POLICY ACQUISITION EXPENSES Sample Clauses

POLICY ACQUISITION EXPENSES. With respect to this Agreement, the Ceding Company and the Reinsurer jointly elect pursuant to Section 1.848-2(g) of the Income Tax Regulations issued December 1992 as follows: (a) For each taxable year, the party with net positive consideration, as defined in Treasury Regulations Section 1.848-2, will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1) of the Code. Each party filing a federal income tax return shall attach a schedule to its federal income tax return for the first taxable year for which this election is in effect stating that an election under Treasury Regulations Section 1.848-2(g)(8) has been made for this Agreement. (b) The Reinsurer shall take any positive capitalization amount into account in determining the amount required to be included in income pursuant to Subpart F by its "United States shareholders," within the meaning of Section 951(b) of the Code, as determined by comparing the amount of its gross income allocable to such United States shareholders for any taxable year to all of its gross income for such year. The Ceding Company agrees to adjust its net negative capitalization to be consistent with the proportion determined pursuant to the preceding sentence. (c) The Ceding Company will submit a schedule to the Reinsurer by March 1 of each year of its calculation of the net consideration for the preceding calendar year. The Reinsurer shall provide data to the Ceding Company by March 1 of each year which will enable the Ceding Company to calculate the proportion of the Reinsurer's gross income for the preceding calendar year income that was required to be included in income by its "United States shareholders" as defined in paragraph (b) above. (d) This election is effective for 2014 and will remain in effect for all future taxable years for which this Agreement remains in effect.
Sample 1
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POLICY ACQUISITION EXPENSES. The parties to this Agreement need not make the joint election under paragraph (g)(8) of section 1.848-2 of the U.S. Treasury Regulations because the Reinsurer has not previously had, does not have during the year in which the effective date of this Agreement occurs, and does not expect to have in the future a capitalization shortfall, as defined in paragraph (g)(4) of this section. In the event that the Reinsurer does have a capitalization shortfall during any year while it has liability under this Agreement to the Ceding Company the Reinsurer will notify the Ceding Company and will also make the joint election with the Ceding Company under paragraph (g)(8) of this section.
Sample 1
POLICY ACQUISITION EXPENSES. The costs directly related to the acquisition of reinsurance contracts are referred to as policy acquisition expenses and consist of commissions and other direct underwriting expenses. Although these expenses are incurred when a reinsurance contract is written, such expenses are deferred and amortized over the same period as the corresponding premiums are recorded as earned revenues. On a regular basis, an analysis of the recoverability of the deferred policy acquisition expenses, in relation to the expected recognition of revenues, including anticipated investment income is performed. Any adjustments are reflected as period costs. Should the analysis indicate that the acquisition costs are unrecoverable, further analyses are completed to determine if a reserve is required to provide for losses that may exceed the related unearned premiums. FOREIGN CURRENCY TRANSLATION Functional currencies are assigned to foreign operations, which are generally the currencies of the local operating environment. Foreign currency amounts are remeasured to the functional currency, and the resulting foreign exchange gains or losses are reflected in income, outside of underwriting results. Functional currency amounts are then translated into U.S. dollars. The unrealized gain or loss from this translation is recorded in St. Paul's equity. Both the remeasurement and translation are calculated using current exchange rates for the balance sheet amounts and average exchange rates for revenues and expenses.
Sample 1
POLICY ACQUISITION EXPENSES. With respect to this Agreement, the Ceding Company and the Reinsurer jointly elect pursuant to Section 1.848-2(g) of the Income Tax Regulations issued December 1992 as follows: (a) For each taxable year, the party with net positive consideration, as defined in Treasury Regulation 1.848-2, will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1) of the Code. Each party filing a Federal income tax return shall attach a schedule to its federal income tax return for the first taxable year for which this election is in effect stating that an election under Treasury Regulations Section 1.848-2(g)(8) has been made for this Agreement. (b) The parties agree to exchange information about the amount of net consideration for all reinsurance agreements between them to ensure consistency in computing specified acquisition expenses. (c) The Ceding Company will submit a schedule to the Reinsurer by March 1 of each year of its calculation of the net consideration for the preceding calendar year.
Sample 1
POLICY ACQUISITION EXPENSES. The parties hereto jointly elect under Treasury Regulations Section 1.848-2(g)(8) as follows: (a) For each taxable year, the party with net positive consideration, as defined in Treasury Regulations Section 1.848-2, will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1) of the Code. Each party shall attach a schedule to its federal income tax return for the first taxable year for which this election is in effect stating that an election under Treasury Regulations Section 1.848-2(g)(8) has been made for this Agreement. (b) The parties agree to exchange information about the amount of net consideration for all reinsurance agreements in force between them to ensure consistency for purposes of computing specified policy acquisition expenses. (c) The Ceding Company will submit a schedule to the Reinsurer by March 1 of each year of its calculation of the net consideration for the preceding calendar year, which upon written request of the Reinsurer will be accompanied by a statement signed by an officer of the Ceding Company stating that the Ceding Company will report such net consideration in its tax return for the preceding calendar year. (d) This election is effective for the taxable year of each party that includes the Effective Date and will remain in effect for all future taxable years for which this Agreement remains in effect.
Sample 1

Related to POLICY ACQUISITION EXPENSES

  • Acquisition Expenses Any and all expenses incurred by the Company, the Advisor, or any Affiliate of either in connection with the selection, acquisition or development of any Asset, whether or not acquired, including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, and title insurance premiums.

