Common use of Plan Qualification Clause in Contracts

Plan Qualification. A "Qualified Plan" is a plan or agreement that meets the requirements for qualification under Section 401(a) of the Code. The Employer or Employer Plan Trustee is to provide evidence satisfactory to Equitable that the Employer Plan is a Qualified Plan and, if at any time the Employer Plan is no longer a Qualified Plan, the Employer or Employer Plan Trustee is to give Equitable prompt written notice thereof. If within (a) one year after the Funding Effective Date, or such longer period as may be agreed upon in writing between the Employer or Employer Plan Trustee and Equitable, the Employer or Employer Plan Trustee does not provide such evidence that the Employer Plan is a Qualified Plan, or (b) the Employer or Employer Plan Trustee gives notice that the Employer Plan is no longer a Qualified Plan, then upon at least thirty days advance written notice to the Employer or Employer Plan Trustee, Equitable may: (i) Prohibit further Contributions under this Contract with respect to the Employer Plan, and (ii) Withdraw from the Divisions the amounts therein with respect to the Employer Plan and make the payment described in Section 2.08, Paragraph (3).