Common use of Exempt Status Clause in Contracts

Exempt Status. The City shall not take any action, omit to take any action or cause or permit another Person to take any action or omit to take any action, which, if taken or omitted, would adversely affect the excludability of interest on the Covered Notes (which are issued as tax-exempt) from the gross income of the holders thereof for purposes of Federal income taxation.

Exempt Status. The City shall not take any action, omit to take any action or cause or permit another Person to take any action or omit to take any action, whichaction that, if taken or omitted, would adversely affect the excludability of interest on the Covered Tax Exempt Notes (which are issued as tax-exempt) from the gross income of the holders Bank thereof for purposes of Federal federal income taxationtaxation under the Code.