Prohibited ERISA Transaction Sample Clauses
A Prohibited ERISA Transaction clause defines and restricts certain transactions that are not allowed under the Employee Retirement Income Security Act (ERISA). This clause typically applies to transactions involving plan assets and parties in interest, such as fiduciaries or service providers, and may include prohibitions on self-dealing, conflicts of interest, or improper use of plan funds. Its core function is to ensure compliance with ERISA regulations, thereby protecting retirement plan assets and minimizing the risk of legal penalties or disqualification of the plan.
Prohibited ERISA Transaction. As soon as possible, and in any event within thirty (30) days, after a Responsible Official of Borrower, the REIT or any ERISA Affiliate of any of them knows that a prohibited transaction (defined in Section 406 of ERISA and Section 4975 of the Code and which is not subject to a statutory or prohibited transaction class exemption) has occurred, a statement of the chief financial officer of the REIT describing such transaction.
Prohibited ERISA Transaction. Enter into any transaction which would cause any of the Operative Documents or any related documents executed or accepted by BNPPLC (or any exercise of BNPPLC’s rights hereunder or thereunder) to constitute a non-exempt prohibited transaction under ERISA. 4 Limited Representations and Covenants of BNPPLC
Prohibited ERISA Transaction. Enter into any transaction which would cause any of the Operative Documents or any related documents executed or accepted by the Lessor (or any exercise of the Lessor rights hereunder or thereunder) to constitute a non-exempt prohibited transaction under ERISA (a “Prohibited ERISA Transaction”); provided, that it shall not constitute a breach of this Section 5.3(f) if a Prohibited ERISA Transaction occurs by reason of any of the funds used by the Lessor in connection with any of the transactions under the Operative Documents constituting assets of a “benefit plan investor” as defined in 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA.
Prohibited ERISA Transaction. Enter into any transaction which would cause any of the Operative Documents or any related documents executed or accepted by BNPPLC (or any exercise of BNPPLC’s rights hereunder or thereunder) to constitute a non-exempt prohibited transaction under ERISA. 4 Limited Representations and Covenants of BNPPLC (A) Concerning Accounting Matters.
(1) To permit NAI to determine the appropriate accounting for NAI’s relationship with BNPPLC under FASB Interpretation No. 46, Consolidation of Variable Interest Entities (“FIN 46”), BNPPLC represents that to the knowledge of BNPPLC the fair value of the Property and of other properties, if any, leased to NAI by BNPPLC (collectively, whether one or more, the “Properties Leased to NAI”) are, as of the Effective Date, less than half of the total of the fair values of all assets of BNPPLC, excluding any assets of BNPPLC held within a silo. Further, none of the Properties Leased to NAI are, as of the Effective Date, held within a silo. Consistent with the directions of NAI (based upon the current interpretation of FIN 46 by NAI and its auditors), and for purposes of this representation only:
Prohibited ERISA Transaction. Enter into any transaction which would cause this Lease, the Purchase Agreement, the Closing Certificate or any other document executed in connection herewith (or any exercise of BNPLC's rights hereunder or thereunder) to constitute a non-exempt prohibited transaction under ERISA.
Prohibited ERISA Transaction. Subject to the representation of BNPLC set forth in subparagraph 0, enter into any transaction which would cause this Lease, the Purchase Documents or any other document executed in connection herewith (or any exercise of BNPLC's rights hereunder or thereunder) to constitute a non-exempt prohibited transaction under ERISA.
Prohibited ERISA Transaction. Enter into any transaction which would cause this Lease, the Purchase Agreement, the Closing Certificate or any other document executed in connection herewith (or any exercise of BNPLC's rights hereunder or thereunder) to constitute a non-exempt prohibited transaction under ERISA.