Common use of Operation in Accordance with REOC/REIT Requirements Clause in Contracts

Operation in Accordance with REOC/REIT Requirements. (a) The Members acknowledge that one or more Affiliates of the Members (an “BR Affiliate”) intends to qualify as a “real estate operating company” or “venture capital operating company” within the meaning of U.S. Department of Labor Regulation 29 C.F.R. §2510.3-101 (a “REOC”), and agree that the Company and its Subsidiaries shall be operated in a manner that will enable such BR Affiliate to so qualify. Notwithstanding anything herein to the contrary, the Company and its Subsidiaries shall not take, or refrain from taking, any action that would result in a BR Affiliate from failing to qualify as a REOC. No Member shall fund any Capital Contribution “with the ‘plan assets’ of any ‘employee benefit plan’ within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended or any ‘plan’ as defined by Section 4975 of the Internal Revenue Code of 1986, as amended.

Operation in Accordance with REOC/REIT Requirements. (a) The Members acknowledge that one or more Affiliates of the Members (an a “BR Affiliate”) intends to qualify as a “real estate operating company” or “venture capital operating company” within the meaning of U.S. Department of Labor Regulation 29 C.F.R. §2510.3-101 (a “REOC”), and agree that the Company and its Subsidiaries shall be operated in a manner that will enable such each BR Affiliate to so qualify. Notwithstanding anything herein to the contrary, the Company and its Subsidiaries shall not take, or refrain from taking, any action that would result in a BR Affiliate from failing to qualify as a REOC. No Member shall fund any Capital Contribution “with the ‘“plan assets’ ” of any ‘“employee benefit plan’ ” within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended amended, or any ‘“plan’ ” as defined by Section 4975 of the Internal Revenue Code of 1986, as amended. The Members and the Manager shall comply with any requirements specified by a BR Affiliate in order to ensure compliance with this Section 9.4.

Operation in Accordance with REOC/REIT Requirements. (a) The Members acknowledge that one or more Affiliates of the Members (an “BR Affiliate”) intends to qualify as a “real estate operating companyCompany” or “venture capital operating company” within the meaning of U.S. Department of Labor Regulation 29 C.F.R. §2510.3-101 (a “REOC”), and agree that the Company and its Subsidiaries shall be operated in a manner that will enable such BR Affiliate to so qualify. Notwithstanding anything herein to the contrary, the Company and its Subsidiaries shall not take, or refrain from taking, any action that would result in a BR Affiliate from failing to qualify as a REOC. No Member shall fund any Capital Contribution “with the ‘plan assets’ of any ‘employee benefit plan’ within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended or any ‘plan’ as defined by Section 4975 of the Internal Revenue Code of 1986, as amended.

Operation in Accordance with REOC/REIT Requirements. (a) The Members acknowledge that one or more Affiliates of the Members (an “a "BR Affiliate”") intends to qualify as a “"real estate operating company” " or “"venture capital operating company” " within the meaning of U.S. Department of Labor Regulation 29 C.F.R. §2510.3-101 (a “"REOC”"), and agree that the Company and its Subsidiaries shall be operated in a manner that will enable such BR Affiliate to so qualifyqualify . Notwithstanding anything herein to the contrary, the Company and its Subsidiaries shall not take, or refrain from taking, any action that would result in a BR Affiliate from failing to qualify as a REOC. No Member shall fund any Capital Contribution “with the ‘'plan assets’ ' of any ‘'employee benefit plan’ ' within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended or any ‘'plan’ ' as defined by Section 4975 of the Internal Revenue Code of 1986, as amended.