Common use of Component Part Clause in Contracts

Component Part. It is intended that the Account shall be a component part of the Foundation and not a separate entity for tax purposes, and that nothing in this Agreement shall affect the status of the Foundation as a charitable organization described in section 501(c) (3) of the Code, and as an organization that is not a private foundation within the meaning of Section 509(a) of the Code. In particular, the Foundation is intended to qualify as a sponsoring organization of donor advised funds satisfying all requirements under Treas. Reg. §§1.170A-9(f) (10) and (11). This Agreement shall be interpreted to conform to the requirements of the foregoing provisions of the federal tax laws and any applicable regulations. The Foundation is authorized to amend this Agreement to conform to the provisions of any applicable law or government regulation in order to carry out its purposes.

Component Part. It is intended that the Account Sub-Funds shall be a component part parts of the Foundation and not a separate entity entities for tax purposes, and that nothing in this Agreement shall affect the status of the Foundation as a charitable organization described in section 501(c) (3) of the Code, and as an organization that is not a private foundation within the meaning of Section 509(a) of the Code. In particular, the Foundation is intended to qualify as a sponsoring organization of donor advised funds satisfying all requirements under Treas. Reg. §§1.170A-9(f) (10) and (11). This Agreement shall be interpreted to conform to the requirements of the foregoing provisions of the federal tax laws and any applicable regulations. The Foundation is authorized to amend this Agreement without notice to Donor to conform to the provisions of any applicable law or government regulation in order to carry out its purposesthe purposes of the Sub-Funds.