Common use of Section 355 Clause in Contracts

Section 355. Parent has not constituted either a “distributing corporation” or a “controlled corporation” in a distribution of stock qualifying for tax-free treatment under IRC § 355 (i) in the two years prior to the date of this Agreement or (ii) in a distribution which could otherwise constitute part of a “plan” or “series of related transactions” (within the meaning of Section 355(e) of the Code in connection with the Merger.

Section 355. The Parent has not constituted either a “distributing corporation” or a “controlled corporation” (within the meaning of Section 355(a)(1)(A) of the Code) in a distribution of stock shares qualifying for tax-free treatment under IRC § Section 355 of the Code (i) in the two years prior to the date of this Agreement or (ii) in a distribution which that could otherwise constitute part of a “plan” or “series of related transactions” (within the meaning of Section 355(e) of the Code Code) in connection conjunction with the Mergertransactions contemplated by this Agreement.