Qualified Status Sample Clauses

Qualified Status. Each CIS Benefit Plan that is funded through a trust or insurance contract has at all times satisfied in all respects, by its terms and in its operation, all applicable requirements for an exemption from federal income taxation under Section 501(a) of the Code. Neither CIS nor any CIS ERISA Affiliate maintains a CIS Benefit Plan which meets the requirements of Section 401(a) of the Code (each a "401 Plan"). Any determination letter issued by the IRS to the effect that any such 401 Plan qualifies under Section 401(a) of the Code and that the related trust is exempt from taxation under Section 501(a) of the Code remains in effect and has not been revoked. Each such 401 Plan, if any, currently complies in form with the requirements under Section 401(a) of the Code, other than changes required by statutes, regulations and rulings for which amendments are not yet required. Each such 401 Plan, if any, has been administered according to its terms (except for those terms which are inconsistent with the changes required by statutes, regulations and ruling for which changes are not yet required to be made, in which case any such 401 Plan has been administered in accordance with the provisions of those statutes, regulations and rulings) and in accordance with the requirements of Section 401(a) of the Code. Each such 401 Plan, if any, has been tested for compliance with, and has satisfied the requirements of, Section 401(k)(3) and 401(m)(2) of the Code for each plan year ending prior to the Effective Date.

Qualified Status. Notwithstanding anything to the contrary, the aggregate Fair Market Value (determined as of the date of grant) of the Option Shares with respect to which Incentive Stock Options are exercisable for the first time by the Employee during any calendar year under all stock option plans of the Company may not exceed One Hundred Thousand Dollars ($100,000). If the aggregate Fair Market Value of the Option Shares exceeds $100,000, then the Option shall, to the extent and in the order required by the Regulations (or any other authority having the force of Regulations), automatically be deemed to be Non-Qualified Stock Options, but all other terms and provisions of the Option shall remain unchanged. In the absence of such Regulations (or authority), or in the event such Regulations (or authority) require or permit a designation of the Option which shall cease to constitute Incentive Stock Options, then the Option shall, to the extent of such excess and in the order in which they were granted, automatically be deemed to be Non-Qualified Stock Options, but all other terms and provisions of the Option shall remain unchanged.

Qualified Status. Each Current Benefit Plan intended to be qualified under Code Section 401 (i) satisfies in form the requirements of such Section, (ii) has received a favorable determination letter from the IRS regarding such qualified status, (iii) except as set forth in Section 5.13(c)(iii) of the Acquiror's Disclosure Letter, has not, since receipt of the most recent favorable determination letter, been amended and (iv) has not been operated in a way that would adversely affect its qualified status.

Qualified Status. Each Current Benefit Plan intended to be qualified under Code Section 401 (i) satisfies in form the requirements of such Section, (ii) is a standardized prototype which does not require an individual favorable determination letter from the IRS, (iii) has not, since adoption of the prototype, been amended and (iv) has not been operated in a way that would adversely affect its qualified status.

Qualified Status. The Option is a nonqualified stock option and is not intended to qualify as an incentive stock option under Section 422 of the Internal Revenue Code of 1986, as amended.

Qualified Status. Each Supply Tech Benefit Plan that is funded through a trust or insurance contract has satisfied in all material respects, by its terms and in its operation, all applicable requirements for an exemption from federal income taxation under Section 501(a) of the Code. Except for the plans identified as qualified plans in the Supply Tech Disclosure Letter (the "Qualified Plans") neither Supply Tech nor any Supply Tech ERISA Affiliate maintains or previously maintained a Supply Tech Benefit Plan which meets or was intended to meet the requirements of Section 401(a) of the Code. Except as would not have a Supply Tech Material Adverse Effect, any determination, opinion or notification letter issued by the IRS to the effect that the Qualified Plans qualify under Section 401(a) of the Code and that the related trust is exempt from taxation under Section 501(a) of the Code remains in effect and has not been revoked. Each of the Qualified Plans currently complies in form in all material respects with the requirements under Section 401(a) of the Code, other than changes required by statutes, regulations and rulings for which amendments are not yet required. Each of the Qualified Plans has been administered according to its terms (except for those terms which are inconsistent with the changes required by statutes, regulations, and rulings for which changes are not yet required to be made, in which case the Qualified Plans have been administered in accordance with the provisions of those statutes, regulations and rulings) and in accordance with the requirements of Section 401(a) of the Code. The Qualified Plans have been tested for compliance with, and in all material respects have satisfied the requirements of, Section 401(k)(3) and 401(m)(2) of the Code, if applicable, for each plan year within the time periods permitted by law.

Qualified Status. The Plans are qualified plans within the meaning of Section 401(a) of the Code and all funding vehicles (trusts or otherwise) in which assets of either of the Plans are held are exempt from federal income taxation pursuant to the provisions of Section 501(a) of the Code.

Qualified Status. Each IFM Benefit Plan that is an employee benefit plan (within the meaning of Section 3(2) of ERISA) that is funded through a trust or insurance contract or is a welfare benefit plan (within the meaning of Section 3(1) of ERISA) funded through a trust has at all times satisfied in all material respects, by its terms and in its operation, all applicable requirements for an exemption from federal income taxation under Section 501(a) of the Code. Neither IFM nor any IFM ERISA Affiliate maintains or has previously maintained a IFM Benefit Plan which meets or was intended to meet the requirements of Section 401(a) of the Code except as disclosed on Schedule 4.15.

Qualified Status. Teach For America will provide the described Pre-Service Training to Teachers presented to School District for the purpose of ensuring that such Teachers meet applicable federal, State and/or local educational standards or requirements such as those set forth in the Federal “Every Student Succeeds Act” and other State certification regulations (together, the “Requirements”). For purposes of this section, only those Requirements in effect at the time that the Teacher is offered employment by School District will be applicable.