By making a donation to PEF, the donor thereby agrees and acknowledges as follows:
(1) PEF has the sole and absolute discretion to use the donated funds as it sees fit in accordance with its tax-exempt charitable purpose. Although PEF considers a donor’s advice with respect to grant recommendations, PEF at all times retains the sole and absolute discretion over the use and disbursement of all donated funds.
(2) To the extent a donor wishes to make a grant recommendation and PEF is willing to consider the recommendation under the circumstances, the donor represents that such recommendation will be solely for tax-exempt purposes described in Section 170(c)(2)(B of the Internal Revenue Code of 1986, as amended (the “Code”), and for organizations that are described in Section 170(b)(1)(A) of the Code.
(3) A donor making a grant recommendation further represents that neither the donor nor any family member or affiliate will receive more than an incidental benefit as a result of PEF making the recommended grant and that the recommended grant, if made by PEF, would not satisfy any legal obligation of the donor or any family member or affiliate.
(4) New York law shall govern the terms and conditions of the donor’s grant made to PEF, without regard to conflict of law provisions.