Common use of Plan Qualification Clause in Contracts

Plan Qualification. The Company shall use its best efforts to cause the Plan and the Purchaser at all times to be operated and administered so as to be in compliance with the qualification and tax exemption requirements under Sections 401(a) and 501(a) of the Code, respectively, and to cause the Plan to qualify as an "employee stock ownership plan," within the meaning of 4975(e)(7) of the Code, and to be operated and administered in substantial compliance with all applicable requirements of ERISA and the Code. The Company shall amend the ESOP and the Trust Agreement in a timely manner as required in order to ensure that such qualification is maintained from and after the effective date of the ESOP and, following any such amendment of a material nature, to submit the ESOP and the Trust Agreement to the IRS for a Determination. The Company shall promptly provide the Trustee with copies of any amendments to the ESOP or the Purchaser and, upon request of the Trustee, with copies of any application for a Determination.

Plan Qualification. The Company shall use its best efforts to cause the Plan and the Purchaser at all times to be operated and administered so as to be in compliance with the qualification and tax exemption requirements under Sections 401(a) and 501(a) of the Code, respectively, and to cause the Plan to qualify as an "“employee stock ownership plan," ” within the meaning of 4975(e)(7) of the Code, and to be operated and administered in substantial compliance with all applicable requirements of ERISA and the Code. The Company shall amend the ESOP and the Trust Agreement in a timely manner as required in order to ensure that such qualification is maintained from and after the effective date of the ESOP and, following any such amendment of a material nature, to submit the ESOP and the Trust Agreement to the IRS for a Determination. The Company shall promptly provide the Trustee with copies of any amendments to the ESOP or the Purchaser and, upon request of the Trustee, with copies of any application for a Determination.