Trust Qualification Sample Clauses

Trust Qualification. The Trust qualifies as a “mutual fund trust” and a “unit trust” under the Tax Act, and the Trust is a “SIFT” trust within the meaning of the Tax Act (although it is not currently subject to the SIFT tax regime under paragraph 122(1)(b) of the Tax Act which generally comes into effect January 1, 2011), and the completion of the issuance and sale of the Purchased Units hereunder shall not cause the Trust to cease to be a “mutual fund trust” or “unit trust” or to become a “SIFT” trust that is subject to the aforementioned SIFT tax regime.
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Trust Qualification. The Trust is intended to qualify as a tax-exempt trust under Code Section 501(a) such that it may be part of a plan that is qualified under Code Section 401(a), and the Trust is intended to meet the applicable requirements of ERISA, including ERISA Section 404(c) to the extent applicable to the Plan, and the provisions hereof shall be interpreted consistent with such intentions. The Company shall be solely responsible for ensuring the compliance of the Plan and Trust with the applicable sections of the Code and ERISA, and the Trustee may assume, unless advised to the contrary that the Plan is qualified and that the Trust is entitled to tax exemption. If the Plan ceases to be qualified within the meaning of Code Section 401(a), the Company shall notify the Trustee of same as promptly as is reasonable, and such notice shall include Instructions to the Trustee as to the disposition of the assets remaining in the Trust.
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Related to Trust Qualification

  • Tax Qualification Each Employee Benefit Plan intended to be qualified under Section 401(a) of the Code has been determined to be so qualified by the Internal Revenue Service and nothing has occurred since the date of the last such determination which resulted or is likely to result in the revocation of such determination.

  • REIT Qualification The Company will use its best efforts to continue to meet the requirements for qualification and taxation as a REIT under the Code, subject to any future determination by the Company’s board of directors that it is no longer in the Company’s best interests to qualify as a REIT.

  • Due Qualification The Servicer is duly qualified to do business as a foreign corporation, is in good standing and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business (including the servicing of the Receivables as required by this Agreement) requires or shall require such qualification;

  • REIT Qualifications The Company will make a timely election to be subject to tax as a REIT pursuant to Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”) for its taxable year ended December 31, 2010, or the first year during which the Company begins material operations. The Company has been organized and operated in conformity with the requirements for qualification and taxation as a REIT. The Company’s current and proposed method of operation as described in the Registration Statement and the Prospectus will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code.

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