Neither Borrower definition

Neither Borrower nor any Affiliate has an "obligation to contribute" (as defined in ERISA Section 4212) to a "multiemployer plan" (as defined in ERISA Sections 4001(a)(3) and 3(37)(A)). Each "employee pension benefit plan," as defined in Section 3(2) of ERISA, ever maintained by the Borrower or any Affiliate that was intended to qualify under Section 401(a) of the Internal Revenue Code and with respect to which any Affiliate has any liability, is disclosed as such in Schedule 3.16.

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Neither Borrower nor any ERISA Affiliate has completely or partially withdrawn from any multiemployer plan and no such multiemployer plan is in reorganization, all as provided by ERISA. Borrower and each ERISA Affiliate has met its minimum funding requirements and has no unfulfilled obligations under ERISA to contribute to any Employee Benefit Plan. Borrower shall promptly notify Bank of any assertion by PBGC of liability of Borrower or any ERISA Affiliate under Title IV of ERISA. The failure of Borrower to pay within 30 days the amount of any liability under Title IV of ERISA demanded by PBGC shall constitute a default hereunder.

Neither Borrower nor any Subsidiary of Borrower shall:

Examples of Neither Borrower in a sentence

• Neither Borrower nor any of its Subsidiaries is a “holding company” or an “affiliate” of a “holding company” or a “subsidiary company” of a “holding company” as each term is defined and used in the Public Utility Holding Company Act of 2005.

• Neither Borrower nor any of its Subsidiaries is engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and U of the Federal Reserve Board of Governors).

• Neither Borrower nor any of its Subsidiaries is an “investment company” or a company “controlled” by an “investment company” under the Investment Company Act of 1940, as amended.

• Neither Borrower nor any of its Subsidiaries owns any stock, shares, partnership interests or other equity securities except for Permitted Investments.

• Neither Borrower nor any of its Subsidiaries shall, nor shall Borrower or any of its Subsidiaries permit any Affiliate to, directly or indirectly, knowingly enter into any documents, instruments, agreements or contracts with any Person listed on the OFAC Lists.

More Definitions of Neither Borrower

Neither Borrower nor any Subsidiary of Borrower is engaged in the business of extending credit to others for the purpose of buying or carrying "margin stock." Neither Borrower nor any Subsidiary of Borrower owns any "margin stock. Neither the making of any Loan nor any use of proceeds of any such Loan will violate or conflict with the provisions of Regulation G, T, U or X of the Board of Governors of the Federal Reserve System, as amended from time to time.

Neither Borrower has given any notice of default to any tenant under any Operating Lease which remains uncured; (iii) no tenant has any set off, claim or defense to the enforcement of any Operating Lease; (iv) no tenant is in arrears in the payment of rent, additional rent or any other charges whatsoever due under any Operating Lease, or, to the knowledge of Borrower, is materially in default in the performance of any other obligations under the applicable Operating Lease;

Neither Borrower s Subsidiaries has any material assets or conducts any material business operations, except as set forth on Schedule 5.15.

Neither Borrower. Guarantor nor, to Borrower's and Guarantor's best knowledge, any employee of Borrower or Guarantor, is subject to any employment agreement or non-competition agreement with any former employer or any other Person due to (i) any information which Borrower or Guarantor would be prohibited from using under the terms of such agreement or (ii) any legal considerations relating to unfair competition, trade secrets or proprietary information.

Neither Borrower nor the Guarantor is a party to any contract or agreement with any Governmental Authority involving payments in an aggregate amount of greater than $250,000, and no Borrower's or Guarantor's Accounts are subject to the Federal Assignment of Claims Act of 1940, as amended (31 U.S.C. Section 3727), or any similar state or local law.

Neither Borrower has issued any securities convertible into or exchangeable for shares of its capital stock or any options, warrants or other rights to acquire such shares or securities convertible into or exchangeable for such shares.

Neither Borrower nor its sole member is a "foreign person" within the meaning of ss 1445(f)(3) of the Code (a "FOREIGN PERSON").