Common use of Operating Company Clause in Contracts

Operating Company. At the time the Company issues any Series C Preferred Stock, the Company shall be an "operating company" as defined in United States Department of Labor Regulation section 2510.3-101(c) issued under the United States Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and the Company shall at all times thereafter conduct its activities so that it will continue to qualify as such an "operating company." As a result, pursuant to United States Department of Labor Regulation section 2510.3-101(a)(2)(i), at no time shall the assets of the Company constitute the assets of any Investor or shareholder of the Company for purposes of Title I of ERISA or Section 4975 of the United States Internal Revenue Code of 1986 (the "Code"). SECTION 5.12

Operating Company. At the time the Company issues any Series C Preferred Stock, the Company shall be an "operating company" as defined in United States Department of Labor Regulation section 2510.3-101(c) issued under the United States Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and the Company shall at all times thereafter conduct its activities so that it will continue to qualify as such an "operating company." As a result, pursuant to United States Department of Labor Regulation section 2510.3-101(a)(2)(i), at no time shall the assets of the Company constitute the assets of any Investor or shareholder of the Company for purposes of Title I of ERISA or Section 4975 of the United States Internal Revenue Code of 1986 (the "Code"). SECTION 5.12.

Operating Company. At the time the Company issues any Series C Preferred Stockof the Common Stock pursuant to this Agreement, the Company shall be an "operating company" as defined in United States Department of Labor Regulation section 2510.3-101(c) issued under the United States Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and the Company shall at all times thereafter conduct its activities so that it will continue to qualify as such an "operating company." As a result, pursuant to United States Department of Labor Regulation section 2510.3-101(a)(2)(i), at no time shall the assets of the Company constitute the assets of any Investor Purchaser or any other shareholder of the Company for purposes of Title I of ERISA or Section section 4975 of the United States Internal Revenue Code of 1986 1986, as amended (the "Code"). SECTION 5.12.

Operating Company. At the time the Company issues any Series C Preferred StockShares, the Company shall be an "operating company" as defined in United States Department of Labor Regulation section 2510.3-101(c) issued under the United States Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and the Company shall at all times thereafter conduct its activities so that it will continue to qualify as such an "operating company." As a result, pursuant to United States Department of Labor Regulation section 2510.3-101(a)(2)(i), at no time shall the assets of the Company constitute the assets of any Investor or shareholder Member of the Company for purposes of Title I of ERISA or Section 4975 of the United States Internal Revenue Code of 1986 (the "Code"). SECTION 5.12.

Operating Company. At the time the Company issues any Series C Preferred StockInvestment Units, the Company shall be an "operating company" as defined in United States Department of Labor Regulation section 2510.3-101(c) issued under the United States Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and the Company shall at all times thereafter conduct its activities so that it will continue to qualify as such an "operating company." As a result, pursuant to United States Department of Labor Regulation section 2510.3-101(a)(2)(i), at no time shall the assets of the Company constitute the assets of any Investor or shareholder of the Company for purposes of Title I of ERISA or Section 4975 of the United States Internal Revenue Code of 1986 (the "Code"). SECTION 5.12.

Operating Company. At the time the Company issues any Series C Preferred StockShares, the Company shall be an "operating company" as defined in United States Department of Labor Regulation section 2510.3-101(c) issued under the United States Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and the Company shall at all times thereafter conduct its activities so that it will continue to qualify as such an "operating company." As a result, pursuant to United States Department of Labor Regulation section 2510.3-101(a)(2)(i), at no time shall the assets of the Company constitute the assets of any Investor or shareholder Member of the Company for purposes of Title I of ERISA or Section section 4975 of the United States Internal Revenue Code of 1986 (the "Code"). SECTION 5.12.