Examples of Exempt Status in a sentence
No provision of this Agreement shall be construed to require either Party to take any action that causes such Party to violate any legal requirements applicable to it as a nonprofit corporation or as an organization described under Section 501(c)(3) of the Code, or otherwise take any action that is inconsistent with the Parties’ Charitable Status or Exempt Status.
An Impairment Notice shall be accompanied by either a legal opinion supporting the Party’s belief of a Status Impairment from a national law firm with expertise in tax law, or a notification from the IRS that indicates that the Exempt Status of such Party or a Subsidiary of such Party may be at risk of material impairment or revocation as a result of such Status Impairment.
In the event that a Party believes in good faith that any action required of it to implement the terms of this Agreement may expose such Party or any Subsidiary of such Party to a material risk of loss, or material impairment, of its or its Subsidiary’s Charitable Status or Exempt Status (a “Status Impairment”), such Party shall promptly provide written notice of such belief to the other Party (an “Impairment Notice”).