Common use of Use of Employee Plan Assets Clause in Contracts

Use of Employee Plan Assets. (a) If assets of an employee benefit plan subject to any provision of ERISA are intended to be used by Seller in a Transaction (each, an “ERISA Transaction”), Seller shall so notify Buyer before such ERISA Transaction. Seller shall represent in writing to Buyer that the ERISA Transaction does not constitute a prohibited transaction under ERISA or is otherwise exempt therefrom, and Buyer may proceed in reliance thereon but shall not be required so to proceed. (b) Subject to the last sentence of Section 25(a), any such ERISA Transaction shall proceed only if Seller furnishes or has furnished to Buyer its most recent available audited statement of its financial condition and its most recent subsequent unaudited statement of its financial condition. (c) By entering into an ERISA Transaction pursuant to this Section 25, Seller shall be deemed (i) to represent to Buyer that since the date of Seller’s latest such financial statements, there has been no material adverse change in Seller’s financial condition that Seller has not disclosed to Buyer, and (ii) to agree to provide Buyer with future audited and unaudited statements of its financial condition as they are issued, so long as any such ERISA Transaction is outstanding.

Appears in 2 contracts

Samples: Master Repurchase Agreement (loanDepot, Inc.), Master Repurchase Agreement (loanDepot, Inc.)

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Use of Employee Plan Assets. (a) If assets of an employee benefit plan subject to any provision of ERISA are intended to be used by Seller in a Transaction (each, an “ERISA Transaction”), Seller shall so notify Buyer Administrative Agent before such ERISA the Transaction. Seller shall represent in writing to Buyer Administrative Agent that the ERISA Transaction does not constitute a prohibited transaction under ERISA or is otherwise exempt therefrom, and Buyer Administrative Agent may proceed in reliance thereon but shall not be required so to proceed. (b) Subject to the last sentence of Section 25(a27(a), any such ERISA Transaction shall proceed only if Seller furnishes or has furnished to Buyer Buyers and Administrative Agent its most recent available audited statement of its financial condition and its most recent subsequent unaudited statement of its financial condition. (c) By entering into an ERISA a Transaction pursuant to this Section 2527, Seller shall be deemed (i) to represent to Buyer Buyers and Administrative Agent that since the date of Seller’s latest such financial statements, there has been no material adverse change in Seller’s financial condition that Seller has not disclosed to BuyerAdministrative Agent, and (ii) to agree to provide Buyer Buyers and Administrative Agent with future audited and unaudited statements of its financial condition as they are issued, so long as any such ERISA Transaction is outstanding.

Appears in 2 contracts

Samples: Master Repurchase Agreement (Rocket Companies, Inc.), Master Repurchase Agreement (Rocket Companies, Inc.)

Use of Employee Plan Assets. (a) If assets of an employee benefit plan subject to any provision of ERISA are intended to be used by Seller in a Transaction (each, an “ERISA Transaction”), Seller shall so notify Buyer before such ERISA the Transaction. Seller shall represent in writing to Buyer that the ERISA Transaction does not constitute a prohibited transaction under ERISA or is otherwise exempt therefrom, and Buyer may proceed in reliance thereon but shall not be required so to proceed. (b) Subject to the last sentence of Section 25(a26(a), any such ERISA Transaction shall proceed only if Seller furnishes or has furnished to Buyer its most recent available audited statement of its financial condition and its most recent subsequent unaudited statement of its financial condition. (c) By entering into an ERISA a Transaction pursuant to this Section 2526, Seller shall be deemed (i) to represent to Buyer that since the date of Seller’s latest such financial statements, there has been no material adverse change in Seller’s financial condition that Seller has not disclosed to Buyer, and (ii) to agree to provide Buyer with future audited and unaudited statements of its financial condition as they are issued, so long as any such ERISA Transaction is outstanding.

