Common use of Approval of Plan Clause in Contracts

Approval of Plan. Approval of the Plan by the Commissioner of Internal Revenue as referred to in Section 10.1 means a continuing approval sufficient to establish that the Plan and related trust or trusts are at all times qualified and exempt from income tax under Sections 401(a) and 501(a), respectively, and other applicable provisions of the Internal Revenue Code of l986, and that contributions made by the Company under the Plan are deductible for income tax purposes in accordance with law. The cognizant governmental authorities referred to in Section 10.1 include, without limitation, the Department of Labor, the Pension Benefit Guaranty Corporation and the Securities and Exchange Commission, and their approval means their confirmation with respect to any matter within their regulatory authority that the Plan does not conflict with applicable law.

Approval of Plan. 15 Approval of the Plan by the Commissioner of Internal Revenue as referred 16 to in Section 10.1 means a continuing approval sufficient to establish that 17 the Plan and related trust or trusts are at all times qualified and exempt from 18 income tax under Sections Section 401(a) and 501(a), respectively, and other applicable provisions of the 19 Internal Revenue Code of l986, and that contributions made by the 20 Company under the Plan are deductible for income tax purposes in 21 accordance with law. The cognizant governmental authorities referred to in 22 Section 10.1 include, without limitation, the Department of Labor, the 23 Pension Benefit Guaranty Corporation and the Securities and Exchange 24 Commission, and their approval means their confirmation with respect to 25 any matter within their regulatory authority that the Plan does not conflict 26 with applicable law.