Common use of ERISA and Code Compliance and Liability Clause in Contracts

ERISA and Code Compliance and Liability. Each of the Seller, its Subsidiaries and each ERISA Affiliate is in compliance with all applicable provisions of ERISA and the regulations and published interpretations thereunder with respect to all Employee Benefit Plans except where failure to comply would not result in a material liability to any such Person and except for any required amendments for which the remedial amendment period as defined in Section 401(b) of the Code has not yet expired. Each Employee Benefit Plan that is intended to be qualified under Section 401(a) of the Code has been determined by the IRS to be so qualified, and each trust related to such plan has been determined to be exempt under Section 501(a) of the Code, the absence of which determination could have a Material Adverse Effect. No material liability, whether the form of a funding liability, tax liability, or otherwise, has been incurred by the Seller, any of its Subsidiaries or any ERISA Affiliate which remains unsatisfied with respect to any Employee Benefit Plan or any Multiemployer Plan.

Appears in 4 contracts

Samples: Stock Purchase Agreement (Intercel Inc/De), Stock Purchase Agreement (Intercel Inc/De), Stock Purchase Agreement (Powertel Inc /De/)

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