Plan Assets, etc. Borrower will do, or cause to be done, all things necessary to ensure that it will not be deemed to hold Plan Assets at any time.
Plan Assets, etc. Borrower will do, or cause to be done, all things necessary to ensure that neither Borrower nor Owner will be deemed to hold “plan assets” (within the meaning of ERISA or the Code) at any time. Each owner of a direct or indirect equity interest in Owner has certified to Borrower and Lender, and Borrower shall require each proposed transferee of any direct or indirect equity interest in Owner, as a condition precedent to such transfer, to certify to Borrower and Lender, that the source of funds used or to be used by it to acquire its interest in Owner are not assets of any plan subject to Title I of ERISA or Section 4975 of the Code and are not deemed to be assets of any such plan under the U.S. Department of Labor’s plan asset regulations. Upon request by Lender, Borrower shall provide Lender with a copy of each such certification from each owner of a direct or indirect equity interest in Owner and will promptly provide Lender with a copy of each such certification from each proposed transferee.
Plan Assets, etc. The Borrower will do, or cause to be done, all things necessary to ensure that it will not be deemed to hold Plan Assets at any time. Each owner of an equity interest in Borrower has certified to Borrower and the Banks, and Borrower shall require each proposed transferee of any equity interest in Borrower, as a condition precedent to such transfer, to certify to Borrower and the Banks, that the source of funds used or to be used by it to acquire its interest in Borrower are not assets of any plan subject to Title I of ERISA or Section 4975 of the Code and are not deemed to be assets of any such plan under the U.S. Department of Labor's plan asset regulations. Borrower has provided the Agent with a copy of each such certification from each owner of an equity interest in Borrower and will promptly provide the Agent with a copy of each such certification from each proposed transferee.
Plan Assets, etc. Borrower and Operating Lessee will do, or cause to be done, all things necessary to ensure that neither Borrower nor Operating Lessee will be deemed to hold Plan Assets at any time.
Plan Assets, etc. Mezzanine Borrower will do, or cause to be done, all things necessary to ensure that it will not be deemed to hold "plan assets" (within the meaning of U.S. Department of Labor Regulation Section 2510.3-101) at any time during the term the Loan is outstanding.
Plan Assets, etc. (a) The Borrower Parties shall do all things necessary to ensure that they are not deemed to hold Plan Assets at any time.
(b) The Borrower shall notify Lender, promptly, and in any event within ten Business Days after receipt thereof by either Borrower Party or any ERISA Affiliate of either Borrower Party from a Multiemployer Plan sponsor, a copy of each notice received by either Borrower Party or any ERISA Affiliate of either Borrower Party concerning (A) the imposition of Withdrawal Liability by a Multiemployer Plan, (B) the determination that a Multiemployer Plan is, or is expected to be, in reorganization within the meaning of Title IV of ERISA, (C) the termination of a Multiemployer Plan within the meaning of Title IV of ERISA, and (D) the amount of liability incurred, or which may be incurred, by either Borrower Party, or any ERISA Affiliate of either in connection with any event described in clause (A), (B) or (C) above.
Plan Assets, etc. The Borrower will do, or cause to be done, all things necessary to ensure that its underlying assets will not be deemed to be “plan assets” within the meaning of the regulations promulgated under ERISA at 29 C.F.R. 2510.3-101 (the “Plan Asset Regulations”). The Borrower shall conduct their affairs so as to constitute either a “real estate operating company” or a “venture capital operating company” within the meaning of the Plan Asset Regulations.
Plan Assets, etc. The Fund shall at all times either (i) be a venture capital operating company within the meaning of the Plan Asset Regulations, or (ii) satisfy another exception under the Plan Asset Regulations such that the assets of the Fund are not "plan assets" within the meaning and as defined in the Plan Asset Regulations.
Plan Assets, etc. Borrower will do, or cause to be done, all things necessary to ensure that it will not be deemed to hold Plan Assets at any time. 49125-481/Block 21 (TX)
Plan Assets, etc. Mezzanine Borrower will do or cause to be done all things necessary to ensure that it will not be deemed to hold “plan assets” within the meaning of U.S. Department of Labor Regulation Section 2510.3-101 (Plan Assets) at any time during the term the Loan is outstanding and has certified to Mezzanine Lender that it does not hold, nor would it be deemed to hold, Plan Assets as of the date hereof. Mezzanine Borrower shall require, or cause to be required, each proposed transferee of any direct or indirect equity interest in Mezzanine Borrower, as a condition precedent to such transfer, to certify to Mezzanine Borrower and Mezzanine Lender that the source of funds used or to be used by it to acquire its direct or indirect interest in Mezzanine Borrower are not Plan Assets and are not deemed to be Plan Assets under the U.S. Department of Labor’s plan asset regulations. Mezzanine Borrower has provided Mezzanine Lender with a copy of Mezzanine Borrower’s certification and agrees to deliver to Mezzanine Lender from time to time throughout the term the Loan is outstanding, as requested by Mezzanine Lender, but no more than once in any twelve month period, a copy of each such certification from each proposed transferee.
