Common use of Endowed Fund Clause in Contracts

Endowed Fund. Subject to Paragraph 5 hereof, the Fund shall be held as an endowment fund and invested and administered in accordance with the investment and other policies applicable to endowment funds adopted by the Foundation and amended from time to time. The distributions are not intended to be restricted to income only or otherwise limit the ability to distribute principal in accordance with the spending policy of the Foundation; see Attachment (A). The Sponsor(s) understand(s) and acknowledge(s) that under the current policies of the Foundation the amount available to grant from an endowment fund is determined annually by the Board of Trustees of the Foundation. The Foundation, after considering any recommendation which the Sponsor may wish to make, reserves the right to terminate its obligations and responsibilities under this Agreement by (a) transferring the residue of the Fund to some suitable entity which shall be organized and operated exclusively for charitable, educational, religious or scientific purposes and which shall at the time qualify as an exempt organization under Section 501(c)(3) of the Internal Revenue Code of 1986 (or the corresponding provision of any future United States Internal Revenue law), such residue to be held by the successor charitable organization as a field of interest endowment of the same purposes as set forth herein, or (b) holding the residue for the general purposes of the Foundation.

Endowed Fund. Subject to Paragraph 5 hereof, the Fund shall be held as an endowment fund and invested and administered in accordance with the investment and other policies applicable to endowment funds adopted by the Foundation and amended from time to time. The distributions are not intended to be restricted to income only or otherwise limit the ability to distribute principal in accordance with the spending policy of the Foundation; see Attachment (A). The Sponsor(s) understand(s) and acknowledge(s) that under the current policies of the Foundation the amount available to grant from an endowment fund is determined annually by the Board of Trustees of the Foundation. The Foundation, after considering any recommendation which the Sponsor may wish to make, reserves the right to terminate its obligations and responsibilities under this Agreement by (a) transferring the residue of the Fund to some suitable entity which shall be organized and operated exclusively for charitable, educational, religious or scientific purposes and which shall at the time qualify as an exempt organization under Section 501(c)(3) of the Internal Revenue Code of 1986 (or the corresponding provision of any future United States Internal Revenue law), such residue to be held by the successor charitable organization as a field of interest special endowment of the same purposes as set forth herein, or (b) holding the residue for the general purposes of the Foundation.

Endowed Fund. Subject to Paragraph 5 hereof, the Fund shall be held as an endowment fund and invested and administered in accordance with the investment and other policies applicable to endowment funds adopted by the Foundation and amended from time to time. The distributions are not intended to be restricted to income only or otherwise limit the ability to distribute principal in accordance with the spending policy of the Foundation; see Attachment (A). The Sponsor(s) understand(s) and acknowledge(s) that under the current policies of the Foundation the amount available to grant from an endowment fund is determined annually by the Board of Trustees of the Foundation. The Foundation, after considering any recommendation which the Sponsor may wish to make, reserves the right to terminate its obligations and responsibilities under this Agreement by (a) transferring the residue of the Fund to some suitable entity which shall be organized and operated exclusively for charitable, educational, religious or scientific purposes and which shall at the time qualify as an exempt organization under Section 501(c)(3) of the Internal Revenue Code of 1986 (or the corresponding provision of any future United States Internal Revenue law), such residue to be held by the successor charitable organization as a field of interest scholarship endowment of the same purposes as set forth herein, or (b) holding the residue for the general purposes of the Foundation.

Endowed Fund. Subject to Paragraph 5 hereof, the Fund shall be held as an endowment fund and invested and administered in accordance with the investment and other policies applicable to endowment funds adopted by the Foundation and amended from time to time. The distributions are not intended to be restricted to income only or otherwise limit the ability to distribute principal in accordance with the spending policy of the Foundation; see Attachment (A). The Sponsor(s) understand(s) and acknowledge(s) that under the current policies of the Foundation the amount available to grant from an endowment fund is determined annually by the Board of Trustees of the Foundation. The Foundation, after considering any recommendation which the Sponsor may wish to make, reserves the right to terminate its obligations and responsibilities under this Agreement by (a) transferring the residue of the Fund to some suitable entity which shall be organized and operated exclusively for charitable, educational, religious or scientific purposes and which shall at the time qualify as an exempt organization under Section 501(c)(3) of the Internal Revenue Code of 1986 (or the corresponding provision of any future United States Internal Revenue law), such residue to be held by the successor charitable organization as a field of interest an agency endowment of the same purposes as set forth herein, or (b) holding the residue for the general purposes of the Foundation.