Common use of Designation of Charitable Beneficiaries Clause in Contracts

Designation of Charitable Beneficiaries. By written notice to the Trustee, the Corporation shall designate one or more nonprofit organizations to be the Charitable Beneficiary of the interest in the Trust such that the shares of Series A Preferred Stock held in the Trust would not violate the restrictions set forth in Section 9(b)(i)(A) in the hands of such Charitable Beneficiary. Neither the failure of the Corporation to make such designation nor the failure of the Corporation to appoint the Trustee before the automatic transfer provided for in Section 9(b)(i)(B)(i) shall make such transfer ineffective, provided that the Corporation thereafter makes such designation and appointment. The designation of a nonprofit organization as a Charitable Beneficiary shall not entitle such nonprofit organization to continue to serve in such capacity and the Corporation may, in its sole discretion, designate a different nonprofit organization as the Charitable Beneficiary at any time and for any or no reason, provided, however, that if a Charitable Beneficiary was designated at the time the shares of Series A Preferred Stock were placed in the Trust, such Charitable Beneficiary shall be entitled to the rights set forth in herein with respect to such shares of Series A Preferred Stock, unless and until the Corporation opts to purchase such shares.

Designation of Charitable Beneficiaries. By written notice to the Charitable Trustee, the Corporation Partnership shall designate one or more nonprofit non-profit organizations to be the Charitable Beneficiary of the interest in the Charitable Trust such that the shares of Series A Preferred Stock Units held in the Charitable Trust would not violate the restrictions set forth in Section 9(b)(i)(A4.2(a) or 4.2(b) in the hands of such Charitable Beneficiary. Neither the failure of the Corporation Partnership to make such designation nor the failure of the Corporation Partnership to appoint the Charitable Trustee before the automatic transfer transfers provided for in Section 9(b)(i)(B)(i4.2(d) shall make such transfer ineffective, provided that the Corporation Charitable Trust thereafter makes such designation and appointment. The designation of a nonprofit non-profit organization as a Charitable Beneficiary shall not entitle such nonprofit non-profit organization to continue to serve in such capacity and the Corporation Partnership may, in its sole discretion, designate a different nonprofit non-profit organization as the Charitable Beneficiary at any time and for any or no reason, provided, however, that if a Charitable Beneficiary was designated at the time the shares of Series A Preferred Stock Units were placed in the Charitable Trust, such Charitable Beneficiary shall be entitled to the rights set forth in herein with respect to such shares of Series A Preferred StockUnits, unless and until the Corporation Partnership opts to purchase such shares.Units under Section 4.3(e).‌

Designation of Charitable Beneficiaries. By written notice to the Charitable Trustee, the Corporation Partnership shall designate one or more nonprofit non-profit organizations to be the Charitable Beneficiary of the interest in the Charitable Trust such that the shares of Series A Preferred Stock Units held in the Charitable Trust would not violate the restrictions set forth in Section 9(b)(i)(A4.2(a) or 4.2(b) in the hands of such Charitable Beneficiary. Neither the failure of the Corporation Partnership to make such designation nor the failure of the Corporation Partnership to appoint the Charitable Trustee before the automatic transfer transfers provided for in Section 9(b)(i)(B)(i4.2(d) shall make such transfer ineffective, provided that the Corporation Charitable Trust thereafter makes such designation and appointment. The designation of a nonprofit non-profit organization as a Charitable Beneficiary shall not entitle such nonprofit non-profit organization to continue to serve in such capacity and the Corporation Partnership may, in its sole discretion, designate a different nonprofit non-profit organization as the Charitable Beneficiary at any time and for any or no reason, provided, however, that if a Charitable Beneficiary was designated at the time the shares of Series A Preferred Stock Units were placed in the Charitable Trust, such Charitable Beneficiary shall be entitled to the rights set forth in herein with respect to such shares of Series A Preferred StockUnits, unless and until the Corporation Partnership opts to purchase such sharesUnits under Section 4.3(e).