Trust Qualification Sample Clauses

Trust Qualification. The Trust qualifies as a “mutual fund trust” and a “unit trust” under the Tax Act, and the Trust is a “SIFT” trust within the meaning of the Tax Act (although it is not currently subject to the SIFT tax regime under paragraph 122(1)(b) of the Tax Act which generally comes into effect January 1, 2011), and the completion of the issuance and sale of the Purchased Units hereunder shall not cause the Trust to cease to be a “mutual fund trust” or “unit trust” or to become a “SIFT” trust that is subject to the aforementioned SIFT tax regime.
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Trust Qualification. The Trust is intended to qualify as a tax-exempt trust under Code Section 501(a) such that it may be part of a plan that is qualified under Code Section 401(a), and the Trust is intended to meet the applicable requirements of ERISA, including ERISA Section 404(c) to the extent applicable to the Plan, and the provisions hereof shall be interpreted consistent with such intentions. The Company shall be solely responsible for ensuring the compliance of the Plan and Trust with the applicable sections of the Code and ERISA, and the Trustee may assume, unless advised to the contrary that the Plan is qualified and that the Trust is entitled to tax exemption. If the Plan ceases to be qualified within the meaning of Code Section 401(a), the Company shall notify the Trustee of same as promptly as is reasonable, and such notice shall include Instructions to the Trustee as to the disposition of the assets remaining in the Trust.
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Related to Trust Qualification

  • Tax Qualification Each Employee Benefit Plan intended to be qualified under Section 401(a) of the Code has been determined to be so qualified by the Internal Revenue Service and nothing has occurred since the date of the last such determination which resulted or is likely to result in the revocation of such determination.

  • REIT Qualification The Company will use its best efforts to continue to meet the requirements for qualification and taxation as a REIT under the Code, subject to any future determination by the Company’s board of directors that it is no longer in the Company’s best interests to qualify as a REIT.

  • Audit qualification The Auditors of the Group qualify the audited annual consolidated financial statements of the Borrower.

  • Due Qualification The Servicer is duly qualified to do business as a foreign corporation, is in good standing and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business (including the servicing of the Receivables as required by this Agreement) requires or shall require such qualification;

  • FCC Qualifications Section 7.04

  • Existence; Qualification The Borrowers will at all times preserve and keep in full force and effect their existence as a limited partnership, limited liability company, or corporation, as the case may be, and all rights and franchises material to its business, including their qualification to do business in each state where it is required by law to so qualify. Without limitation of the foregoing, each Borrower and, to the extent required by applicable law, General Partner and Member, shall at all times be qualified to do business in each of the states where the Properties are located.

  • Foreign Qualification Prior to the Company’s conducting business in any jurisdiction other than Delaware, the Majority Members shall cause the Company to comply, to the extent procedures are available and those matters are reasonably within the control of the Majority Members, with all requirements necessary to qualify the Company as a foreign limited liability company in that jurisdiction.

  • Tax-Free Qualification (a) Each of Company and Parent shall use its reasonable best efforts to and to cause each of its Subsidiaries to, (i) cause the Merger to qualify as a "reorganization" within the meaning of Section 368(a) of the Code and (ii) obtain the opinions of counsel referred to in Sections 6.2(f) and 6.3(e) of this Agreement.

  • Organization; Qualification The Company is a corporation duly organized and validly existing under the laws of the State of Delaware and is in good standing under such laws. The Company has all requisite corporate power and authority to own, lease and operate its properties and assets, and to carry on its business as presently conducted. The Company is qualified to do business as a foreign corporation in each jurisdiction in which the ownership of its property or the nature of its business requires such qualification, except where failure to so qualify would not have a material adverse effect on the Company.

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