Common use of Irrevocable Transfer Clause in Contracts

Irrevocable Transfer. The transfer of the Initial Contribution and all subsequent transfers to the Foundation are irrevocable and such assets will not be refunded to the Donor and/or the Joint Adviser in any manner. Upon transfer, the Foundation shall acquire all right, title and interest in the Initial Contribution and all subsequent contributions to the Account. Any assets in the Account, including any investment returns, are exclusively owned and controlled by the Foundation. The underlying assets contributed and any future investment returns are exclusively owned by the Foundation. As owner of the assets in the Account, the Foundation is not and will not be under any obligation to redeem, sell, or otherwise transfer any assets in the Account. The Donor and/or the Joint Adviser has not and may not impose any restriction or condition that prevents the Foundation from freely and effectively using the Initial Contribution or any subsequent contributions to further charitable or other purposes set forth in section 501(c)(3) of the Code.