RIC Clause Samples
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RIC. In consideration of the agreements herein contained, State Auto Mutual hereby agrees that there has been or will be assigned and transferred to RIC an amount, in cash or other assets, equal to the aggregate of all liabilities of State Auto Mutual assumed by RIC under paragraph 4(l) hereof, less a ceding commission equal to the sum of the acquisition expenses associated with the unearned premium reserves which are transferred as provided herein. There shall be included among the assets assigned and transferred to RIC by State Auto Mutual all of the right, title and interest of State Auto Mutual in and to all assets relative to the underwriting operations of State Auto Mutual, due or that may become due, as evidenced by its books and records at the close of business on December 31, 2010, not including investments, accrued investment income, intercompany balances and bank deposits.
RIC. Written notice upon any written assertion by a Governmental Authority that the Initial Borrower is not or may not qualify as a RIC.
RIC. Written notice upon any written assertion by a Governmental Authority that GCDLC is not or may not qualify as a RIC.
RIC. Written notice upon any written assertion by a Governmental Authority that GBDC 4 is not or may not qualify as a RIC.
RIC. OPC I hereby authorize a total reduction of my gross income by % to be placed in a Retirement Choice and/or Retirement Choice Plus Contract with TIAA.
RIC to use its best efforts to maintain the Company’s qualification as a “regulated investment company” under Subchapter M of the Code;
RIC. In consideration of the agreements herein contained, RIC hereby agrees that there has been or will be assigned and transferred to State Auto Mutual an amount, in cash or other assets, equal to the aggregate of all liabilities of RIC assumed by State Auto Mutual under paragraph 2(l) hereof, less a ceding commission equal to the sum of the acquisition expenses associated with the unearned premium reserves which are transferred as provided herein. There shall be included among the assets assigned and transferred to State Auto Mutual by RIC all of the right, title and interest of RIC in and to all assets relative to the underwriting operations of RIC due or that may become due as evidenced by its books and records at the close of business on December 31, 2010, not including investments, accrued investment income, intercompany balances and bank deposits.
RIC. The Borrower shall take (or omit to take) all actions necessary to ensure the Borrower:
(a) qualifies as, and will continue to qualify as, a RIC;
(b) will not be subject to taxation under Subchapter C of the Code as a regular C corporation;
(c) will distribute all of its income to its shareholders and not be subject to tax under Section 851(b)(1) of the Code;
(d) will distribute all net capital gains to its shareholders and not be subject to tax under Section 852(b)(3) of the Code;
(e) will make all “required distributions” and not be subject to tax pursuant to Section 4982 of the Code; and
(f) will not be treated as a “personal holding company” and will not be subject to tax as such pursuant to Section 541 of the Code.
RIC. At Wellspring's request, ▇▇▇▇▇ shall continue to provide to Wellspring RIC services after the Effective Closing Time on market terms and conditions.
RIC. The Issuer is and always has been a RIC.