Example ContractsClausesNo Plan Assets
No Plan Assets
No Plan Assets contract clause examples

Plan Assets. No Seller nor Guarantor is an employee benefit plan as defined in Section 3 of Title I of ERISA, or a plan described in Section 4975(e)(1) of the Code, and the Purchased Assets are not “plan assets” within the meaning of 29 CFR §2510.3 101, as modified by [Section 3(42)] of ERISA, and transactions by or with any Seller or Guarantor are not subject to any state or local statute regulating investments of, or fiduciary obligations with respect to governmental plans within the meaning of [Section 3(32)] of ERISA or church plans within the meaning of [Section 3(33)] of ERISA.

No Plan Assets. PMC is not an “employee benefit plan,” as defined in [Section 3(3)] of ERISA, subject to Title I of ERISA, and none of the assets of the Mortgagor constitutes or will constitute “plan assets” of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101.

Plan Assets. No Borrower Party is an employee benefit plan as defined in Section 3 of Title I of ERISA, or a plan described in Section 4975(e)(1) of the Code, and the Collateral does not constitute “plan assets” within the meaning of 29 CFR §2510.3 101 as amended by [Section 3(42)] of ERISA, in any Borrower Party’s hands, and transactions by or with a Borrower Party are not subject to any state or local statute regulating investments or fiduciary obligations with respect to governmental plans within the meaning of [Section 3(32)] of ERISA.

Plan Assets. No Borrower Party shall be an employee benefit plan as defined in Section 3 of Title I of ERISA, or a plan described in Section 4975(e)(1) of the Code and the Borrowers shall not use “plan assets” within the meaning of 29 CFR §2510.3 101, as amended by [Section 3(42)] of ERISA to engage in this Agreement. Transactions by or with a Borrower or the Guarantor shall not be subject to any state or local statute regulating investments of or fiduciary obligations with respect to governmental plans within the meaning of [Section 3(32)] of ERISA.

Plan Assets. The Borrower hereby covenants and agrees that # Borrower shall not use any Plan Assets to repay or secure the Obligations, # no assets of the Borrower or any Subsidiary Guarantor are or will be Plan Assets, # each Plan will be in compliance with all applicable requirements of ERISA and the Code except to the extent any defects can be remedied without material liability to the Borrower under Revenue Procedure 2008-50 or any similar procedure and except to the extent that such non-compliance would not reasonably be expected to have a Material Adverse Effect, and # the Borrower will not have any liability under Title IV of ERISA or Section 412 of the Code with respect to any Plan which would reasonably be expected to have a Material Adverse Effect.

No Plan Assets. Neither PMC nor POP is an “employee benefit plan,” as defined in Section 3(3) of ERISA, subject to Title I of ERISA, and none of the assets of the Mortgagor constitutes or will constitute “plan assets” of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101.

No Plan Assets. As of the Closing Date and throughout the term of the Loan # Borrower is not and will not be an “employee benefit plan,” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), whether or not subject to Title I of ERISA, or a “plan” as defined in Section 4975(e)(1) of the Code, whether or not subject to Section 4975 of the Code, # none of the assets of Borrower constitute or will constitute “plan assets” of one or more plans described in the [foregoing clause (a)] within the meaning of U.S. Department of Labor Regulation 29 C.F.R. Section 2510.3-101, as modified by [Section 3(42)] of ERISA (the “Plan Assets Regulation”), and # transactions by or with Borrower are not and will not be subject to any state statute regulating investments of, or fiduciary obligations with respect to, governmental plans, as defined in [Section 3(32)] of ERISA.

No Plan Assets. As of the Closing Date and throughout the term of the Loan # Borrower is not and will not be an “employee benefit plan,” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), whether or not subject to Title I of ERISA, or a “plan” as defined in Section 4975(e)(1) of the Code, whether or not subject to Section 4975 of the Code, # none of the assets of Borrower constitute or will constitute “plan assets” of one or more plans described in the [foregoing clause (a)] within the meaning of U.S. Department of Labor Regulation 29 C.F.R. Section 2510.3-101, as modified by [Section 3(42)] of ERISA (the “Plan Assets Regulation”), and # transactions by or with Borrower are not and will not be subject to any state statute regulating investments of, or fiduciary obligations with respect to, governmental plans, as defined in [Section 3(32)] of ERISA.

No Plan Assets. PMC is not an “employee benefit plan,” as defined in Section 3(3) of ERISA, subject to Title I of ERISA, and none of the assets of the Mortgagor constitutes or will constitute “plan assets” of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101.

No Plan Assets. As of the date of this Guaranty, Guarantor is not an “employee benefit plan,” as defined in Section 3(3) of ERISA, whether or not subject to Title I of ERISA, and none of the assets of Guarantor constitutes or will constitute “plan assets” of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101 as modified by [Section 3(42)] of ERISA. Except as could not reasonably be expected, individually or in the aggregate, to have a materially adverse effect on Guarantor, Guarantor is not obligated to contribute to any employee benefit plan (as so defined) subject to Title IV of ERISA. Assuming compliance by the Lender with paragraph # of [Section 5.2.8] of the Loan Agreement, transactions contemplated hereunder by or with Guarantor are not subject to any state or other statute or regulation applicable to Guarantor with respect to governmental plans within the meaning of [Section 3(32)] of ERISA which are substantially similar to the prohibited transaction provisions of [Section 406] of ERISA or Section 4975 of the Code currently in effect and which prohibit the transactions contemplated by this Agreement (“Applicable Similar Law”), including, but not limited to the exercise by Administrative Agent and/or Lender of any of its rights under the Loan Documents. Guarantor covenants and agrees that it will use commercially reasonable efforts to provide notice to Administrative Agent in writing if, in the reasonable judgment of Guarantor, which may be based on consultation with counsel, the assets of Guarantor constitute plan assets of any “benefit plan investor” within the meaning of [Section 3(42)] of ERISA or any plan subject to any Applicable Similar Law.

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