Borrower will not be (i) reconstituted as a Plan or as an entity whose assets constitute “plan assets” or (ii) a “governmental plan” within the meaning of Section 3(32) of ERISA. The transactions contemplated by the Loan Documents will not be in violation of any state statutes applicable to Borrower that regulate investments of, and fiduciary obligations with respect to, governmental plans and that are similar to the provisions of Section 406 of ERISA or Section 4975 of the Code.