Effect of Revocation of Federal Rulings Sample Clauses

Effect of Revocation of Federal Rulings. If any rulings which are applied for or have been or may be obtained by the Employer holding that payments by the Employer under the Plan constitute currently deductible expenses under the Income Tax Act (Canada), as amended, now in effect or as hereafter may be amended, or under any other applicable federal or provincial income tax law shall be denied, revoked or modified in such manner as to no longer be satisfactory to the Employer, or if the provisions of the Income Tax Act (Canada), as amended, now in effect or as hereafter may be amended, or of any other applicable federal or provincial income tax law are amended so as to deny the deduction, as a current deductible expense, of any payments made by the Employer under the Plan, all obligations of the Employer under the Plan shall cease and the Plan shall thereupon terminate and be of no further effect.
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Effect of Revocation of Federal Rulings. In the event that any rulings or determination letters which have been or may be obtained by the Company holding (a) that contributions to the Fund shall constitute currently deductible expenses and that the Fund shall be exempt from income taxes under the Internal Revenue Code, or under any other applicable Federal income tax law, or (b) that no part of any such contributions or of any Benefits paid shall be included for purposes of the Fair Labor Standards Act in the regular rate of any Employee, shall be revoked or modified in such manner as no longer to be satisfactory to the Company, all obligations of the Company under the Plan shall cease and the Plan shall thereupon terminate and be of no further effect (without in any way affecting the validity or operation of the Collective Bargaining Agreement), except for the pur- poses of disposing of the assets of the Fund as set forth in Section 4(b) of this Article.
Sample 1
Effect of Revocation of Federal Rulings. If any rulings which have been or may be obtained by the Company holding, that no part of any such contributions shall be included for purposes of the Fair Labor Standards Act in the regular rate of any Employee, shall be revoked or modified in such manner as no longer to be satisfactory to the Company, all obligations of the Company under the Plan shall cease and the Plan shall thereupon terminate and be of no further effect (without in any way affecting the validity or operation of the Collective Bargaining Agreement).
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Related to Effect of Revocation of Federal Rulings

  • Effect of Change in Control In the event of a Change in Control, except to the extent that the Committee determines to cash out the Option in accordance with Section 13.1(c) of the Plan, the surviving, continuing, successor, or purchasing corporation or other business entity or parent thereof, as the case may be (the “Acquiror”), may, without the consent of the Participant, assume or continue in full force and effect the Company’s rights and obligations under all or any portion of the Option or substitute for all or any portion of the Option a substantially equivalent option for the Acquiror’s stock. For purposes of this Section, the Option or any portion thereof shall be deemed assumed if, following the Change in Control, the Option confers the right to receive, subject to the terms and conditions of the Plan and this Option Agreement, for each share of Stock subject to such portion of the Option immediately prior to the Change in Control, the consideration (whether stock, cash, other securities or property or a combination thereof) to which a holder of a share of Stock on the effective date of the Change in Control was entitled; provided, however, that if such consideration is not solely common stock of the Acquiror, the Committee may, with the consent of the Acquiror, provide for the consideration to be received upon the exercise of the Option for each share of Stock to consist solely of common stock of the Acquiror equal in Fair Market Value to the per share consideration received by holders of Stock pursuant to the Change in Control. The Option shall terminate and cease to be outstanding effective as of the time of consummation of the Change in Control to the extent that the Option is neither assumed or continued by the Acquiror in connection with the Change in Control nor exercised as of the time of the Change in Control.

  • Revocation and Effect of Consents Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder's Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder.

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