2014 BANK OF AMERICA® RACING CHALLENGE
General Rules & Conditions for Enrollment
1) All American Quarter Horses registered with the American Quarter Horse Association (AQHA) – or eligible for registration with AQHA – are eligible to be enrolled into the Racing Challenge.
The nominator must be the recorded owner or lessee at time of enrollment. Nomination awards will be paid based on this information as shown on AQHA records at time of enrollment.
2) Any owner participating in the AQHA Racing Challenge program must be a current AQHA member in good standing to enroll a horse(s) in the Challenge program and to compete in any Challenge race(s).
3) The enrollment fee is based on the age of the horse at time of enrollment. Due on or before December 31 of each year, the enrollment fees for this period are as follows:
USA, CANADA & MEXICO
3 and up.................................$20,000
4) Enrollment fees received by the Racing Challenge will be deposited in interest bearing accounts and invested according to the currently approved investment policy of AQHA. AQHA administration and promotional costs may be deducted from the enrollment fees, interest and investment earnings from the enrollment fees with the remainder of the earnings allocated for purses and awards.
5) At AQHA’s sole discretion, the fund of enrollment fees will be allocated to yearly purse supplement funds of races designated by AQHA based on the year foaled of the enrolled horse as follows:
17% will be allocated for 2-year-olds
36% will be allocated for 3-year-olds
47% will be allocated for 4-year-olds and older
Thus, eligible horses compete for purse supplement funds paid by other foal crops contributed according to this schedule. For example, a 5-year-old horse also is racing for purse money contributed by horses one and two years younger.
6) Nominator awards will be paid to the top five finishers in all Challenge races. Awards are based on seven (7) percent of the gross purse for each final and will be paid to the nominator of the horse as recorded by AQHA at the time of enrollment. All award monies will be recorded and combined for each nominator. Subject to AQHA receiving final results of all Challenge races, checks will be issued on or before December 31st. The payout structure for each race is as follows: first place, 52%; second place, 23%; third place, 11.5%; fourth place, 7.5%; and fifth place, 6%.
7) All disputes arising out of the application or interpretation of any rules or conditions of the Bank of America Racing Challenge or distribution of funds shall be decided by the Executive Committee of the American Quarter Horse Association without necessity of prior notice of hearing. AQHA reserves the right to alter the rules and conditions of the Bank of America Racing Challenge as it, in its sole discretion, determines to ensure fairness and equality to all participants. Further, AQHA at its sole discretion may cancel the Bank of America Racing Challenge or any portion thereof at any time and refund nomination fees, if it deems horsemen’s participation is insufficient or for any other reason AQHA deems sufficient.
8) An entrant is ineligible to participate in the Racing Challenge where such program is prohibited by law because of legal residence, site of approved event or any other basis.
9) In its handling of Racing Challenge funds, AQHA is not, nor assumes responsibility to be, the insurer of banks and other depositories where these funds are deposited or invested until distributed. AQHA has fulfilled its responsibilities to select financially sound depositories and investments when it selects those banks or other institutions which, according to its sole discretion, are financially sound according to those procedures AQHA uses to select depositories and make investments of its own funds.
10) As reciprocal assistance to AQHA for the privilege of participation in the Racing Challenge program, owner and/or nominator hereby expressly and irrevocably grant the Racing Challenge the exclusive right to use, at AQHA’s sole discretion, in connection with the promotion of the Racing Challenge, the names and likenesses of the owner and/or nominator, any participating horse and of any co-owners, jockeys, trainers, colors, logo silks, and any other associated or identifying characteristics, as well as any other matter relating to the participation of the horse in the Racing Challenge program. Upon request by AQHA, owner and/or nominator shall cause any of the aforementioned persons to deliver such releases or authorizations to AQHA permitting such use.
11) This application, together with the rules and conditions of the Racing Challenge, and all matters pertaining thereto, shall be construed under the laws of the State of Texas, and AQHA’s duties and authority hereunder, and all responsibilities of owner and/or nominator are deemed performable at Amarillo, Potter County, Texas.
12) Enrollment applications must be submitted with appropriate fees by December 31st of each year to be eligible. Eligible enrollments are determined by the time of actual receipt in the AQHA’s offices at PO Box 36200, Amarillo, TX, 79120 or 1600 Quarter Horse Drive, Amarillo, TX 79104, with a seven (7) calendar day grace period through January 7 of each year, for slow or delayed mail or express services, or meritorious excuse. If the seventh day of the grace period falls on a Saturday, Sunday or federal holiday, then the grace period shall be extended to the next AQHA business day. Enrollments plus fees received after the grace period that have official U.S. Postal Service marks, or express delivery service billing receipts postmarked no later than January 7 of each year, or the last day of the grace period, may be accepted at the sole discretion of the Racing Council or its designated representative. The Racing Challenge official date-received stamp shall be conclusive as to time of receipt.
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American Quarter Horse Association
1600 Quarter Horse Drive
Amarillo, TX 79104