415 Compliance Sample Clauses
The 415 Compliance clause requires parties to adhere to Section 415 of the relevant legal or regulatory framework, often referring to specific compliance obligations such as environmental, safety, or financial standards. In practice, this clause obligates the parties to ensure that their actions, products, or services meet the requirements set forth in Section 415, which may include obtaining necessary permits, maintaining records, or following prescribed procedures. Its core function is to ensure that all parties remain in good standing with applicable laws or regulations, thereby reducing the risk of legal penalties or operational disruptions.
415 Compliance. Effective for Plan Years and Limitation Years beginning on and after July 1, 2007, “severance amounts” (as defined in Subsection 2.01(k) of the Basic Plan Document) shall not be included in the definition of Compensation. Amounts that would otherwise be considered “severance amounts” pursuant to Subsection 2.01(k) except for the timing or reason for the payment shall be included in the definition of Compensation to the extent required by Subsections 2.01(k)(2)(B), (C) and/or (D) of the Basic Plan Document, and not excluded by reason of Section 1.05(a) of this Adoption Agreement, beginning on the effective date described herein, unless a later effective date is specified below.