Common use of Designation of Charitable Beneficiaries Clause in Contracts

Designation of Charitable Beneficiaries. By written notice to the Trustee, the Company may designate or, from time to time, change one or more nonprofit organizations as the Charitable Beneficiary of the interest in the Trust such that (i) the Units held in the Trust would not violate the restrictions set forth in Section 11.7 hereof in the hands of such Charitable Beneficiary and (ii) each such organization must be organized under the laws of the United States, any state thereof, or the District of Columbia and 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) (other than clauses (vii) and (viii) thereof), 2055 and 2522 of the Code. Neither the failure of the Company to make such designation nor the failure of the Company to appoint the Trustee before the automatic transfer provided for in Section 11.7 hereof shall make such transfer ineffective, provided that the Company thereafter makes such designation and appointment. The designation of a nonprofit organization as a Charitable Beneficiary shall not entitle such nonprofit organization to serve in such capacity and the Company may, in its sole discretion, designate a substitute or additional nonprofit organization meeting the requirements of this Section 11.8 as the Charitable Beneficiary at any time and for any or no reason. Any determination by the Company with respect to the application of this Section shall be binding on each Charitable Beneficiary.

Designation of Charitable Beneficiaries. By written notice to the Trustee, the Company Corporation may designate ordesignate, from or change at any time to timeor for any reason or no reason the designation of, change the Charitable Beneficiary by designating one or more nonprofit organizations as to be the Charitable Beneficiary of the interest in the Trust such that (ia) the Units Shares held in the Trust would not violate the restrictions set forth in Section 11.7 hereof 6.1.1(a) in the hands of such Charitable Beneficiary and (iib) each such organization must be organized under the laws of the United States, any state thereof, or the District of Columbia and must be described in Section 501(c)(3) of the Code, Code and contributions to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A) (other than clauses (vii) and (viii) thereof), 2055 and 2522 of the Code. Neither the failure of the Company Corporation to make such designation nor the failure of the Company Corporation to appoint the Trustee before the automatic transfer provided for in Section 11.7 hereof 6.1(b)(i) shall make such transfer ineffective, provided that the Company Corporation thereafter makes such designation and appointment. The designation of a nonprofit organization as a Charitable Beneficiary shall not entitle such nonprofit organization to serve in such capacity and the Company may, in its sole discretion, designate a substitute or additional nonprofit organization meeting the requirements of this Section 11.8 as the Charitable Beneficiary at any time and for any or no reasoncapacity. Any determination by the Company Corporation with respect to the application of this Section Article VI shall be binding on each Charitable Beneficiary.

Designation of Charitable Beneficiaries. By written notice to the Charitable Trustee, the Company may Trust shall designate or, from time to time, change time one or more nonprofit organizations as to be the Charitable Beneficiary of the interest in the Charitable Trust such that (ia) the Units Equity Shares held in trust by the Trust Charitable Trustee would not violate the restrictions set forth in Section 11.7 hereof 5.2.1(a) in the hands of such Charitable Beneficiary and (iib) each such organization must be organized under the laws of the United States, any state thereof, or the District of Columbia and must be described in Section 501(c)(3) of the Code, and contributions to each such organization must shall be eligible for deduction under each of Sections 170(b)(1)(A) (other than clauses (vii) and (viii) thereof), 2055 and 2522 of the Code. The Charitable Beneficiary shall not obtain any enforceable right to the Charitable Trust or any of its trust corpus until so designated and thereafter any such rights remain subject to the provisions of this Article V, including Section 5.3.8. Neither the failure of the Company Trust to make such designation nor the failure of the Company Trust to appoint the Charitable Trustee before the automatic transfer provided for in Section 11.7 hereof 5.2.1(b) shall make such transfer ineffective, provided that the Company Trust thereafter makes such designation and appointment. The designation of a nonprofit organization as a Charitable Beneficiary shall not entitle such nonprofit organization to serve in such capacity and the Company Trust may, in its sole discretion, designate a substitute or additional nonprofit organization meeting the requirements of this Section 11.8 5.3.7 as the Charitable Beneficiary at any time and for any or no reason. Any determination by the Company Trust with respect to the application of this Section Article V shall be binding on each Charitable Beneficiary.

Designation of Charitable Beneficiaries. By written notice to the Charitable Trustee, the Company may NXDT shall designate or, from time to time, change one or more nonprofit organizations as to be the Charitable Beneficiary or Charitable Beneficiaries of the interest in the Charitable Trust such that (i) the Units Shares held in the Charitable Trust would not violate the restrictions set forth in Section 11.7 hereof 12.2.1(a) in the hands of such Charitable Beneficiary or Charitable Beneficiaries and (ii) each such organization must be organized under the laws of the United States, any state thereof, or the District of Columbia and must be described in Section 501(c)(3) of the Code, Code and contributions to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A) (other than clauses (vii) and (viii) thereof), 2055 and 2522 of the Code. Neither the failure of the Company NXDT to make such designation nor the failure of the Company NXDT to appoint the Charitable Trustee before the automatic transfer provided for in Section 11.7 hereof 12.2.1(b) shall make such transfer ineffective, provided that the Company NXDT thereafter makes such designation and appointment. The designation of a nonprofit organization as a Charitable Beneficiary shall not entitle such nonprofit organization to serve in such capacity and the Company may, in its sole discretion, designate a substitute or additional nonprofit organization meeting the requirements of this Section 11.8 as the Charitable Beneficiary at any time and for any or no reason. Any determination by the Company with respect to the application of this Section shall be binding on each Charitable Beneficiary.

Designation of Charitable Beneficiaries. By written notice to the Trustee, the Company may Trust shall designate or, from time to time, change one or more nonprofit organizations as to be the Charitable Beneficiary or Charitable Beneficiaries of the interest in the Charitable Trust such that (i) the Units Shares held in the Charitable Trust would not violate the restrictions set forth in Section 11.7 hereof 2(a)(i) of this Article IV in the hands of such Charitable Beneficiary or Charitable Beneficiaries and (ii) each such organization must be organized under the laws of the United States, any state thereof, or the District of Columbia and must be described in Section 501(c)(3) of the Code, Code and contributions to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A) (other than clauses (vii) and (viii) thereof), 2055 and 2522 of the Code. Neither the failure of the Company Trust to make such designation nor the failure of the Company Trust to appoint the Trustee before the automatic transfer provided for in Section 11.7 hereof 2(a)(i)(B) of this Article IV shall make such transfer ineffective, provided that the Company Trust thereafter makes such designation and appointment. The designation of a nonprofit organization as a Charitable Beneficiary shall not entitle such nonprofit organization to serve in such capacity and the Company may, in its sole discretion, designate a substitute or additional nonprofit organization meeting the requirements of this Section 11.8 as the Charitable Beneficiary at any time and for any or no reason. Any determination by the Company with respect to the application of this Section shall be binding on each Charitable Beneficiary.