Common use of Audit CAP requirements Clause in Contracts

Audit CAP requirements. In the event the Service identifies a Qualification or 403(b)Failure (other than a failure that is not treated as resulting in disqualification of the plan under APRSC, VCR, Walk-in CAP, or TVC) upon an Employee Plans or Exempt Organizations examination of a Qualified Plan or a 403(b) Plan, the requirements of this section are satisfied with respect to the failure if the Plan Sponsor corrects the failure, pays a sanction in accordance with section 14.02, satisfies any additional requirements of section 14.03, and enters into a closing agreement with the Service.