Participation Condition Sample Clauses
Participation Condition. No Eligible Employee will become a Participant in the Plan unless the Employee makes such an irrevocable election. This condition will not apply to Elective Deferrals to the extent it would violate the universal availability rule of Treas. Reg. §1.403(b)-5.
Participation Condition. No Eligible Employee will become a Participant in the Plan unless the Employee makes such an irrevocable election.
Participation Condition. The holders of at least 97% of the outstanding amount of the Existing Notes as of the date hereof shall have agreed to participate in the Exchange Transaction or Exchange Offer (the “Participation Condition”); provided that (1) if the Exchange Offer is consummated concurrently with (or in lieu of) the Exchange Transaction, the participation by holders of Existing Notes in the Exchange Offer shall be treated for purposes of determining the satisfaction of the Participation Condition as if such holders of Existing Notes had participated in the Exchange Transaction; and (2) the Participation Condition may be waived by the Controlling Bondholders.