Plan Qualification. Each Employee Plan that is intended to qualify under Section 401(a) of the Code does so qualify and either is a prototype plan covered by an IRS opinion letter, or has received a favorable determination letter from the IRS, and the IRS has not taken and does not have grounds to take action to revoke any such letter.
Appears in 2 contracts
Sources: Membership Interest Purchase Agreement (Lightpath Technologies Inc), Membership Interest Purchase Agreement (Lightpath Technologies Inc)
Plan Qualification. Each Employee Benefit Plan that is intended to qualify under Section 401(a) of the Code does so qualify and either is a prototype plan covered by an IRS opinion letter, or has received a favorable determination letter from the IRSInternal Revenue Service, and the IRS Internal Revenue Service has not taken and and, to the Company’s knowledge, does not have grounds to take action to revoke any such letter.
Appears in 1 contract