Common use of Chapter Events Clause in Contracts

Chapter Events. US Lacrosse and the Chapter acknowledge that in connection with the provision by Chapters of support to their local constituencies and constituent organization, a Chapter may desire to conduct an event in its Territory. A Chapter event is a group gathering that promotes lacrosse within the local Territory and may involve both the expenditure by the Chapter of Chapter funds, the solicitation by the Chapter of sponsorship funds and expenditures by the Chapter to conduct the event (the “Event”). US Lacrosse and the Chapter acknowledge that it is possible for a Chapter Event to fail to generate revenues sufficient to cover expenses, thereby imposing a financial burden on the Chapter that it may or may not be able to address with existing Chapter resources. US Lacrosse and the Chapter therefore agree that if a proposed Chapter Event involves the proposed expenditure by the Chapter of $2,500 or more, the Chapter shall be prohibited from proceeding with the Event unless and until the Chapter submits to US Lacrosse an Event pro forma in reasonable detail, setting forth an overall expense budget for the Event and the anticipated sources of revenue to cover the projected expenses (the “Event Pro Forma”). The Event Pro Forma shall include an explanation of both the nature and extent of the proposed Event expenses and an explanation of the reason or reasons why the Chapter believes that it will be able to generate the projected revenue shown in the Event Pro Forma. The Event Pro Forma shall also include a Chapter financial plan that addresses the possibility that the Event expenses will exceed the Event revenues, a description of the potential adverse financial impact on the Chapter and the Chapter’s plan for dealing with any such adverse financial impact. The approval of US Lacrosse with respect to an Event Pro Forma shall be an express condition to the Chapter proceeding with the Event. The approval of US Lacrosse of an Event Pro Forma shall not constitute the endorsement by US Lacrosse of the Event that is the subject of the Event Pro Forma but shall represent the determination by US Lacrosse that the Chapter has planned for the financial effect of the Event and the possible failure of the Event to generate Event revenues in excess of Event expenses. If US Lacrosse does not approve an Event Pro Forma, the Chapter shall be prohibited from proceeding with the Event. The determination of US Lacrosse with respect to a particular Event Pro Forma shall be final and binding on the Chapter. The Chapter shall submit its Event Pro Forma with respect to each proposed Event as far in advance of a proposed Event as possible, but in no event shall an Event Pro Forma be submitted less than one hundred twenty (120) days from the date of the proposed Event. US Lacrosse shall have a period of fifteen (15) days from the date of its receipt of an Event Pro Forma to approve, disapprove or otherwise comment on the Event Pro Forma. In the event that US Lacrosse disapproves the Event Pro Forma, it shall provide the Chapter with the reason or reasons for its disapproval. In the event that US Lacrosse fails to take any action with respect to an Event Pro Forma submitted by a Chapter to US Lacrosse within fifteen (15) days as provided herein, the Event Pro Forma shall be deemed to have been approved by US Lacrosse. US Lacrosse shall furnish to the Chapter a template for us by the Chapter in preparing and Event Pro Forma for submission to US Lacrosse ass provided herein.

Chapter Events. US USA Lacrosse and the Chapter acknowledge that in connection with the provision by Chapters of support to their local constituencies and constituent organization, a Chapter may desire to conduct an event in its Territory. A Chapter event is a group gathering that promotes lacrosse within the local Territory and may involve both the expenditure by the Chapter of Chapter funds, the solicitation by the Chapter of sponsorship funds and expenditures by the Chapter to conduct the event (the “Event”). US USA Lacrosse and the Chapter acknowledge that it is possible for a Chapter Event to fail to generate revenues sufficient to cover expenses, thereby imposing a financial burden on the Chapter that it may or may not be able to address with existing Chapter resources. US USA Lacrosse and the Chapter therefore agree that if a proposed Chapter Event involves the proposed expenditure by the Chapter of $2,500 or more, the Chapter shall be prohibited from proceeding with the Event unless and until the Chapter submits to US USA Lacrosse an Event pro forma in reasonable detail, setting forth an overall expense budget for the Event and the anticipated sources of revenue to cover the projected expenses (the “Event Pro Forma”). The Event Pro Forma shall include an explanation of both the nature and extent of the proposed Event expenses and an explanation of the reason or reasons why the Chapter believes that it will be able to generate the projected revenue shown in the Event Pro Forma. The Event Pro Forma shall also include a Chapter financial plan that addresses the possibility that the Event expenses will exceed the Event revenues, a description of the potential adverse financial impact on the Chapter and the Chapter’s plan for dealing with any such adverse financial impact. The approval of US USA Lacrosse with respect to an Event Pro Forma shall be an express condition to the Chapter proceeding with the Event. The approval of US USA Lacrosse of an Event Pro Forma shall not constitute the endorsement by US USA Lacrosse of the Event that is the subject of the Event Pro Forma but shall represent the determination by US USA Lacrosse that the Chapter has planned for the financial effect of the Event and the possible failure of the Event to generate Event revenues in excess of Event expenses. If US USA Lacrosse does not approve an Event Pro Forma, the Chapter shall be prohibited from proceeding with the Event. The determination of US USA Lacrosse with respect to a particular Event Pro Forma shall be final and binding on the Chapter. The Chapter shall submit its Event Pro Forma with respect to each proposed Event as far in advance of a proposed Event as possible, but in no event shall an Event Pro Forma be submitted less than one hundred twenty (120) days from the date of the proposed Event. US USA Lacrosse shall have a period of fifteen (15) days from the date of its receipt of an Event Pro Forma to approve, disapprove or otherwise comment on the Event Pro Forma. In the event that US USA Lacrosse disapproves the Event Pro Forma, it shall provide the Chapter with the reason or reasons for its disapproval. In the event that US that, USA Lacrosse fails to take any action with respect to an Event Pro Forma submitted by a Chapter to US USA Lacrosse within fifteen (15) days as provided herein, the Event Pro Forma shall be deemed to have been approved by US USA Lacrosse. US USA Lacrosse shall furnish to the Chapter a template for us by the Chapter in preparing and Event Pro Forma for submission to US USA Lacrosse ass provided herein.