Qualified Status. Each Benefit Plan that is funded through a trust or insurance contract and is intended to satisfy the requirements of Section 401(a) of the Code, has at all times satisfied in all material respects, by its terms and to the best knowledge of the Stockholders in its operation, all applicable requirements under Section 401(a) and related sections of the Code, and any such trust has been and, at the Closing Date, shall be exempt from federal income taxation under Section 501(a) of the Code. All such plans have been operated to the best knowledge of the Stockholders in all material respects in accordance with the applicable requirements of the Tax Reform Act of 1986 and subsequent applicable legislation.
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Sources: Agreement and Plan of Reorganization (Newpark Resources Inc), Agreement and Plan of Reorganization (Newpark Resources Inc)
Qualified Status. Each Benefit Plan that is funded through a trust or insurance contract and is intended to satisfy the requirements of Section 401(a) of the Code, has at all times satisfied in all material respects, by its terms and to the best knowledge of the Stockholders FMI in its operation, all applicable requirements under Section 401(a) and related sections of the Code, and any such trust has been and, at the Closing Date, shall be exempt from federal income taxation under Section 501(a) of the Code. All such plans have been operated to the best knowledge of the Stockholders FMI in all material respects in accordance with the applicable requirements of the Tax Reform Act of 1986 and subsequent applicable legislation.
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