Termination of S Corporation Status. The Company and the Stockholders shall cause the Company to terminate its S corporation status at least two days prior to the Closing Date.
Termination of S Corporation Status. The Company’s status as an S corporation shall terminate pursuant to Section 1362(d)(2) of the Code on the Termination Date.
Termination of S Corporation Status. On or before the closing of the transaction contemplated hereby, the Maker will terminate its S corporation status. Following the closing of this transaction we will not make a distribution to our existing stockholders of their aggregate federal and state income tax liabilities attributable to our S corporation pass-through income.
Termination of S Corporation Status. The Company and the Stockholders understand that the Company's S corporation status will terminate upon the consummation of the Public Offering.
Termination of S Corporation Status. The Company's status as an S corporation under Section 1362 of the Internal Revenue Code of 1986, as amended (the "Code"), will be terminated as of the earlier of (i) the date of the closing of the Public Offering or (ii) the date specified in a revocation of S corporation status duly filed by the Company (such date being referred to hereinafter as the "Termination Date"). The Company's status as an S corporation under pertinent state tax laws will also be terminated on the Termination Date. The Company shall use the pro rata allocation method prescribed in Section 1362(e)(2) of the Code in order to allocate its taxable income between the short S corporation taxable year ending the day prior to the Termination Date and the C corporation short taxable year commencing on the Termination Date; provided that, if the Company has revoked its S corporation status prior to the date of the Public Offering, it shall use the "closing-of-the-books" method prescribed in Section 1362(e)(3) of the Code.
Termination of S Corporation Status. The Company and the Stockholders shall cause the Company to terminate its S corporation status pursuant to section 1362(d)(1) of the Code no later than one day before the Closing by filing the form attached hereto and marked as EXHIBIT 1 no later than one day before the Closing. The Stockholders shall each consent to the revocation of the S corporation election by providing the Company with the statement of consent, attached hereto and marked as EXHIBIT 2, no later than one day before the Closing.
Termination of S Corporation Status. The Company shall terminate ----------------------------------- its status as an S corporation pursuant to an election, as permitted pursuant to Section 1362(d)(1) of the Code, which election shall be made by the Company and the Shareholders and shall be effective on the Termination Date.
Termination of S Corporation Status. 1.1 In connection with the IPO, the Company and Stockholder (together with the other current stockholders of the Company) wish to revoke ("the Revocation") the Company's S Corporation Election and to take the other steps as more fully described in Exhibit A attached hereto. ---------
Termination of S Corporation Status. Pursuant to Section 1362(d) of the Code, the Company’s status as an S Corporation shall terminate on the earlier of (i) on which the Shareholders holding more than one-half of the shares of the Company stock file a consent to revoke the Company’s status as an S Corporation in accordance with and in the manner provided by Treasury Regulation Section 1.1362-6(a)(3), which election shall be in substantially the form attached hereto as Exhibit 1; and (ii) the day on which the Company issues shares of the Company’s common stock in the Public Offering to one or more shareholders which causes the Company to no longer qualify as an S Corporation (the “Termination Date”).
Termination of S Corporation Status. 3 1.9 Merger of LDS and LDSI............................................ 3 1.10 Issuance of Junior Subordinated Debentures........................ 3 1.11 Option Pools...................................................... 4 1.12 Description of Senior Debentures.................................. 4 1.13 Description of Junior Debentures.................................. 5