Appears in 2 contracts

Samples: Master Repurchase Agreement (Guild Holdings Co), Master Repurchase Agreement (Walker & Dunlop, Inc.)

Use of Employee Plan Assets. (a) If assets of an employee benefit plan subject to any provision of ERISA are intended to be used by Seller in a Transaction (each, an “ERISA Transaction”), Seller shall so notify Buyer before such ERISA the Transaction. Seller shall represent in writing to Buyer that the ERISA Transaction does not constitute a prohibited transaction under ERISA or is otherwise exempt therefrom, and Buyer may proceed in reliance thereon but shall not be required so to proceed. (b) Subject to the last sentence of Section 25(a), any such ERISA Transaction shall proceed only if Seller furnishes or has furnished to Buyer its most recent available audited statement of its financial condition and its most recent subsequent unaudited statement of its financial condition. (c) By entering into an ERISA a Transaction pursuant to this Section 25, Seller shall be deemed (i) to represent to Buyer that since the date of Seller’s latest such financial statements, there has been no material adverse change in Seller’s financial condition that Seller has not disclosed to Buyer, and (ii) to agree to provide Buyer with future audited and unaudited statements of its financial condition as they are issued, so long as any such ERISA Transaction is outstanding.

Appears in 2 contracts

Samples: Master Repurchase Agreement (AmeriHome, Inc.), Master Repurchase Agreement (Pennymac Financial Services, Inc.)

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Use of Employee Plan Assets. (a) If assets of an employee benefit plan subject to any provision of ERISA are intended to be used by a Seller in a Transaction (eachTransaction, an “ERISA Transaction”), such Seller shall so notify Buyer before such ERISA the Transaction. Such Seller shall represent in writing to Buyer that the ERISA Transaction does not constitute a prohibited transaction under ERISA or is otherwise exempt therefrom, and Buyer may proceed in reliance thereon but shall not be required so to proceed. (b) Subject to the last sentence of Section 25(a), any such ERISA Transaction shall proceed only if such Seller furnishes or has furnished to Buyer its most recent available audited statement of its financial condition and its most recent subsequent unaudited statement of its financial condition. (c) By entering into an ERISA a Transaction pursuant to this Section 25, each Seller shall be deemed (i) to represent to Buyer that since the date of Seller’s its latest such financial statements, there has been no material adverse change in such Seller’s financial condition that such Seller has not disclosed to Buyer, and (ii) to agree to provide Buyer with future audited and unaudited statements of its financial condition as they are issued, so long as any such ERISA Transaction is outstanding.

Appears in 1 contract

Samples: Master Repurchase Agreement (PennyMac Mortgage Investment Trust)

Use of Employee Plan Assets. (a) If assets of an employee benefit plan subject to any provision of ERISA the Employee Retirement Income Security Act of 1974 (“ERISA”) are intended to be used by Seller in a Transaction (each, an “ERISA Transaction”), Seller shall so notify Buyer before such ERISA prior to the Transaction. Seller shall represent in writing to Buyer that the ERISA Transaction does not constitute a prohibited transaction under ERISA or is otherwise exempt therefrom, and Buyer may proceed in reliance thereon but shall not be required so to proceed. (b) Subject to the last sentence of Section 25(a)Paragraph (a) of this Paragraph, any such ERISA Transaction shall proceed only if Seller furnishes or has furnished to Buyer its most recent available audited statement of its financial condition and its most recent subsequent unaudited statement of its financial condition. (c) By entering into an ERISA a Transaction pursuant to this Section 25Paragraph, Seller shall be deemed (i) to represent to Buyer that since the date of Seller’s latest such financial statements, there has been no material adverse change in Seller’s financial condition that which Seller has not disclosed to Buyer, and (ii) to agree to provide Buyer with future audited and unaudited statements of its financial condition as they are issued, so long as any such ERISA Transaction is outstanding.

Appears in 1 contract

Samples: Master Repurchase Agreement (Tree.com, Inc.)

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