Non-Exempt Person Clause Samples
The 'Non-Exempt Person' clause defines individuals or entities that do not qualify for certain exemptions under the agreement or applicable law. In practice, this clause typically lists specific criteria or categories that, if met, result in a party being classified as non-exempt—such as failing to meet regulatory requirements or not fitting within statutory exceptions. Its core function is to clearly delineate who is subject to particular obligations or restrictions, thereby ensuring compliance and reducing ambiguity regarding the application of the agreement's terms.
Non-Exempt Person. The Issuer is a Non-Exempt Person.
Non-Exempt Person. The Seller is not a Non-Exempt Person.
Non-Exempt Person. The Owner is not a Non-Exempt Person.
Non-Exempt Person. No Borrower is a Non-Exempt Person.
Non-Exempt Person. PennyMac Loan Servicer is not a Non-Exempt Person.
Non-Exempt Person. The Issuer is a Non-Exempt Person. (iii) Anti-Money Laundering/International Trade Law Compliance. As of the date of this Agreement, each Remittance Date or payment date under Section 3.02 or Section 3.03, and at all times until the Agreement has been terminated and all amounts hereunder have been paid in full, that: (A) no Covered Entity (1) is a Sanctioned Person; (2) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (3) does business in or with, or derives any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or (4) engages in any dealings or transactions prohibited by any Anti-Terrorism Law; (B) the proceeds of this Agreement will not be used to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation of any Law; (C) the funds used to pay the Servicer are not derived from any unlawful activity; and (D) each Covered Entity is in compliance with, and no Covered Entity engages in any dealings or transactions prohibited by, any Laws, including but not limited to any Anti-Terrorism Laws. The Issuer covenants and agrees that it shall immediately notify the Servicer in writing upon the occurrence of a Reportable Compliance Event.
Non-Exempt Person. Neither Seller nor Guarantor is a Non-Exempt Person.