Qualified Status Sample Clauses

Qualified Status. Each CIS Benefit Plan that is funded through a trust or insurance contract has at all times satisfied in all respects, by its terms and in its operation, all applicable requirements for an exemption from federal income taxation under Section 501(a) of the Code. Neither CIS nor any CIS ERISA Affiliate maintains a CIS Benefit Plan which meets the requirements of Section 401(a) of the Code (each a "401 Plan"). Any determination letter issued by the IRS to the effect that any such 401 Plan qualifies under Section 401(a) of the Code and that the related trust is exempt from taxation under Section 501(a) of the Code remains in effect and has not been revoked. Each such 401 Plan, if any, currently complies in form with the requirements under Section 401(a) of the Code, other than changes required by statutes, regulations and rulings for which amendments are not yet required. Each such 401 Plan, if any, has been administered according to its terms (except for those terms which are inconsistent with the changes required by statutes, regulations and ruling for which changes are not yet required to be made, in which case any such 401 Plan has been administered in accordance with the provisions of those statutes, regulations and rulings) and in accordance with the requirements of Section 401(a) of the Code. Each such 401 Plan, if any, has been tested for compliance with, and has satisfied the requirements of, Section 401(k)(3) and 401(m)(2) of the Code for each plan year ending prior to the Effective Date.

Qualified Status. Each Current Benefit Plan intended to be qualified under Code Section 401 (i) satisfies in form the requirements of such Section, (ii) has received a favorable determination letter from the IRS regarding such qualified status, (iii) except as set forth in Section 5.13(c)(iii) of the Acquiror's Disclosure Letter, has not, since receipt of the most recent favorable determination letter, been amended and (iv) has not been operated in a way that would adversely affect its qualified status.

Qualified Status. The Option is a nonqualified stock option and is not intended to qualify as an incentive stock option under Section 422 of the Internal Revenue Code of 1986, as amended.

Qualified Status. Notwithstanding anything to the contrary, the aggregate Fair Market Value (determined as of the date of grant) of the Option Shares with respect to which Incentive Stock Options are exercisable for the first time by the Employee during any calendar year under all stock option plans of the Company may not exceed One Hundred Thousand Dollars ($100,000). If the aggregate Fair Market Value of the Option Shares exceeds $100,000, then the Option shall, to the extent and in the order required by the Regulations (or any other authority having the force of Regulations), automatically be deemed to be Non-Qualified Stock Options, but all other terms and provisions of the Option shall remain unchanged. In the absence of such Regulations (or authority), or in the event such Regulations (or authority) require or permit a designation of the Option which shall cease to constitute Incentive Stock Options, then the Option shall, to the extent of such excess and in the order in which they were granted, automatically be deemed to be Non-Qualified Stock Options, but all other terms and provisions of the Option shall remain unchanged.

Qualified Status. Each Current Benefit Plan intended to be qualified under Code Section 401 (i) satisfies in form the requirements of such Section, (ii) is a standardized prototype which does not require an individual favorable determination letter from the IRS, (iii) has not, since adoption of the prototype, been amended and (iv) has not been operated in a way that would adversely affect its qualified status.

Qualified Status. Such Shareholder is an “accredited investor” as defined in Regulation D under the Securities Act.

Qualified Status. HoldCo is both an “accredited investor” as defined in Regulation D under the Securities Act and a “qualified purchaser” as defined in the Investment Company Act.

Qualified Status. Except as disclosed in (S) 3(w)(vii) of the Disclosure Schedule, each Company Benefit Plan that is funded through a trust or insurance contract has at all times satisfied in all material respects, by its terms and in its operation, all applicable requirements for an exemption from federal income taxation under (S) 501(a) of the Code. Except as disclosed in (S) 3(w)(vii) of the Disclosure Schedule, neither the Company, nor any Company Subsidiary, nor any Company ERISA Affiliate maintains or previously maintained a Company Benefit Plan which meets or was intended to meet the requirements of (S) 401(a) of the Code (collectively, "Company Qualified Plans"). Each determination letter issued by the IRS to the effect that a Company Qualified Plan qualifies under (S) 401(a) of the Code and that the related trust is exempt from taxation under (S) 501(a) of the Code remains in effect and has not been revoked. Each Company Qualified Plan currently complies in form with the requirements under (S) 401(a) of the Code, other than changes required by statutes, regulations and rulings for which amendments are not yet required. Each Company Qualified Plan has been administered according to its terms (except for those terms which are inconsistent with the changes required by statutes, regulations, and rulings for which changes are not yet required to be made, in which case the Company Qualified Plan has been administered in accordance with the provisions of those statutes, regulations and rulings) and in accordance with the requirements of (S) 401(a) of the Code. Each Company Qualified Plan containing a cash or deferred arrangement under (S) 401(k) of the Code or pursuant to which matching or employee contributions are permissible has been tested for compliance with, and has satisfied the requirements of, (S)(S) 401(k)(3) and 401(m)(2) of the Code for each plan year ending prior to the Closing Date.

Qualified Status. The Plans are qualified plans within the meaning of Section 401(a) of the Code and all funding vehicles (trusts or otherwise) in which assets of either of the Plans are held are exempt from federal income taxation pursuant to the provisions of Section 501(a) of the Code.