Not Plan Assets Clause Samples
The "Not Plan Assets" clause defines that the assets involved in a particular agreement or transaction are not considered "plan assets" under applicable laws, such as the Employee Retirement Income Security Act (ERISA). In practice, this means that the parties agree the assets will not be subject to the fiduciary rules and restrictions that apply to pension or benefit plan assets. For example, this clause is often used in investment agreements to clarify that the investment vehicle is not holding assets on behalf of an ERISA plan. Its core function is to prevent the imposition of additional regulatory requirements and fiduciary duties that would otherwise apply if the assets were deemed plan assets, thereby reducing compliance burdens and legal risk for the parties involved.
Not Plan Assets. The assets of neither Borrower nor any Guarantor constitute "plan assets" within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder, of any ERISA Plan or Non-ERISA Plan. The execution, delivery and performance by Borrower and Guarantors of the Loan Documents to which any is a party, and the borrowing and repayment of amounts hereunder, do not and will not constitute "prohibited transactions" under ERISA or the Internal Revenue Code.
Not Plan Assets. The assets of Borrower do not and will not constitute “plan assets,” within the meaning of ERISA, the IRC and the respective regulations promulgated thereunder. Assuming no Lender will use “plan assets” within the meaning of ERISA, the IRC and the respective regulations promulgated thereunder to make Loans to Borrower, the execution, delivery and performance of this Agreement, and the borrowing and repayment of amounts hereunder, do not and will not constitute non-exempt “prohibited transactions” under ERISA or the IRC.
Not Plan Assets. None of the assets of the Parent, any other Borrower, any other Loan Party or any other Subsidiary constitutes “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. Assuming that no Lender funds any amount payable by it hereunder with “plan assets”, as that term is defined in 29 C.F.R. 2510.3-101 (as modified by Section 3(42) of ERISA), the execution, delivery and performance of this Agreement and the other Loan Documents, and the extensions of credit and repayment of amounts hereunder, do not and will not constitute “prohibited transactions” under ERISA or the Internal Revenue Code.
Not Plan Assets. None of the assets of any Loan Party or any other Subsidiary constitutes "plan assets" within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder, of any ERISA Benefit Plan. The execution, delivery and performance of the Loan Documents by the Loan Parties, and the borrowing and repayment of amounts thereunder, do not and will not constitute "prohibited transactions" under ERISA or the Internal Revenue Code for which no statutory or administrative exemption is available.
Not Plan Assets. The assets of Borrower or any Subsidiary do not and will not constitute "plan assets," within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. The execution, delivery and performance of this Agreement, and CREDIT AGREEMENT the borrowing and repayment of amounts hereunder, do not and will not constitute "prohibited transactions" under ERISA or the Internal Revenue Code.
Not Plan Assets. The assets of the Guarantor do not and will not constitute "plan assets" within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder, of any ERISA Plan or Non- ERISA Plan. The execution, delivery and performance of this Guaranty and the other Loan Documents to which the Guarantor is a party do not and will not constitute "prohibited transactions" under ERISA or the Internal Revenue Code.
Not Plan Assets. So long as Unreturned Preferred Capital remains outstanding, Company shall not be a Plan and none of the assets of Company shall constitute Plan Assets.
Not Plan Assets. Client acknowledges and agrees that Client, the Plan, and Members do not have a property interest in any amounts paid to and/or retained by PBM under or in connection with this Agreement and no such amounts are assets of Client, Plan, and/or Members.