Plan Assets Notice Clause Samples
Plan Assets Notice. (a) The Company shall provide to each ERISA Member, on or prior to the date of the Company’s initial capital call, a written certification confirming, based on the representations and warranties of the Members to the Company, that “benefit plan investors” hold less than twenty-five percent (25%) of each class of equity interests in the Company (determined in accordance with the Plan Assets Regulation).
(b) If at any time the Company determines there is a material likelihood that all or any portion of the assets of the Company would constitute “plan assets” of any ERISA Member for purposes of ERISA or Section 4975 of the Code, the Company shall promptly notify in writing the ERISA Members investing in the applicable entity of such determination. For the avoidance of doubt, the Company shall deliver the notice described in this 14.1.3(b) if any ERISA Member delivers an opinion as described in 14.2.1(b). In addition, at the request of an ERISA Member, the Company will use commercially reasonable efforts to provide any information regarding the assets held by the Company as is reasonably necessary to enable the ERISA Member to complete its Form 5500 or any other regulatory reporting requirements applicable to the ERISA Member.
Plan Assets Notice. The Borrower shall promptly notify the Administrative Agent, the Collateral Agent and each Lender in the event that the Borrower at any time becomes a Benefit Plan Investor, becomes a "governmental plan" within the meaning of §3(32) of ERISA, or the underlying assets of the Borrower are treated as assets of a governmental plan and, in such event, shall provide such additional information and representations as the Lenders may reasonably request that satisfies Lenders that Borrower will comply with the prohibited transaction provisions of ERISA Section 406 and Code Section 4975 or, if it becomes a governmental plan or the underlying assets of the Borrower are treated as assets of a governmental plan, it will comply with applicable provisions of state law substantially similar to ERISA Section 406 and Code Section 4975.
Plan Assets Notice. The Borrower shall promptly notify the Administrative Agent and each Lender Agent in the event that the Borrower at any time becomes a Benefit Plan Investor and, in such event, shall provide such additional information and representations as the Lenders may reasonably request relating to compliance with the prohibited transaction provisions of ERISA Section 406 and Code Section 4975.
Plan Assets Notice. (a) The Company shall provide to each ERISA Member, on or prior to the date of the Company’s initial capital call, a written certification confirming, based on the representations and warranties of the Members to the Company, that “benefit plan investors” hold less than twenty five percent (25%) of each class of equity interests in the Company (determined in accordance with the Plan Assets Regulation).
(b) If at any time the Company determines there is a material likelihood that all or any portion of the assets of the Company would constitute “plan assets” of any ERISA Member for purposes of ERISA or Section 4975 of the Code, the Company shall promptly notify in writing the ERISA Members of such determination.
Plan Assets Notice. It shall promptly notify the Loan Agent, the Collateral Agent and the Lead Lender in the event that (i) its underlying assets constitute “plan assets” of any Benefit Plan Investor (as determined under the Plan Asset Regulations) or (ii) its underlying assets are treated as assets of a governmental plan within the meaning of Section 3(32) of ERISA (a “Governmental Plan”) or other plan subject to Similar Law while this Agreement is in effect, and, in any such event, shall provide a description of the steps that it has taken or intends to take in order to comply with the prohibited transaction provisions of ERISA Section 406 and Code Section 4975 or, if its underlying assets are treated as assets of a Governmental Plan or other plan subject to Similar Law, to comply with the applicable provisions of Similar Law.
Plan Assets Notice. The Seller shall promptly notify the Purchaser, the Collateral Agent and the Administrative Agent in the event that the Seller at any time becomes a Benefit Plan Investor and, in such event, shall provide such additional information and representations as the Purchaser, the Collateral Agent and the Administrative Agent may reasonably request relating to compliance with the prohibited transaction provisions of ERISA Section 406 and Code Section 4975.