Leasing Organization definition

Leasing Organization means any entity described in Subsection 11.3(b).

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Leasing Organization means any entity described in section 11.3(b).

Leasing Organization has the meaning ascribed to it in the definition of "Leased Employee" below. For purposes of Section 3.7, the 80% thresholds of Code Sections 414(b) and (c) are deemed to be "more than 50%," rather than "at least 80%."

Examples of Leasing Organization in a sentence

• Section 14.2 shall not apply to any Leased Employee if such employee is covered by a money purchase pension plan of the Leasing Organization meeting the requirements of section 414(n)(5)(B) of the Code and Leased Employees do not constitute more than twenty percent (20%) of the aggregate “nonhighly compensated work force” (as defined in section 414(n)(5)(C)(ii) of the Code) of all Employers and Affiliates.

• Contributions or benefits provided to a Leased Employee by the Leasing Organization which are attributable to services performed for the recipient-Employer will be treated as provided by the recipient-Employer.

• To the Company's Knowledge, all reports, forms and other documents required to be filed with any Governmental Body with respect to any Plan maintained by any Employee Leasing Organization (including without limitation, summary plan descriptions, Forms 5500 and summary annual reports), have been timely filed and are accurate, unless any failure to have made a timely and accurate filing would not have a material adverse effect on the Company.

• Leased Employee" shall mean a person who is a co-employee of both the Company and an Employee Leasing Organization, or is not an employee of the Company, but is assigned to work at the Company by an Employee Leasing Organization with whom the Company has contracted, including, without limitation any employee leased to, or a co-employee of, the Company pursuant to that certain General Service Agreement by and between the Company and TriNet Employer Group, Inc., dated as of the September 15, 1998.

• To the Company's Knowledge, all contributions for all periods ending prior to the Closing (including periods from the first day of the current plan year to the Closing) have been made by the Employee Leasing Organization in accordance with past practice and the recommended contribution in any applicable actuarial report.

• Section 14.2 shall not apply to any Leased Employee if such employee is covered by a money purchase pension plan of the Leasing Organization meeting the requirements of section 414(n)(5)(B) of the Code and Leased Employees do not constitute more than twenty percent (20%) of the aggregate "nonhighly compensated work force" (as defined in section 414(n)(5)(C)(ii) of the Code) of all Employers and Affiliates.

• The Leasing Organization shall pay the TOTAL DUE to PAC for use of PAC property.

More Definitions of Leasing Organization

Leasing Organization means the actual employer of the Leased Employee (or any person aggregated with the actual employer pursuant to Section 414(b), (c), (m) or (o) of the Internal Revenue Code);

Leasing Organization means a person or other entity, other than the Employer, providing leased employees by agreement with the Employer.