good faith to reach an agreement as to on the correct amount within 30 thirty (30) days of the date the Reinsurer Ceding Company submits its alternative calculation. If the Ceding Company and the Reinsurer reach agreement on an amount of the net amount of consideration, each party will shall report such amount in their respective tax returns for the previous calendar year. Both ; and h. the Ceding Company and the Reinsurer represent and warrant that they are subject to U.S. United States taxation under either Subchapter L of Chapter 1, or Subpart F of Part III of Subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.

DAC TAX. SECTION 1.848-2(G(8) ELECTION 1. The Company and term "party" will refer to either the Reinsured or the Reinsurer hereby enter into an election under Treasury Regulations as appropriate. 2. The terms used in this Article are defined by reference to Regulation Section 1.848-2(g) (8) whereby:2 in effect December 1992. a. For each taxable year under this Agreement, the 3. The party with the net positive consideration, as defined in the regulations promulgated under Treasury Code Section 848, consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848 (c) (1848(c)(1);. b. The Company and the Reinsurer 4. Both parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency or as is otherwise required by the Internal Revenue Service;. c. 5. The Company Reinsured will submit a schedule to the Reinsurer by May 1 of each year of its calculation of the net consideration for the preceding calendar year. This schedule of calculations will be accompanied by a statement signed by an officer of the Company Reinsured stating that the Company Reinsured will report such net consideration in its tax return for the preceding calendar year;. d. 6. The Reinsurer may contest such calculation by providing an alternative calculation to the Company Reinsured in writing within 30 thirty days of the Reinsurer's receipt of the CompanyReinsured's calculation. If the Reinsurer does not so notify the CompanyReinsured, the Reinsurer will report the net consideration as determined by the Company Reinsured in the Reinsurer's tax return for the previous calendar year;. e. 7. If the Reinsurer contests the Company's Reinsured' s calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within 30 thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Company Reinsured and the Reinsurer reach agreement on the net an amount of net consideration, each party will shall report such amount in their respective tax returns for the previous calendar year. Both Company and Reinsurer represent and warrant that they are subject to U.S. taxation under either Subchapter L of Chapter 1, or Subpart F of Subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.