Extract to table

This determination is relevant to each of the specific tax questions addressed below and must be analyzed under federal, Illinois, and New York law

All lenders — Ironclad Capital Partners, Ridgeline Credit Solutions, Atlas Mutual Assurance, Commonwealth Trust Company, Harborview Capital Group, Meridian Pacific Lending (as senior loan participants), and Granite Peak Capital Management — must treat interest income received on these loans as taxable income for federal income tax purposes

For this exemption to apply, the lender must provide a valid IRS Form W-8BEN or W-8BEN-E certifying its foreign status and eligibility for the exemption, and the interest must not be "effectively connected" with a U

Additionally, the 10-percent shareholder rule and the bank interest exceptions must be satisfied

This is a substantial closing cost that must be accounted for in the sources-and-uses analysis and that will directly impact the economics of the transaction

This approach raises questions that must be discussed with the Real Estate group and with Clearfield & Associates (Harrison Whitmore), counsel to Ironclad