Common use of Exempt Purpose Clause in Contracts

Exempt Purpose. Notwithstanding any other provision, the Foundation, in the management of the Managed Property, shall not conduct any activities not permitted by an organization exempt under Section 501(C)(3) of the Internal Revenue Code (“Code”) and its Regulations as they now exist or as they may be amended, or by an organization to which contributions are deductible under Section 170(C) of such Code and Regulations as they now exist or as they may be amended.

Exempt Purpose. Notwithstanding any other provision, the Foundation, in the management of the Managed Property, shall not conduct any activities not permitted by an organization exempt under Section 501(C)(3501(c)(3) of the Internal Revenue Code (the “Code”) and its Regulations regulations (“Regulations”) as they now exist or as they may be amended, or by an organization to which contributions are deductible under Section 170(C) of such Code and Regulations as they now exist or as they may be amended.