Common use of USAGE FOR FUTURE EXPENSES AND FORFEITURES Clause in Contracts

USAGE FOR FUTURE EXPENSES AND FORFEITURES. The Award Date is the date upon which the scholarship was initially awarded (the “Award Date”). Scholarships may be utilized for current or future educational expenses; however, candidates must utilize their scholarship funds within one (1) year of the Award Date (two (2) years for Miss State) (the “Expiration Date”). If a candidate fails to submit a written request to the State Organization to utilize her scholarship funds prior to the Expiration Date, then her scholarship funds will be forfeited. Prior to forfeiture, reasonable attempts will be made by the State Organization to notify the candidate of impending forfeiture.