Common use of Plan Assets, etc Clause in Contracts

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. Borrower will do, or cause to be done, all things necessary to ensure that neither Borrower nor Owner will not 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 Borrower has certified to Borrower and Lender, and Borrower shall require each proposed transferee of any direct or indirect equity interest in OwnerBorrower, 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 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. Upon request by Lender, Borrower shall provide Lender with a copy of each such certification from each owner of a direct or indirect an equity interest in Owner Borrower and will promptly provide Lender with a copy of each such certification from each proposed transferee.