Common use of ESOP Conflict Clause in Contracts

ESOP Conflict. The Company shall not permit the performance of any of the Transaction Documents to which the ESOT is a party to conflict with the ESOP Plan Documents, conflict with any Requirement of Law, or require the registration with, consent or approval of, or notice to, or other action to, with or by any Governmental Authority other than (i) filings that are made regarding the status of the Company as an "S Corporation" as such term is defined in Section 1361 of the Code, which filings shall have been made on or prior to the Closing Date, (ii) filings as required by section 10.2(m) and subsequent requests to the IRS to issue a favorable determination letter to the effect that the ESOP continues to be such a qualified plan and employee stock ownership plan, and (iii) Annual Reports (IRS Form 5500 series) for the ESOP.

ESOP Conflict. The Company Borrower shall not permit the performance of any of the Transaction Documents to which the ESOT is a party to conflict with the ESOP Plan Documents, conflict with any Requirement of Law, or require the registration with, consent or approval of, or notice to, or other action to, with or by any Governmental Authority other than (i) filings that are made regarding the status of the Company Borrower as an "S Corporation" as such term is defined in Section 1361 of the Code, which filings shall have been made on or prior to the Closing Date, (ii) filings as required by section 10.2(mSection 7.2(M) and subsequent requests to the IRS to issue a favorable determination letter to the effect that the ESOP is and continues to be such a qualified plan and employee stock ownership plan, and (iii) Annual Reports (IRS Form 5500 series) for the ESOP.