Common use of Roll Over Clause in Contracts

Roll Over. If elected by Savings Plan Employees, Granite shall cause to be paid from the Savings Plan the vested account balances of the Savings Plan Employees in the form of cash, cash equivalents or other mutually acceptable property and Buyer’s 401(k) plan described in Section 9.4.1 shall accept such distributions (including any outstanding loan balances) as rollover distributions subject to the terms of Buyer’s 401(k) plan and the rules and regulations under Section 402(c) of the Code. In no event, however, shall such transfer take place until the earlier of the furnishing to Buyer by Granite of (a) a favorable determination letter from the Internal Revenue Service with respect to the qualification of the Savings Plan under 401(a) of the Code, or (b) an opinion of counsel that such Savings Plan is qualified under Section 401(a) of the Code with respect to form and operation.