Common use of IRS Ruling—Funded Status Clause in Contracts

IRS Ruling—Funded Status. The Company -------------------------- intends to apply to the Internal Revenue Service for a ruling to the effect that this Trust is a grantor trust within the meaning of section 671, et. seq. of the Code and that contributions hereunder will not be treated as taxable income to Plan Participants until distributed to those Participants. If the Company is unable to obtain a satisfactory ruling to that effect, or if any Plan is finally determined to be funded within the meaning of Title I of ERISA because of the existence of this Trust and if a Change in Control has not then occurred, the Company shall have the right, notwithstanding the provisions of Article VIII, to further amend or revoke the Trust. If the Trust is revoked, its assets, after deducting any unpaid fees or expenses due the Trustee, shall be returned to the Company.

IRS Ruling—Funded Status. The Company -------------------------- intends to apply to the Internal Revenue Service for a ruling to the effect that this Trust is a grantor trust within the meaning of section 671, et. seq. of the Code and that contributions hereunder will not be treated as taxable income to Plan Participants until distributed to those Participants. If the Company is unable to obtain a satisfactory ruling to that effect, or if any Plan is finally determined to be funded within the meaning of Title I of ERISA because of the existence of this Trust and if a Change in Control has not then occurred, the Company shall have the right, notwithstanding the provisions of Article VIII, to further amend or revoke the Trust. If the Trust is revoked, its assets, after deducting any unpaid fees or expenses due the Trustee, shall be returned to the Company.