ERISA Member definition

ERISA Member means each Member any of the assets of which are subject to Title I of ERISA and/or Code Section 4975 or any regulations promulgated thereunder.

ERISA Member means any Member that is an employee benefit plan subject to ERISA or a "benefit plan investor" within the meaning of the Plan Asset Regulation.

ERISA Member any Member that is an “employee benefit plan” within the meaning of section 3(3) of ERISA, a “plan” within the meaning of section 4975(e)(1) of the Code or a “benefit plan investor” within the meaning of 29 C.F.R. 2510.3-101 or any insurance company investing the assets of its general account which may be deemed to include “plan assets.” Event of Termination - as defined in Section 12.1. Exchange Act - the Securities Exchange Act of 1934, as the same may be hereafter amended from time to time. Fair Market Value - the fair market value of such property on such date as determined in good faith by the Manager, provided that if a Majority in Interest so requests in writing, the fair market value of such property shall be determined by an independent, nationally recognized investment banking firm, accounting firm or an appraisal firm selected by the Manager. Final Closing - the Initial Closing or, if any Subsequent Closing occurs, the last Subsequent Closing. Fund - as defined in the Background paragraph to this Agreement. Fund Expenses - as defined in Section 8.1. GAAP - generally accepted accounting principles in the United States of America. Governmental Authority - any nation or government, any state or other political subdivision thereof and any other Person exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. Initial Closing - the first Closing under which Members have acquired Interests pursuant to the Subscription Agreements. Interest - the entire limited liability company interest owned by a Member in the Fund at any particular time as represented by the number of Units held by such Member, including the right of such Member to any and all benefits to which a Member may be entitled as provided in this Agreement, together with the obligations of such Member to comply with all the terms and provisions of this Agreement. Internal Revenue Service - the Internal Revenue Service or its successor. Equity Program Operating Agreement 3 Investment – a structured bridge or other loan made by the Fund to finance the acquisition and rehabilitation of distressed residential and commercial real estate, other opportunistic lending for real estate development and construction meeting the investment criteria of the Fund established and as may be amended from time to time by Manager, in its sole discretion, or strategic acquisition by the Acquisition Affiliate of certain distressed real property. Investment C...

Examples of ERISA Member in a sentence

• If a Member is an ERISA Member, the Member is required to complete the first level of Appeal prior to instituting any civil action under ERISA section 502(a).

• No opinion will be required for any Transfer that is merely an assignment of Units to any successor trustee of an ERISA Member.

• Notwithstanding the foregoing, no withdrawal shall be granted at the request of an ERISA Member solely on the grounds that the ERISA Member’s investment in the Company is not prudent, that such investment does not satisfy the diversification requirements applicable to the relevant plan, that it is inconsistent with the plan’s terms, investment policy or need for liquidity, or that it violates other similar requirements set forth in Section 404 of ERISA (or other law similar in purpose and intent).

• If there shall be more than one Member that is a withdrawing ERISA Member, the independent appraiser referred to in the preceding sentence shall be approved by a majority in interest of such withdrawing ERISA Members.

• If, within 20 Business Days after such an objection has been made, a substitute value has not been agreed upon by the Company and such withdrawing ERISA Member, the Company shall submit the dispute to an independent appraiser selected by the Company and approved by the withdrawing ERISA Member (which approval shall not be unreasonably withheld).

• If such cause for withdrawal is not cured within the 90 day period described in 14.2.2, then such ERISA Member shall withdraw from the Company (in whole or in part, as applicable) as of the last day of the fiscal quarter of the Company during which such 90 day period expires or as of such earlier date as may be determined by the Company, in its sole discretion (such date being herein referred to as the “ERISA Withdrawal Date”).

• Effective upon the ERISA Withdrawal Date with respect a complete withdrawal from the Company, such ERISA Member shall cease to be a Member of the Company for all purposes and, except for its right to receive payment for its Company interest as hereinafter provided, shall no longer be entitled to the rights of a Member under this Agreement.

• 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.

• If, in the opinion of the Manager, the reinvestment of distributions by an ERISA Member equal or exceed or would, after giving effect to the admission of any ERISA Member(s), equal or exceed twenty-five percent (25%) of the aggregate Capital Contributions of (or the value of any other interests of or the Units held by), as applicable, of all Members, then the Manager shall not permit such Member to reinvest distributions.

More Definitions of ERISA Member

ERISA Member means any benefit plan investor as defined in the Department of Labor Regulation 2510.3-101(f), as amended by the Pension Protection Act of 2006.

ERISA Member any Member that is an “employee benefit plan” within the meaning of section 3(3) of ERISA, a “plan” within the meaning of section 4975(e)(1) of the Code or a “benefit plan investor” within the meaning of 29 C.F.R. 2510.3-101 or any insurance company investing the assets of its general account which may be deemed to include “plan assets.” Event of Termination - as defined in Section 12.1. Exchange Act - the Securities Exchange Act of 1934, as the same may be hereafter amended from time to time.

ERISA Member has the meaning given it in Section 5.11.

ERISA Member means (a) any Member that is an ERISA Plan or whose assets are treated as “plan assets” for purposes of ERISA or Section 4975 of the Code, and (b) any Member that is a “governmental plan” as defined in Section 3(32) of ERISA, unless the governmental plan submits a written election to the Company at the time it acquires its Units to not be treated as an ERISA Member. A governmental plan described in clause (b) above that does not submit the election referred to therein will be treated for purposes of this Agreement as if it were an ERISA Plan, and any opinion of counsel submitted by the governmental plan need not include any opinion that it is subject to ERISA, but rather may provide that if the governmental plan were subject to ERISA (whether or not that is the case), then the situation described in the opinion would occur.

ERISA Member means a Member that (i) (a) is a "benefit plan investor" (as such term is defined in the DOL Regulations as modified by section 3(42) of ERISA) subject to the fiduciary responsibility provisions of part 4 of title I of ERISA or is a "plan" (as such term is defined in section 4975(e) of the Code) subject to section 4975 of the Code and

ERISA Member means a Member that is subject to ERISA.