Common use of Failure of Qualification Clause in Contracts

Failure of Qualification. If the Plan as maintained by the Employer fails to attain or to maintain qualification under the Code, it shall be consid- ered an individually designed plan and no longer a Prototype Plan; upon knowledge of such event the Trustee shall resign pursuant to Section 14.6. An Employer who is not entitled to rely on the opinion letter issued to the Prototype Sponsor with respect to the Prototype Plan, as set forth in the Adoption Agreement, shall promptly apply for a determination letter as to the Plan.

Failure of Qualification. If the Plan as maintained by the Employer fails to attain or to maintain qualification under the Code, it shall be consid- ered considered an individually designed plan and no longer a Prototype Plan; upon knowledge of such event the Trustee shall resign pursuant to Section 14.6. An Employer who is not entitled to rely on the opinion letter issued to the Prototype Sponsor with respect to the Prototype Plan, as set forth in the Adoption Agreement, shall promptly apply for a determination letter as to the Plan.