Failure of Qualification Sample Clauses

Failure of Qualification. If the Plan as maintained by the Employer fails to attain or to maintain qualification under the Code, it shall be considered an individually designed plan and no longer a Prototype Plan; upon knowledge of such event the Trustee shall resign pursuant to Section 14.6. An Employer who is not entitled to rely on the opinion letter issued to the Prototype Sponsor with respect to the Prototype Plan, as set forth in the Adoption Agreement, shall promptly apply for a determination letter as to the Plan.
Sample 1
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Failure of Qualification. If the Employer's plan fails to attain or retain qualification, such plan will no longer participate in this Regional Prototype Plan and will be considered an individually designed plan.
Sample 1
Failure of Qualification. If this Plan or any part of it fails to attain or retain qualification, such plan will no longer be part of the Program and its assets will be held by the Plan Administrator in a separate account.
Sample 1
Failure of Qualification. If the Employer fails to attain or retain this Plan as a plan which qualifies under Section 401 of the Code, then the Plan as adopted by the Employer will no longer represent a prototype plan covered by an opinion letter issued by the Internal Revenue Service to the Sponsor as to the acceptability of the form of the Plan and Trust Agreement under Sections 401 and 501 (a) of the Code, but rather will be considered an individually-designed plan.
Sample 1
Failure of Qualification. A Plan of Participation shall be a plan qualified under Section 401(a) of the Code. The Plan Administrator of a Plan of Participation shall notify the Trustees and any Trustee/Custodian in the event that such Plan is determined by the Internal Revenue Service not to be such a qualified plan and in such event, or in the event the Trustees or the Trustee/Custodian are otherwise notified of such disqualification, the Trustees and the Trustee/Custodian shall cause the Units and any Company Securities and other assets held by the Trustee/Custodian comprising the Plan Interest of such Plan of Participation to be segregated from the Trust Fund and separately administered in accordance with the terms of this Agreement and Declaration of Trust pending disposition at the direction of the Participating Employer and Employer Fiduciaries, subject to the applicable provisions of this Article XXII.
Sample 1
Failure of Qualification. (a) Notwithstanding anything herein to the contrary, contributions to this Plan are conditioned upon the initial qualification of the Plan under Code ss.401. If the Plan receives an adverse determination with respect to its initial qualification, then the Plan may return such contributions to the Employer within one year after such determination, provided the application for the determination is made by the time prescribed by law for filing the Employer's return for the taxable year in which the Plan was adopted, or such later date as the Secretary of the Treasury may prescribe.
Sample 1
Failure of Qualification. 104 Article XIX ADOPTION OF PLAN BY AFFILIATED EMPLOYERS . . . . . . . . . . . . . . . . . . . . . . . . . . 104 19.1 Adoption of Plan and Trust. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 19.2 Withdrawal from Plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 19.3 Exclusive Purpose of Trust. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 19.4
Sample 1
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Failure of Qualification. If the Plan, as adopted by the Employer, fails to attain or retain qualification, such Plan shall no longer participate in the DRINKER BIDDXX & XEATX XXXIONAL PROTOTYPE DEFINED CONTRIBUTION PLAN and shall be considered an individually designed plan.
Sample 1
Failure of Qualification. If the Plan of a participating Employer fails to attain or retain its qualified status, such plan will no longer participate in this master plan and will be considered an individually designed plan. The funds of such plan will be removed from the Custodial Account as soon as administratively feasible.
Sample 1

Related to Failure of Qualification

  • FCC Qualifications Section 7.04

  • Regulation D Qualification Neither the Company nor, to its actual knowledge, any of its affiliates, members, officers, directors or beneficial shareholders of 20% or more of its outstanding securities, has experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act.

  • Due Qualification The Servicer is duly qualified to do business as a foreign corporation, is in good standing and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business (including the servicing of the Receivables as required by this Agreement) requires or shall require such qualification;

  • Tax Qualification Each Employee Benefit Plan intended to be qualified under Section 401(a) of the Code has been determined to be so qualified by the Internal Revenue Service and nothing has occurred since the date of the last such determination which resulted or is likely to result in the revocation of such determination.

  • Existence; Qualification The Borrowers will at all times preserve and keep in full force and effect their existence as a limited partnership, limited liability company, or corporation, as the case may be, and all rights and franchises material to its business, including their qualification to do business in each state where it is required by law to so qualify. Without limitation of the foregoing, each Borrower and, to the extent required by applicable law, General Partner and Member, shall at all times be qualified to do business in each of the states where the Properties are located.

  • Nasdaq Qualification The Shares to be issued shall be duly authorized for listing by Nasdaq, subject to official notice of issuance, to the extent required by the rules of Nasdaq.

  • Organization; Qualification The Company is a corporation duly organized and validly existing under the laws of the State of Delaware and is in good standing under such laws. The Company has all requisite corporate power and authority to own, lease and operate its properties and assets, and to carry on its business as presently conducted. The Company is qualified to do business as a foreign corporation in each jurisdiction in which the ownership of its property or the nature of its business requires such qualification, except where failure to so qualify would not have a material adverse effect on the Company.

  • Foreign Qualification Prior to the Company’s conducting business in any jurisdiction other than Delaware, the Majority Members shall cause the Company to comply, to the extent procedures are available and those matters are reasonably within the control of the Majority Members, with all requirements necessary to qualify the Company as a foreign limited liability company in that jurisdiction.

  • Blue Sky Qualification The purchase of Units under this Subscription Agreement is expressly conditioned upon the exemption from qualification of the offer and sale of the Units from applicable federal and state securities laws. The Company shall not be required to qualify this transaction under the securities laws of any jurisdiction and, should qualification be necessary, the Company shall be released from any and all obligations to maintain its offer, and may rescind any sale contracted, in the jurisdiction.

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