Legal Status Borrower is a corporation, duly organized and existing and in good standing under the laws of Delaware, and is qualified or licensed to do business (and is in good standing as a foreign corporation, if applicable) in all jurisdictions in which such qualification or licensing is required or in which the failure to so qualify or to be so licensed could have a material adverse effect on Borrower.
Shell Status The Company represents that it is not a “shell” issuer and has never been a “shell” issuer, or that if it previously has been a “shell” issuer, that at least twelve (12) months have passed since the Company has reported Form 10 type information indicating that it is no longer a “shell” issuer. Further, the Company will instruct its counsel to either (i) write a 144- 3(a)(9) opinion to allow for salability of the Conversion Shares or (ii) accept such opinion from Holder’s counsel.
REIT Status The Borrower qualifies as, and has elected to be treated as, a REIT and is in compliance with all requirements and conditions imposed under the Internal Revenue Code to allow the Borrower to maintain its status as a REIT.
Student Status Licensee must maintain status as a student registered at Cal Poly with a minimum of eight (8) Cal Poly quarter units or if a graduate student, four (4) units. Exception requests must be submitted in writing to University Housing for approval (or contact the Disability Resource Center if disability related) if Licensee falls below these minimums. Dropping below the minimum is not considered a standard for cancellation and will not release the Licensee from paying any housing-related fees. The University may, at its sole option and discretion, revoke this License in accordance with the provisions herein if the Licensee fails to enroll in the minimum units, or drops below the minimum unit requirement after the beginning of the academic fee period.
Contractor Status The Contractor, under the code of the Internal Revenue Service (IRS), is an independent contractor, and neither the Contractor's employees nor contract personnel are, or shall be deemed, the Client's employees.
ERISA Status With respect to the initial advance to such Qualified Borrower only, either (i) a favorable written opinion of counsel to such Qualified Borrower, addressed to the Secured Parties, reasonably acceptable to the Administrative Agent and its counsel, regarding the status of such Qualified Borrower as an Operating Company (or a copy of such opinion addressed to the Investors, reasonably acceptable to the Administrative Agent and its counsel, together with a reliance letter with respect thereto, addressed to the Secured Parties); or (ii) a certificate, addressed to the Secured Parties, signed by a Responsible Officer of such Qualified Borrower that the underlying assets of such Qualified Borrower do not constitute Plan Assets because less than 25% of the total value of each class of equity interests in such Qualified Borrower is held by “benefit plan investors” within the meaning of Section 3(42) of ERISA which shall be substantially in the form of the ERISA 25% Certificate;
Foreign Status If the Authorized Participant is offering and selling Shares in jurisdictions outside the several states, territories and possessions of the United States and is not otherwise required to be registered, qualified, or a member of FINRA as set forth in the preceding paragraph, the Authorized Participant nevertheless agrees to observe the applicable laws of the jurisdiction in which such offer and/or sale is made and to conduct its business in accordance with the FINRA Conduct Rules, to the extent the foregoing relates to the Authorized Participant’s transactions in, and activities with respect to, Shares.
Current Status Sacramento County recently adopted a revised American River Parkway Plan which includes specific policies related to implementing water flows protective of the lower American River ecosystem. The Parkway Plan serves as a guide for other local, state and federal agencies with authority within the American River Parkway under the Wild and Scenic Rivers Act and the Urban American River Parkway Preservation Act. Sacramento County, through the Water Forum, is in the process of preparing a draft environmental impact report to institute the FMS consistent with the American River Parkway Plan and the coequal goals of the Water Forum Agreement by entering into an operations agreement with Reclamation or by seeking to modify Reclamation’s Folsom Dam water right permits or other measures. Reclamation has been operating the Folsom and Nimbus Dams in accordance with the minimum release requirements of the FMS since 2006. In 2009, the National Marine Fisheries Service (NMFS) included the FMS flow, operational criteria, American River Group, and monitoring requirements in the Reasonable and Prudent Alternatives of the Biological Opinion (BO) for operating the CVP. The NMFS BO also called for an iterative temperature management planning process that is consistent with the water temperature objectives of the FMS. The Water Forum is currently investigating the potential for an improved Flow Standard for the lower American River that would provide increased protection of salmonid species and improved water supply reliability.
Company Status The Company is a corporation duly formed and validly existing under the general laws of the State of Maryland, with all requisite power and authority to enter into this Agreement and to carry out its obligations hereunder.
PFIC Status Based on the Company’s current income and assets and projections as to the value of its assets and the market value of its Shares, including the current and anticipated valuation of its assets, the Company does not believe it was a Passive Foreign Investment Company (“PFIC”) within the meaning of Section 1297 of the United States Internal Revenue Code of 1986, as amended, for its most recent taxable year, and does not expect to become a PFIC for its current taxable year or in the foreseeable future.
