Common use of Pension Plans and Welfare Plans; Prohibited Transactions Clause in Contracts

Pension Plans and Welfare Plans; Prohibited Transactions. To the best knowledge of the EDL Shareholders, none of the Pension Plans and Welfare Plans, or any of their related trusts, or EDL or any trustee, administrator or other "party in interest" or "disqualified person" (within the meaning of Section 3(14) of ERISA or Section 4975(e)(2) of the Internal Revenue Code of 1986, as amended (the "Code"), respectively) with respect to the Pension Plans and Welfare Plans, has engaged in any "prohibited transaction" (within the meaning of Section 406 of ERISA or Section 4975(c) of the Code, respectively) with respect to the participation of EDL therein, which could subject any of the Pension Plans or Welfare Plans or related trusts, or any trustee, administrator or other fiduciary of any such Pension Plan or Welfare Plan, or EDL or the Purchaser, or any other party dealing with the Pension Plans or Welfare Plans, to the penalties or excise tax imposed on prohibited transactions by Sections 409 or 502 of ERISA or Section 4975 of the Code.

Appears in 2 contracts

Samples: Acquisition Agreement (Paravant Computer Systems Inc /Fl/), Acquisition Agreement (Paravant Computer Systems Inc /Fl/)

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Pension Plans and Welfare Plans; Prohibited Transactions. To the best knowledge of the EDL Shareholders, none of the Pension Plans and Welfare Plans, or any of their related trusts, or EDL STL or any trustee, administrator or other "party in interest" or "disqualified person" (within the meaning of Section 3(14) of ERISA or Section 4975(e)(2) of the Internal Revenue Code of 1986, as amended (the "Code"), respectively) with respect to the Pension Plans and Welfare Plans, has engaged in any "prohibited transaction" (within the meaning of Section 406 of ERISA or Section 4975(c) of the Code, respectively) with respect to the participation of EDL STL therein, which could subject any of the Pension Plans or Welfare Plans or related trusts, or any trustee, administrator or other fiduciary of any such Pension Plan or Welfare Plan, or EDL STL or the Purchaser, or any other party dealing with the Pension Plans or Welfare Plans, to the penalties or excise tax imposed on prohibited transactions by Sections 409 or 502 of ERISA or Section 4975 of the Code.

Appears in 2 contracts

Samples: Acquisition Agreement (Paravant Computer Systems Inc /Fl/), Acquisition Agreement (Paravant Computer Systems Inc /Fl/)

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