Compliance; Tax Qualification Sample Clauses

Compliance; Tax Qualification. Each of the Benefit Plans complies and has been administered and operated in compliance in all material respects with its terms and all Applicable Laws. The Benefit Plans intended to qualify under Section 401 of the Code are, to the knowledge of Employer, so qualified and the trusts maintained pursuant thereto are exempt from federal income taxation under Section 501 of the Code, and nothing has occurred with respect to the operation of the Benefit Plans which would cause the loss of such qualification or exemption.

Compliance; Tax Qualification. Each of the Benefit Plans has been administered in form and operation in all material respects with its terms and all Applicable Laws. To Employer’s knowledge, the Benefit Plans intended to qualify under Section 401 of the Code are so qualified and the trusts maintained pursuant thereto are exempt from federal income taxation under Section 501 of the Code and are either (A) the subject of a favorable determination letter issued by the Internal Revenue Service or (B) are subject of an opinion from counsel as to the Benefit Plan’s qualified status. None of the payments contemplated by the Benefit Plans would, in the aggregate, constitute excess parachute payments (as defined in Section 280G of the Code (without regard to subsection (b)(4) thereof)). There are no actions, suits or claims (other than routine claims for benefits) pending or to Employer’s knowledge, threatened involving any Benefit Plan or the assets thereof by any employee or beneficiary under any such Benefit Plan, or otherwise involving any such Benefit Plan (other than routine claims for benefits). There have been no “prohibited transactions” (as described in Section 406 of ERISA or Section 4975 of the Code) with respect to any Benefit Plan that would result in a material liability.