Common use of Receipt and Disbursement of Funds; Variance Power Clause in Contracts

Receipt and Disbursement of Funds; Variance Power. In connection with its sponsorship of the Grantee, Xxxxxxx agrees to receive Grant Funds from the Grantor that are designated as made in support of the Sponsored Program (“Sponsored Program Funds”). Sponsor anticipates distributing Sponsored Program Funds to the Grantee, in furtherance of the Sponsored Program (less any administrative charge set out below). Upon request by the Grantee, Sponsor will disburse Sponsored Program Funds to the Grantee, assuming sufficient funds are available; provided, however, that in order to receive disbursements: (1) the Grantee must be in compliance with all of its obligations under this Agreement, including specifically the reporting requirements set forth in Section 5 hereto; (2) that the date and amount of each disbursement of Sponsored Program Funds shall be within the discretion and control of Sponsor; and (3) Grantee has satisfied all distribution requirements of the Grant and the Sponsor. The Grantee assumes the risk that any funding source may exercise its discretion not to grant or not to appropriate funds to Sponsor for the support of the Sponsored Program. The parties intend that this Agreement be interpreted to provide Sponsor with variance powers necessary to enable Sponsor to treat the Sponsored Program Funds as Sponsor’s assets while this Agreement is in effect. Sponsor, in its sole discretion, shall have the right to withhold, withdraw, or demand the immediate return of any Sponsored Program Funds if, in Sponsor’s reasonable judgment, the Grantee materially breaches this Agreement or cannot accomplish the purposes of the Sponsored Program. If permitted by the Grantor and the Grant of the Sponsored Program Funds, Sponsor retains the right, in its sole discretion, to redirect the Sponsored Program Funds to a different charitable purpose or beneficiary if the purpose of the Sponsored Program becomes unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the community served by Sponsor.

Receipt and Disbursement of Funds; Variance Power. In connection with its sponsorship of the Grantee, Xxxxxxx Sponsor agrees to receive Grant Funds from the Grantor donations that are designated as made in support of the Sponsored Program (“Sponsored Program Funds”). Sponsor anticipates distributing granting Sponsored Program Funds to the Grantee, in furtherance of the Sponsored Program (less any administrative charge set out below). Upon request by the Grantee, Sponsor will disburse Sponsored Program Funds to the Grantee, assuming sufficient funds are available; provided, however, that in order to receive disbursements: (1) further disbursements the Grantee must be in compliance with all of its obligations under this Agreement, including specifically the reporting requirements set forth in Section 5 hereto; (2) , and further provided that the date and amount of each disbursement of Sponsored Program Funds shall be within the discretion and control of Sponsor; and (3) Grantee has satisfied all distribution requirements of the Grant and the Sponsor. The Grantee assumes the risk that any funding source may exercise its discretion not to grant or not to appropriate funds to Sponsor for the support of the Sponsored Program. The parties intend that this Agreement be interpreted to provide Sponsor with variance powers necessary to enable Sponsor to treat the Sponsored Program Funds as Sponsor’s assets while this Agreement is in effect. Sponsor, in its sole discretion, shall have the right to withhold, withdraw, or demand the immediate return of any Sponsored Program Funds if, in Sponsor’s reasonable judgment, the Grantee materially breaches this Agreement or cannot accomplish the purposes of the Sponsored Program. If permitted by the Grantor and the Grant of the Sponsored Program Funds, Sponsor retains the right, in its sole discretion, to redirect the Sponsored Program Funds to a different charitable purpose or beneficiary if the purpose of the Sponsored Program becomes unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the community served by Sponsor.

Receipt and Disbursement of Funds; Variance Power. In connection with its sponsorship of the Grantee, Xxxxxxx Sponsor agrees to receive Grant Funds from the Grantor Donations that are designated as made in support of the Sponsored Program (“Sponsored Program Funds”). Sponsor anticipates distributing disbursing Sponsored Program Funds Funds, less the Administrative Charge (defined below), to the Grantee, in furtherance of the Sponsored Program (less any administrative charge set out below)Program. Upon request by the Grantee, Sponsor will agrees to disburse Sponsored Program Funds to the Grantee, assuming subject to sufficient funds are available; and provided, however, that in order to receive disbursements: (1) , the Grantee must be in compliance with all of its obligations under this Agreement, including specifically including, but not limited to, complying with the reporting requirements set forth in Section 5 hereto; (2) , and further provided that the date and amount of each disbursement of Sponsored Program Funds shall be within the sole and absolute discretion and control of Sponsor; and (3) Grantee has satisfied all distribution requirements of the Grant and the Sponsor. The Grantee assumes the risk that any funding source may exercise its discretion not to grant or not to appropriate funds to Sponsor for the support of the Sponsored Program. The parties Parties intend that this Agreement be interpreted to provide Sponsor with variance powers and discretion necessary to enable Sponsor to treat the Sponsored Program Funds as Sponsor’s assets while this Agreement is in effect. Sponsor, in its sole and absolute discretion, shall have the right to withhold, withdraw, or and/or demand the immediate return of any Sponsored Program Funds if, in Sponsor’s reasonable judgment, the Grantee materially breaches this Agreement Agreement, or cannot if Grantee is in any way unable to accomplish the purposes of the Sponsored Program. If permitted by the Grantor and the Grant of the Sponsored Program Funds, Sponsor retains the right, in its sole and absolute discretion, to redirect the Sponsored Program Funds to a different charitable purpose or beneficiary if the purpose of the Sponsored Program becomes unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the community served by Sponsor. The Grantee designates the Chair, Vice-Chair and Treasurer of Grantee (collectively the “Authorizing Officials”) to act as the Authorizing Officials. The Authorizing Officials shall act as principal coordinator of the Grantee’s daily business with the Sponsor, and shall have authority to sign disbursement requests. Two of the three Authorizing Officials’ signatures are required for disbursement of funds.

Receipt and Disbursement of Funds; Variance Power. In connection with its sponsorship of the Grantee, Xxxxxxx Sponsor agrees to receive Grant Xxxx Foundation Funds from the Grantor that are designated as made in support of the Sponsored Program (“Sponsored Program Funds”). Sponsor anticipates distributing granting Sponsored Program Funds to the Grantee, in furtherance of the Sponsored Program (less any administrative charge set out below). Upon request signed authorization by the GranteeGrantee Program Officer, Sponsor will disburse Sponsored Program Funds to the Grantee, assuming sufficient funds are available; provided, however, that in order to receive disbursements: (1) further disbursements the Grantee must be in compliance with all of its obligations under this Agreement, including specifically the reporting requirements set forth in Section 5 hereto; (2) , and further provided that the date and amount of each disbursement of Sponsored Program Funds shall be within the discretion and control of Sponsor; and (3) Grantee has satisfied all distribution requirements of the Grant and the Sponsor. The Grantee assumes the risk that any funding source may exercise its discretion not to grant or not to appropriate funds to Sponsor for the support of the Sponsored Program. The parties intend that this Agreement be interpreted to provide Sponsor with variance powers necessary to enable Sponsor to treat the Sponsored Program Funds as Sponsor’s assets while this Agreement is in effect. Sponsor, in its sole discretion, shall have the right to withhold, withdraw, or demand the immediate return of any Sponsored Program Funds if, in Sponsor’s reasonable judgment, the Grantee materially breaches this Agreement or cannot accomplish the purposes of the Sponsored Program. If permitted by the Grantor and the Grant of the Sponsored Program Funds, Sponsor retains the right, in its sole discretion, to redirect the Sponsored Program Funds to a different charitable purpose or beneficiary if the purpose of the Sponsored Program becomes unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the community served by Sponsor.