NIF Clause Samples
A NIF (No-Income Fund) clause is designed to specify that a particular fund or entity does not generate income from its investments or operations. In practice, this clause clarifies that any returns or distributions to investors will not be based on income, but may instead come from capital gains or other sources. By including a NIF clause, the agreement ensures that all parties understand the nature of the fund’s returns, thereby preventing misunderstandings about expected income and aligning expectations regarding distributions.
NIF. Others ==================================================================================================== Total Tested --------------------------------------------------------------------------------- Total Defects --------------------------------------------------------------------------------- FCT Yield Loss % 0 0 0 0 0 0 0 --------------------------------------------------------------------------------- Target In % 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% --------------------------------------------------------------------------------- Total Repaired --------------------------------------------------------------------------------- WIP For Repair ==================================================================================================== ICT Breakdown Material Process Workmanship
NIF. III is registered under the 1940 Act as an open-end investment company of the management type. The Acquiring Series expect to qualify as regulated investment companies under Part I of Subchapter M of the Code.
NIF. 502283546 Location Type Manufacturer Indoor Model No Outdoor Model No
NIF. II is registered under the 1940 Act as an open-end investment company of the management type, and such registration has not been revoked or rescinded and is in full force and effect. NIF II has elected to qualify and has qualified each of the Acquired Series as a regulated investment company under Part I of Subchapter M of the Code as of and since its first taxable year, and each such Acquired Series qualified and intends to continue to qualify as a regulated investment company for its taxable year ending upon its liquidation. Each Acquired Series has been a regulated investment company under such sections of the Code (and predecessors of the Code) at all times since its inception.
NIF. II agrees that the liquidation and dissolution of NIF II will be effected in the manner provided in NIF II's Amended Declaration of Trust and in accordance with applicable law, and that it will not make any constructive distribution of any Acquiring Series Shares to the shareholders of NIF II without first paying or adequately providing for the payment of all of NIF II's known debts, obligations and liabilities.
NIF. Others ==================================================================================================== Total Inspected --------------------------------------------------------------------------------- OBA Total Defects --------------------------------------------------------------------------------- Yield Loss In % 0 0 0 0 0 0 0 --------------------------------------------------------------------------------- Target In % 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% ==================================================================================================== =========================================================================================== WORK WEEK: 18 DEFECT BREAKDOWN WEEK ENDING: 05/02/97 PRODUCTS: NORTH AMERICAN LIU ------------------------------------------------------------------------------------------- STATION CLASS QUANTITY BOARDS DEFECT BREAKDOWN QUANTITY DEFECTS LOCATIONS ------------------------------------------------------------------------------------------- STATION CLASS QUANTITY BOARDS DEFECT BREAKDOWN QUANTITY DEFECTS LOCATIONS =========================================================================================== Automatic Insertion Top side =========================================================================================== POST IR BOT =========================================================================================== POST WAVE =========================================================================================== =========================================================================================== WORK WEEK: 18 DEFECT BREAKDOWN WEEK ENDING: 05/02/97 PRODUCTS: NORTH AMERICAN LIU ------------------------------------------------------------------------------------------- STATION CLASS QUANTITY BOARDS DEFECT BREAKDOWN QUANTITY DEFECTS LOCATIONS ------------------------------------------------------------------------------------------- STATION CLASS QUANTITY BOARDS DEFECT BREAKDOWN QUANTITY DEFECTS LOCATIONS =========================================================================================== ICT =========================================================================================== FCT =========================================================================================== OBA ===========================================================================================
NIF. (t) = ---------- [n x (M & E)] NAV(t-1) where: NAV(t) = Net Asset Value per share of the Subaccount on Valuation Date t, plus the per share amount of dividend or capital gain distribution paid by the Subaccount during the Valuation Period, plus or minus a per share charge or credit for any taxes incurred by or reserved for in the Subaccount as of the end of the current Valuation Period. [Currently, there is no charge or credit for taxes in any Subaccount.] n = Number of calendar days in the current Valuation Period (365 day basis). M & E = Mortality and Expense Risk Charge expressed on a daily basis as an annual rate divided by 365. FIXED ACCOUNT Fixed Annuity Income represents obligations of the Company's General Account. At any time an Owner may elect to transfer any or all of the Variable Annuity Income to Fixed Annuity Income. This transfer will result in a Fixed Annuity Income being paid to the Annuitant, or Joint Annuitant if applicable, in accordance with the Annuity Income Option in effect. The amount of Fixed Annuity Income shall be calculated based on the then current pricing factors for an annuity in this same class of business. In no event shall this amount be less than that which would be obtained using the following factors: Mortality: [1994 Group Annuity Mortality, projected to the then current year with Scale AA] Interest: [3.50] Expenses: [1.50%] DEATH BENEFITS If neither the Annuitant nor Joint Annuitant, if any, is alive on the Income Start Date, the Certificate will be cancelled and the Company will pay a refund to the Owner if living, or if not, to the Owner's estate. The amount of the refund will be equal to the sum of the following: (1) the portion of the Net Single Premium allocated for Variable Annuity Income, adjusted up or down for investment performance; (2) the portion of the Net Single Premium allocated for Fixed Annuity Income, including any accumulated interest; and (3) the difference, if any, between the Single Premium Payment and the Net Single Premium. If an Annuitant dies after the Income Start Date, benefit continuation will be determined by the Annuity Income Option in effect for the Certificate.