Exempt Members Clause Samples
The Exempt Members clause defines which individuals or entities are not subject to certain obligations, requirements, or liabilities under the agreement. In practice, this clause typically lists specific members, such as affiliates, subsidiaries, or designated parties, who are excluded from particular duties like payment, compliance, or participation in certain activities. By clearly identifying who is exempt, the clause helps prevent misunderstandings and ensures that only the intended parties are held responsible, thereby allocating risk and clarifying the scope of contractual obligations.
Exempt Members. A member recruited directly from employment in another Canadian policing jurisdiction shall become eligible for the benefits provided by the medical and extended health care plans on the first day of the month following their date of hire.
Exempt Members. The Board shall use its commercially reasonable best efforts consistent with the terms of this Agreement to conduct the affairs of the Company in a manner that does not cause any Member exempt from income taxation pursuant to Section 401 or Section 501 of the Code, to be allocated from the Company any "unrelated business taxable income" (as that term is defined in Section 512 of the Code) ("UBTI"); provided, however, that this Section 4.8 shall not limit the ability of the Company to incur indebtedness to the extent permitted under Section 4.9.
Exempt Members. 11 Section 4.9 Borrowing Money; Pledging Company Assets; Lending Property............................11 Section 4.10 Litigation............................................................................11 Section 4.11