Operation of Fund Sample Clauses

Operation of Fund. Donor understands and acknowledges that the Fund will be administered by the Foundation per the following terms and conditions:  Annual Fund Income from Fund will be used to make charitable grants in accordance with its “Guidelines for Grantmaking” as they are currently adopted, and which may be amended from time to time. Fund Income shall be herein defined as the amount distributable under the Foundation’s Investment Policy, and may be amended as determined appropriate by the Foundation’s Board.  It is intended that the Fund herein established will be continued as long as the need therefore exists and money or property is available in the Fund for this purpose. In the event that the Foundation’s Board finds that circumstances and conditions shall exist such as to render unnecessary, undesirable, impractical or impossible to implement the Fund as contained in the Agreement, the Foundation Board shall have the right to exercise its variance power to use such funds for other charitable purposes as most nearly approximates the purpose of the Fund.  The Fund shall at all time be the property of the Foundation owned by it in its normal corporate capacity. In such capacity, the Foundation shall have the ultimate authority and control over all property in the Fund, and the income derived there from, for the charitable purposes of the Foundation. The Fund shall be a component part of the Foundation as defined in Treasury Regulation 1.70A-9(e)(11)(ii) and shall not be deemed a separate trust and shall not be held by the Foundation in a trust capacity.  The Fund shall be presumed to be intended to be used only for charitable grant purposes and to be used in such a manner as not to disqualify any contribution from deduction as a charitable contribution in computing any federal income, gift, or estate tax of a donor or donor’s estate and not to disqualify the Foundation from exemption from federal income tax as a qualified charitable organization described in Section 501(c)(3) and 501(a)(1) of the Internal Revenue code and shall not be otherwise applied.  Foundation shall have full authority and discretion as to the investment and reinvestment of the assets of the Fund. The assets of the Fund may be co-mingled for investment purposes and the Foundation may delegate investment management to Foundation committees and officers, Foundation employees, or contract with independent third parties.  Foundation will keep accurate financial records related to the administr...
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Operation of Fund. The principal of the fund shall be invested by the governing board of the WCA Foundation. Distributions of said fund may be made in keeping with the foundation’s current spending policy and shall be determined by the Board of Directors of the WCA Foundation. After the principal has reached at least $5,000, the income shall be utilized to enhance the employee and patient health care of UPMC Chautauqua. If the fund does not reach a total of $5,000 within five years, the donor may direct the donated amount to another designated or non-designated fund within WCA Foundation. Upon reaching the required minimum, decisions to expend or accumulate the money in the fund, including any earnings shall be made by the Board of Directors, or its designee, in accordance with the requirements of the New York Prudent Management of Institutional Funds Act (NYPMIFA), considering the donors’ intentions as stated herein, the intended duration and preservation of the fund, general economic conditions, inflation or deflation, total expected returns, other available resources, alternatives to expenditure, and the WCA Foundation’s investment policies. The Foundation shall retain ultimate authority and control over the investment, expenditure, distribution and income from the fund. The undersigned donor(s) hereby: □ #1 give the institution, W.C.A. Foundation, Inc., permission to spend as much of your endowment gift (including all or part of the original value of your gift) as may be prudent under the criteria set forth in Article 5-A of the Not-For-Profit Corporation Law (The New York Prudent Management of Institutional Funds Act - NYPMIFA). □ #2 do not give the institution, W.C.A. Foundation, Inc., permission to spend below the original dollar value of the endowment gift or the appreciation of the fund over the original dollar value. Spending is allowed of the income from the fund if it is prudent to do so. The criteria for the expenditure of endowment funds is set forth in Article 5-A of the Not-For-Profit Corporation Law (The New York Prudent Management of Institutional Funds Act - NYPMIFA). The Board of Directors of the WCA Foundation shall accept recommendations from a grant selection committee comprised of WCA Foundation employees, members of its Board of Directors and community volunteers, so long as the grants are consistent with the Fund’s objectives and the Foundation’s charitable purposes. The Foundation shall retain ultimate authority and control over the investment, exp...
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Operation of Fund. Except as otherwise provided herein, this Agreement shall not limit the authority of the Fund or Distributor to take such action as it may deem appropriate or advisable in connection with all matters relating to the operation of the Fund and the sale of its shares.
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Operation of Fund. Except as otherwise provided herein, this Agreement shall not limit the authority of the Fund or PFMFD to take such action as either may deem appropriate or advisable in connection with all matters relating to the operation of the Fund and the sale of its shares.
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Operation of Fund. 13 6.11 Relationship of Parties; No Joint Venture, Etc... 13 6.12
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Operation of Fund 
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Related to Operation of Fund

  • Termination of Fund At any time following the first anniversary of the Closing Date, the Surviving Corporation shall be entitled to require the Paying Agent to deliver to it any funds (including any interest received with respect thereto) that had been made available to the Paying Agent and which have not been disbursed to holders of Certificates, and thereafter such holders shall be entitled to look only to Parent and the Surviving Corporation (subject to abandoned property, escheat or other similar Laws) as general creditors thereof with respect to the payment of any Merger Consideration that may be payable upon surrender of any Certificates held by such holders, as determined pursuant to this Agreement, without any interest thereon. Any amounts remaining unclaimed by such holders at such time at which such amounts would otherwise escheat to or become property of any Governmental Authority shall become, to the extent permitted by applicable Law, the property of Parent, free and clear of all claims or interest of any Person previously entitled thereto.

  • Retention of Funds Consultant hereby authorizes City to deduct from any amount payable to Consultant (whether or not arising out of this Agreement) (i) any amounts the payment of which may be in dispute hereunder or which are necessary to compensate City for any losses, costs, liabilities, or damages suffered by City, and (ii) all amounts for which City may be liable to third parties, by reason of Consultant’s acts or omissions in performing or failing to perform Consultant’s obligation under this Agreement. In the event that any claim is made by a third party, the amount or validity of which is disputed by Consultant, or any indebtedness shall exist which shall appear to be the basis for a claim of lien, City may withhold from any payment due, without liability for interest because of such withholding, an amount sufficient to cover such claim. The failure of City to exercise such right to deduct or to withhold shall not, however, affect the obligations of the Consultant to insure, indemnify, and protect City as elsewhere provided herein.

  • Collection of Funds Except as permitted under this Indenture, the Indenture Trustee may demand payment or delivery of, and will receive and collect, directly the funds and other property payable to or to be received by the Indenture Trustee under this Indenture and the Sale and Servicing Agreement. The Indenture Trustee will apply the funds and other property received by it, and will make deposits to, and distributions from, the Bank Accounts, under this Indenture and the Sale and Servicing Agreement.

  • Limitation of Funds In no case shall the Government’s financial liability exceed the amount obligated under this Agreement.

  • Application of Funds After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations, subject to the provisions of Sections 2.13 and 2.14, shall be applied by the Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuer and amounts payable under Article III), ratably among them in proportion to the amounts described in this clause Second payable to them; Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans and L/C Borrowings, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Third held by them; Fourth, to (a) payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings and (b) Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Fourth held by them; and Last, the balance, if any, after all of the Obligations have been paid in full, to the Borrower or as otherwise required by Law. Subject to Section 2.03(c) and Section 2.13, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above.