Common use of Not Plan Assets; No Prohibited Transactions Clause in Contracts

Not Plan Assets; No Prohibited Transactions. None of the assets of the Parent or any of its Subsidiaries constitutes “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder, other than amounts deducted from employee compensation and temporarily held by the Parent or any of its Subsidiaries prior to being contributed to employee benefit plans in which employees of the Parent or any of its Subsidiaries participate. 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, 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 non-exempt “prohibited transactions” under ERISA or the Internal Revenue Code.