Contributions Conditioned on Deductibility Sample Clauses
POPULAR SAMPLE Copied 1 times
Contributions Conditioned on Deductibility. Company contributions are expressly conditioned upon deductibility of contributions under Section 404 of the Internal Revenue Code. If any part or all of a contribution is disallowed as a deduction under Section 404, then to the extent a contribution is disallowed as a deduction, it may be returned to the Company within one (1) year after the later of the date of payment of the contribution or the date the deduction for the contribution was disallowed. Any contributions returned shall not include any investment earnings thereon, but shall be net of any investment losses thereon.
Contributions Conditioned on Deductibility. Notwithstanding any other provision of the Plan, each contribution by an Employer under this Article 3 and Article 23 is conditioned on the deductibility of such contribution under section 404 of the Code, and on the initial qualification of the Plan under section 401(a) of the Code.
Contributions Conditioned on Deductibility. All Company ------------------------------------------ contributions to the Trust Fund are conditioned upon deductibility under Code section 404, unless otherwise expressly stated by the Company. Accordingly, if and to the extent that such a deduction is disallowed within the meaning of section 403(c)(2) of ERISA, the contribution in question shall be repaid to the Company upon demand (but subject to paragraph (c) below and only to the extent disallowed) within one (1) year after such disallowance. If the Company contribution for any taxable year exceeds the amount deductible for the taxable year under the Code, but is not repaid pursuant to the foregoing sentence, the portion not so deductible shall in like amount reduce the contribution required in respect of the subsequent taxable year during which the disallowance or other determination of nondeductibility is made and, to the extent not thereby consumed, any subsequent taxable year or years.