ERISA Representation. Each Noteholder, by its acceptance of a Note, and each Note Owner, by its acceptance of an interest in a Book Entry Note, will be deemed to have represented, by acquiring the Note, that either (x) it is not an "employee benefit plan" within the meaning of Section 3(3) of ERISA or a "plan" within the meaning of Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended, or an entity whose underlying assets include plan assets by virtue of a plan's investment in the entity, and is not purchasing the Note directly or indirectly for, or on behalf of such a plan or entity, or (y) the acquisition or holding of the Note by the acquirer qualifies for exemptive relief under Prohibited Class Exemption ("PTCE") 96-23, XXXX 00-00, XXXX 00-00, XXXX 00-0, XXXX 84-14 or some other applicable exemption.
Appears in 4 contracts
Samples: Chec Funding LLC, Chec Funding LLC, Renaissance Mortgage Acceptance Corp
