CSS Endowment Trust Clause Samples

The CSS Endowment Trust clause establishes a legal framework for the creation and management of a trust fund, typically intended to support the long-term financial stability of an organization, such as a school or nonprofit. This clause outlines how assets are to be held, invested, and distributed by the trust, often specifying the purposes for which the endowment income may be used, such as scholarships, operational expenses, or capital improvements. Its core practical function is to ensure that donated funds are preserved and managed responsibly over time, providing ongoing support and financial security for the designated beneficiaries.
CSS Endowment Trust. The Grantee may deposit up to 15 percent of the HOPE VI Grant amount (the maximum amount of the grant allowable for CSS programs) into an endowment trust to provide CSS activities (the "Endowment Trust"). (a) The Grantee may not draw down funds provided under this Grant Agreement for deposit into an Endowment Trust until it has a HUD- approved Endowment Trust plan and has executed with HUD an addendum to this Grant Agreement (the "HOPE VI Endowment Trust Addendum"), as directed by HUD. The HOPE VI Endowment Trust Addendum establishes the requirements governing the establishment, operation, and management of an Endowment Trust. (b) In reviewing the amount of the Grantee's proposed allocation of HOPE VI Grant funds to an Endowment Trust, HUD will take into account the Grantee's demonstrated ability to pay for current CSS activities with HOPE VI or other funds, and the projected long-term sustainability of the Endowment Trust to carry out such activities. (c) Endowment Trust funds (including any non-HOPE VI funds donated or otherwise made available to the Endowment Trust, and any interest earned on HOPE VI and non-HOPE VI funds) may only be used for eligible and necessary CSS activities, as set forth in the approved CSS Plan.
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Related to CSS Endowment Trust

  • Investment Management Trust Agreement The Company has entered into the Trust Agreement with respect to certain proceeds of the Offering and the Private Placement substantially in the form filed as an exhibit to the Registration Statement.

  • Real Estate Investment Trust Commencing with its taxable year ended December 31, 2009, the Company has been organized and operated in conformity with the requirements for qualification and taxation as a real estate investment trust (“REIT”) under the Code, and its proposed method of operation will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code.

  • Anti-Trust The MA Dual SNP hereby certifies to HHSC that neither the MA Dual SNP, nor the person represented by the MA Dual SNP, nor any person acting for the represented person, has been found by a judgment of a court of law to have violated the anti-trust laws codified by Chapter 15, Texas Business and Commerce Code, or the federal anti-trust laws.

  • Special Purpose Funding Vehicles Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower (an “SPC”) the option to provide all or any part of any Committed Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to fund any Committed Loan, and (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Committed Loan, the Granting Lender shall be obligated to make such Committed Loan pursuant to the terms hereof or, if it fails to do so, to make such payment to the Administrative Agent as is required under Section 2.12(b)(ii). Each party hereto hereby agrees that (i) neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrower under this Agreement (including its obligations under Section 3.04), (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting Lender shall for all purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a Committed Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Committed Loan were made by such Granting Lender. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior debt of any SPC, it will not institute against, or join any other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceeding under the laws of the United States or any State thereof. Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but without prior consent of the Borrower and the Administrative Agent and with the payment of a processing fee in the amount of $3,500 (which processing fee may be waived by the Administrative Agent in its sole discretion), assign all or any portion of its right to receive payment with respect to any Committed Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its funding of Committed Loans to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity enhancement to such SPC.

  • Grantor Trust The Trust is intended to be a grantor trust, of which the Sponsor is the grantor, within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended, and shall be construed accordingly.