Common use of Termination on Disqualification Clause in Contracts

Termination on Disqualification. This Agreement will terminate if, after notification by the Internal Revenue Service that the Employee's Account does not qualify under Code Section 403(b)(7), the Custodian does not make such amendments as are necessary to so qualify the Account. On such termination of this Agreement, the Custodian will distribute all assets in the Account to the Employee or, in the event of the Employee's death, to the Beneficiary, subject to the Custodian's right to reserve funds as provided in Section 6.5.

Termination on Disqualification. This Agreement will terminate if, after notification notifica- tion by the Internal Revenue Service that the Employee's ’s Account does not qualify under Code Section 403(b)(7), the Custodian does not make such amendments as are necessary to so qualify the Account. On such termination of this Agreement, the Custodian will distribute all assets in the Account to the Employee or, in the event of the Employee's ’s death, to the Beneficiary, subject to the Custodian's ’s right to reserve funds as provided in Section 6.5.

Termination on Disqualification. This Agreement will terminate if, after notification by the Internal Revenue Service that the Employee's ’s Account does not qualify under Code Section 403(b)(7), the Custodian does not make such amendments as are necessary to so qualify the Account. On such termination of this Agreement, the Custodian will distribute all assets in the Account to the Employee or, in the event of the Employee's ’s death, to the Beneficiary, subject to the Custodian's ’s right to reserve funds as provided in Section 6.5.