Charitable Foundations Sample Clauses

Charitable Foundations. Each of the Charitable Foundations is a Missouri nonprofit corporation which has applied for exemption, or is exempt, from taxation pursuant to Section 501(c)(3) of the Code.
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Charitable Foundations. Use commercially reasonable efforts to promptly qualify each Charitable Foundation as exempt from taxation pursuant to Section 501 (c)(3) of the Code, and once such qualification is obtained, not cause or permit any Charitable Foundation to lose its status as a nonprofit corporation which is exempt from taxation pursuant to Section 501 (c)(3) of the Code, and not cause or permit any Charitable Foundation to violate any provision of its organizational documents.
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Charitable Foundations. 39 SECTION 10 AFFIRMATIVE COVENANTS. ................................................................................. 39 10.1 Reports, Certificates and Other Information............................................................................. 39 10.2 Books, Records and Inspections ............................................................................................... 41 10.3 Maintenance of Property; Insurance ......................................................................................... 42 10.4 Compliance with Laws; Payment of Taxes and Liabilities....................................................... 42 10.5 Maintenance of Existence, Material Licenses, etc.................................................................... 42 10.6 Use of Proceeds ........................................................................................................................ 42 10.7 Employee Benefit Plans............................................................................................................ 42 10.8 Environmental Matters.............................................................................................................. 43 10.9 Compliance with Loan Documents........................................................................................... 43 10.10 Credit Ratings ........................................................................................................................... 43 10.11 Conference Call ........................................................................................................................ 43 SECTION 11 NEGATIVE COVENANTS......................................................................................... 43 11.1 Debt........................................................................................................................................... 43 11.2 Liens.......................................................................................................................................... 45 11.3 Operating Leases....................................................................................................................... 45
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Charitable Foundations. 49 11.20 Transactions Having a Material Adverse Effect ....................................................................... 49 11.21 Guaranties ................................................................................................................................. 49 11.22 Exceptions................................................................................................................................. 50 SECTION 12 EFFECTIVENESS; CONDITIONS OF LENDING, ETC........................................... 50 12.1 Effectiveness............................................................................................................................. 50 12.2 Conditions................................................................................................................................. 51 SECTION 13 EVENTS OF DEFAULT AND THEIR EFFECT........................................................ 52 13.1 Events of Default ...................................................................................................................... 52 13.2 Effect of Event of Default......................................................................................................... 53 SECTION 14 AGENTS. ..................................................................................................................... 54 14.1 Appointment of Agents............................................................................................................. 54
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Charitable Foundations. The Company has initiated the establishment of two charitable foundations or equivalent not-for-profit entities, one to be established in Israel and one to be established in the United States or such other jurisdiction as may be determined by the Board (the "Charitable Foundations"), to each of which the Company intends to assign or transfer the equivalent of a 3% overriding royalty or equivalent net profits interest. Subject to legal requirements as reasonably determined by the Company, the Company shall take all reasonable steps to appoint the Chairman to represent the Company in all matters concerning the establishment and organization of the Charitable Foundations and to appoint the Chairman as the Chairman of the board of trustees or board of directors or equivalent governing body as may be established to supervise the activities of the Charitable Foundations (the "Governing Bodies"). Nothing in the Agreement shall be deemed to estop the Chairman from receiving director fees from either or both of the Charitable Foundations in such manner and amounts as shall be determined in accordance with the organizational documentation of each of the Charitable Foundations. The Chairman's term as Chairman of the Governing Bodies shall not be coextensive with the Term of this Agreement,and shall continue notwithstanding the termination of this Agreement. The terms governing Chairman's position with the Governing Bodies shall be specified in the Governing Bodies constituting documents.
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Related to Charitable Foundations

  • Qualified Charitable Distributions If you are age 70½ or older, you may take tax-free Xxxx XXX distributions of up to $100,000 per year and have these distributions paid directly to certain charitable organizations. Special tax rules may apply. For further detailed information and effective dates you may obtain IRS Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs), from the IRS or refer to the IRS website at xxx.xxx.xxx.

  • Charitable Contributions Make any charitable or similar contributions, except in amounts not to exceed five thousand dollars ($5,000) individually, and twenty thousand dollars ($20,000) in the aggregate.

  • Donations It is recognized that the Employer may sponsor donations to worthy charitable organizations. However, no employee shall be required to make contributions nor shall any employee be told a specific amount he should contribute. There shall be no compulsion with regard to such contributions.

  • Designation of Charitable Beneficiaries By written notice to the Trustee, the Company shall designate one or more nonprofit organizations to be the Charitable Beneficiary of the interest in the Trust such that the Shares held in the Trust would not violate the restrictions set forth in Section 13.2(a) in the hands of such Charitable Beneficiary. Neither the failure of the Company to make such designation nor the failure of the Company to appoint the Trustee before its automatic transfer provided for in Section 13.2(b) shall make such transfer ineffective; provided that the Company thereafter makes such designation and appointment. The designation of a nonprofit organization as a Charitable Beneficiary shall not entitle such nonprofit organization to serve in such capacity and the Company may, in its sole discretion, designate a different nonprofit organization as the Charitable Beneficiary at any time and for any or no reason. Any determination by the Company with respect to the application of this Article XIII shall be binding on each Charitable Beneficiary.

  • Foundations nor shall the Contractor be responsible for correction of leaks resulting from said failure.

  • What Are the Qualifications for Charitable Donations The Pension Protection Act of 2006 allows Xxxx XXX holders who are RMD age or older at the time of a distribution to annually exclude qualified charitable distribution amounts up to $100,000 per year from gross income. The provision was made permanent by the PATH Act of 2015. A qualified charitable distribution must be made payable directly to the qualified charity as described in Section 170(b) of the Internal Revenue Code. Distributions from SEP or SIMPLE IRAs do not qualify for this type of designation.

  • Foundation In their respective agreements, the parties have recommended that a temporary manpower/resource pool of permanent employees be set up to cover normal absences (Section 20 of the Agreement). The parties agree that the employees working in such a pool can also be used to cover peak activities or in other temporary situations that call for extra xxxxxxx.

  • Distributions to Members Section 9.1

  • Qualified Reservist Distributions If you are a qualified reservist member called to active duty for more than 179 days or an indefinite period, the payments you take from your IRA during the active duty period are not subject to the 10 percent early distribution penalty tax. 10) Qualified birth or adoption. Payments from your IRA for the birth of your child or the adoption of an eligible adoptee will not be subject to the 10 percent early distribution penalty tax if the distribution is taken during the one-year period beginning on the date of birth of your child or the date on which your legal adoption of an eligible adoptee is finalized. An eligible adoptee means any individual (other than your spouse’s child) who has not attained age 18 or is physically or mentally incapable of self-support. The aggregate amount you may take for this reason may not exceed $5,000 for each birth or adoption. You must file IRS Form 5329 along with your income tax return to the IRS to report and remit any additional taxes or to claim a penalty tax exception.

  • Community We live and work in country communities. We are invested in the health, wellness and viability of country communities and the vibrancy, diversity and future of country WA.

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