Common use of Tax-Exempt Activities Clause in Contracts

Tax-Exempt Activities. So long as this Agreement shall be in effect, the Ministry shall conduct all of its activities and operations, and use the charitable gift portion of any Annuities distributed to the Ministry, or, if reinsured, use the present value of the otherwise-anticipated future proceeds of such gift portion, in a manner that: 5.2.1. complies with all applicable state and federal laws; 5.2.2. will not cause a termination of, or the commencement of a proceeding seeking to terminate, the Ministry’s status as a tax-exempt organization pursuant to Sections 501(c)(3) and 509(a)(1) of the Code, and the rules and regulations of the IRS promulgated thereunder; and 5.2.3. will not result in any change to, or the commencement of any proceedings seeking to change, the Ministry’s classification as a public charity pursuant to Sections 501(c)(3) and 509(a)(3) of the Code, and the rules and regulations of the IRS promulgated thereunder.

Tax-Exempt Activities. So long as this Indemnity Agreement shall be in effect, the Ministry shall conduct all of its activities and operations, and use the charitable gift portion of any Annuities distributed to the Ministry, or, if reinsured, use the present value of the otherwise-anticipated future proceeds of such gift portion, in a manner that: 5.2.1. complies with all applicable state and federal laws; 5.2.2. will not cause a termination of, or the commencement of a proceeding seeking to terminate, the Ministry’s status as a tax-exempt organization pursuant to Sections 501(c)(3) and 509(a)(1) of the Code, and the rules and regulations of the IRS promulgated thereunder; and 5.2.3. will not result in any change to, or the commencement of any proceedings seeking to change, the Ministry’s classification as a public charity pursuant to Sections 501(c)(3) and 509(a)(3) of the Code, and the rules and regulations of the IRS promulgated thereunder.