In Microsoft localization context, the word term is used in a slightly untraditional sense, meaning the same as e.g. a segment in Trados. The distinguishing feature of a term here is that it is translated as one unit; it may be a traditional term (as used in terminology), a phrase, ...
(iii).Each of the Benefit Plans has been administered in accordance with its terms in all material respects and is in compliance in all material respects with applicable laws and regulations. Each of the Benefit Plans which is intended to be a qualified plan within the meaning of Section 401...