Common use of Endowment Clause in Contracts

Endowment. ITC for the purposes of supporting the University as an institution of higher learning shall herein put forth a permanent endowment consisting of 8% of Net Profits, where said Endowment shall be used to create an interest bearing account at a Federally insured financial institution where said interest will be used to fund a new academic chair of science and provide for the construction of permanent facilities and the purchase of equipment that will enable this new chair to organize and implement academic services to the general public as currently regulated by any laws that govern the University. Further, 8 % of the Endowment will be used to create an additional Federally insured interest bearing account where said interest will given away in the form of scholarships to pay for academic expenses at the University to be issued at the Universities discretion. All payments to the University according to this endowment will be made annually, and paid on the February 22nd of each year from the previous year’s activities.