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 or Charitable Beneficiaries of the interest in the Trust such that (i) the shares of Capital Stock held in the Trust would not violate the restrictions set forth in Section 7.2.1(a) in the hands of such Charitable Beneficiary or Charitable Beneficiaries and (ii) 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. 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 in Section 7.2.1(b) shall make such transfer ineffective; provided, that the Corporation thereafter makes such designation and appointment.

Designation of Charitable Beneficiaries. By written notice to the Charitable Trustee, the Corporation NXDT shall designate one or more nonprofit organizations to be the Charitable Beneficiary or Charitable Beneficiaries of the interest in the Charitable Trust such that (i) the shares of Capital Stock Shares held in the Charitable Trust would not violate the restrictions set forth in Section 7.2.1(a12.2.1(a) in the hands of such Charitable Beneficiary or Charitable Beneficiaries and (ii) 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. Neither the failure of the Corporation NXDT to make such designation nor the failure of the Corporation NXDT to appoint the Charitable Trustee before the automatic transfer provided in Section 7.2.1(b12.2.1(b) shall make such transfer ineffective; provided, provided that the Corporation NXDT thereafter makes such designation and appointment.

Designation of Charitable Beneficiaries. By written notice to the Trustee, the Corporation shall designate one or more nonprofit organizations to be the Charitable Beneficiary or Charitable Beneficiaries of the interest in the Trust such that (i) the shares of Capital Stock held in the Trust would not violate the restrictions set forth in Section 7.2.1(a2(1)(A) in the hands of such Charitable Beneficiary or Charitable Beneficiaries and (ii) 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. 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 in Section 7.2.1(b2(1)(B) shall make such transfer ineffective; provided, provided that the Corporation thereafter makes such designation and appointment.

Designation of Charitable Beneficiaries. By written notice to the Charitable Trustee, the Corporation NHF shall designate one or more nonprofit organizations to be the Charitable Beneficiary or Charitable Beneficiaries of the interest in the Charitable Trust such that (i) the shares of Capital Stock Shares held in the Charitable Trust would not violate the restrictions set forth in Section 7.2.1(a12.2.1(a) in the hands of such Charitable Beneficiary or Charitable Beneficiaries and (ii) 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. Neither the failure of the Corporation NHF to make such designation nor the failure of the Corporation NHF to appoint the Charitable Trustee before the automatic transfer provided in Section 7.2.1(b12.2.1(b) shall make such transfer ineffective; provided, provided that the Corporation NHF thereafter makes such designation and appointment.

Designation of Charitable Beneficiaries. By written notice to the Trustee, the Corporation shall designate one or more nonprofit organizations to be the Charitable Beneficiary or Charitable Beneficiaries of the interest in the Trust such that (i) the shares of Capital Stock held in the Trust would not violate the restrictions set forth in Section 7.2.1(a) in the hands of such Charitable Beneficiary or Charitable Beneficiaries and (ii) 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. 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 in Section 7.2.1(b) shall make such transfer ineffective; provided, provided that the Corporation thereafter makes such designation and appointment.

Designation of Charitable Beneficiaries. By written notice to the Trustee, the LCC Corporation shall designate one or more nonprofit organizations to be the Charitable Beneficiary or Charitable Beneficiaries of the interest in the Charitable Trust such that (i) the shares of Capital Stock held in the Charitable Trust would not violate the restrictions set forth in Section 7.2.1(a1.2.1(a) of this Schedule in the hands of such Charitable Beneficiary or Charitable Beneficiaries and (ii) 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 one of Sections 170(b)(1)(A), 2055 and 2522 of the Code. Neither the failure of the LCC Corporation to make such designation nor the failure of the LCC Corporation to appoint the Trustee before the automatic transfer provided for in Section 7.2.1(b1.2.1(b)(i) of this Schedule shall make such transfer ineffective; provided, provided that the LCC Corporation thereafter makes such designation and appointment.