Charitable Beneficiary Clause Samples
The Charitable Beneficiary clause designates a specific charity or class of charities to receive certain assets or benefits under a legal instrument, such as a trust or will. This clause typically outlines the conditions under which the charity becomes entitled to the assets, such as if the primary beneficiaries are deceased or unable to inherit, and may specify how the assets are to be used by the charity. Its core practical function is to ensure that, in the absence of eligible individual beneficiaries, the assets are directed to a charitable purpose, thereby fulfilling the grantor's philanthropic intentions and preventing the property from reverting to unintended parties.
POPULAR SAMPLE Copied 1 times
Charitable Beneficiary. The term “Charitable Beneficiary” shall mean one or more beneficiaries of the Trust as determined pursuant to Section 11.8.
Charitable Beneficiary. The term “Charitable Beneficiary” shall mean one or more beneficiaries of the Charitable Trust as determined pursuant to Section 6.2.6, provided that each such organization must be described in Section 501(c)(3) of the Code and contributions to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A), 2055 and 2522 of the Code.
Charitable Beneficiary. The Purported Record Transferee shall receive the lesser of the price paid by the Purported Record Transferee for the Units or, if the Purported Record Transferee did not give value for the Units, the market price of the Units on the day of the event causing the Units to be held in trust, and the price received by the Excess Unit Trust from the sale or other disposition of the Units. Any proceeds in excess of the amount payable to the Purported Record Transferee shall be paid to the Charitable Beneficiary. Prior to any transfer of any Excess Units by the Excess Unit Trustee, the Company must have waived in writing its repurchase rights under this Agreement. It is expressly understood that the Purported Record Transferee may enforce the non-transferability provisions of this section against the Charitable Beneficiary.
Charitable Beneficiary. Excess Units so held in trust shall be issued and outstanding Units of the Company. The Purported Beneficial Transferee shall have no rights in such Excess Units except as provided in Section 6.17.