Charitable Foundations Sample Clauses

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. 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.

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

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