  • Liquidation and Acquisition Expenses The Actual Unpaid Principal Balance of the Mortgage Loan. For documentation, an Amortization Schedule from date of default through liquidation breaking out the net interest and servicing fees advanced is required.

  • Transaction Expenses Whether or not the transactions contemplated hereby are consummated, the Company will pay all costs and expenses (including reasonable attorneys’ fees of one firm of special counsel and, if reasonably required by the Required Holders, local or other counsel) incurred by the Purchasers and each other Holder of a Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement or the Notes (whether or not such amendment, waiver or consent becomes effective), including, without limitation: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement or the Notes or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement or the Notes, or by reason of being a Holder of any Note, but only to the extent such subpoena or legal proceeding arises out of matters related to the Company, (b) the costs and expenses, including financial advisors’ fees, incurred in connection with the insolvency or bankruptcy of the Company or in connection with any work-out or restructuring of the transactions contemplated hereby and by the Notes and (c) the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial information with the SVO provided. The Company will pay, and will save each Purchaser and each other Holder of a Note harmless from, all claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other Holder in connection with its purchase of the Notes).

  • Collection Expenses The Borrower further agrees, subject only to any limitation imposed by applicable law, to pay all expenses, including reasonable attorneys’ fees, incurred by the holder of this Note in endeavoring to collect any amounts payable hereunder which are not paid when due.

  • Organization Expenses All expenses incurred in connection with organization of the Company will be paid by the Company.

  • Relocation Expenses The Company shall promptly reimburse the Executive for all relocation expenses as described below. The Company will only pay for reasonable broker fees in connection with the sale of the Executive’s existing residence, reasonable out-of-pocket fees and expenses but not taxes payable in connection with such sale (other than transfer taxes), the packing and moving of all household goods and shipment of three automobiles based upon a competitive bid obtained through the Company’s human resources department, and fees and expenses, but not broker fees or mortgage financing fees in excess of two points, in connection with the purchase of a residence. The Executive shall be entitled to the preceding relocation expenses as long as they are incurred within eighteen (18) months of such determination to relocate (the “Commencement Date”). Between the Commencement Date and the earlier of (1) the date the Executive’s family relocates or (2) six months after the Commencement Date (the “Transition Period”), the Executive may make no more than fifteen round trips by air at the Company’s expense to commute to his last residence or such other place as Executive shall determine. The Executive will also be reimbursed for reasonable expenses associated with commuting during the Transition Period, including two trips to any such new location for his spouse for purposes of relocation-related planning, and for temporary housing and rental car expenses at any such new location. In respect of the two trips to the new location for the Executive’s spouse, the Company will reimburse the Executive for first-class travel arrangements for the Executive’s spouse only. The Executive will be entitled to receive an additional payment to cover any federal, state, and local income taxes that he incurs in connection with any reimbursement for relocation expenses that are not tax deductible. The Executive will be entitled to reimbursement for miscellaneous household expenses incurred in connection with the relocation in order to put the Executive’s new residence into move-in condition in an amount not to exceed twenty thousand dollars ($20,000.00).

  • Liquidation Expenses Expenses that are incurred by the Master Servicer or a Servicer in connection with the liquidation of any defaulted Mortgage Loan and that are not recoverable under the applicable Primary Mortgage Insurance Policy, if any, including, without limitation, foreclosure and rehabilitation expenses, legal expenses and unreimbursed amounts, if any, expended pursuant to Sections 9.06, 9.16 or 9.22.

  • Termination Expenses Termination Expenses are in addition to compensation for Basic and Supplemental Services, and are full compensation for all damages and expenses which are directly or indirectly attributable to termination. Termination Expenses are applicable only to a termination for convenience by Owner and shall be computed as a percentage of the total compensation for Basic Services and Supplemental Services earned to the time of termination, as follows: .1 Twenty (20%) percent of the total compensation for Basic and Supplemental Services earned to the date of termination, if termination occurs before or during the schematic design phase; or .2 Ten (10%) percent of the total compensation for Basic and Supplemental Services earned to the date of termination, if termination occurs during the design development phase; or .3 Five (5%) percent of the total compensation for Basic and Supplemental Services earned to the date of termination, if termination occurs during any subsequent phase.

  • Litigation Expenses If either party successfully seeks to enforce any provision of this Agreement or to collect any amount claimed to be due under it, this party will be entitled to reimbursement from the other party for any and all of its out-of-pocket expenses and costs including, without limitation, reasonable attorneys' fees and costs incurred in connection with the enforcement or collection.

  • Administration Expenses The Company agrees to pay any Administration Expenses to the County when and as they shall become due, but in no event later than the date which is the earlier of any payment date expressly provided for in this Fee Agreement or the date which is forty-five (45) days after receiving written notice from the County, accompanied by such supporting documentation as may be necessary to evidence the County’s or Indemnified Party’s right to receive such payment, specifying the nature of such expense and requesting payment of same.

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