Common use of Charitable Foundations Clause in Contracts

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.

Charitable Foundations. Use commercially reasonable efforts to promptly qualify each Charitable Foundation as exempt from taxation pursuant to Section 501 (c)(3501(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)(3501(c)(3) of the Code, and not cause or permit any Charitable Foundation to violate any provision of its organizational documents.