Common use of Establishment of Trust Fund Clause in Contracts

Establishment of Trust Fund. The Employer and the Trustee hereby agree to the establishment of a Trust Fund consisting of all amounts as shall be contributed or transferred from time to time to the Trustee pursuant to the Plan, and all earnings thereon. The Trustee shall hold the assets of the Trust Fund for the exclusive purpose of providing benefits to Participants and Beneficiaries and defraying the reasonable expenses of administering the Plan, and no such assets shall ever revert to the Employer, except that: (a) contributions made by the Employer by mistake of fact, as determined by the Employer, may be returned to the Employer within one (1) year of the date of payment, (b) contributions that are conditioned on their deductibility under Section 404 of the Code may be returned to the Employer, to the extent disallowed, within one (1) year of the disallowance of the deduction, (c) contributions that are conditioned on the initial qualification of the Plan under the Code, and all investment gains attributable to them, may be returned to the Employer within one (1) year after such qualification is denied by determination of the Internal Revenue Service, but only if an application for determination of such qualification is made within the time prescribed by law for filing the Employer's federal income tax return for its taxable year in which the Plan is adopted, or such later date as the Secretary of the Treasury may prescribe, (d) amounts held in a suspense account may be returned to the Employer on termination of the Plan, to the extent that they may not then be allocated to any Participant's Account in accordance with Article 6, and (e) if the Employer has elected to use Forfeitures for either Employer Contribution Accounts or Employer Matching Accounts to reduce other required contributions of the Employer, Forfeitures held under the Plan with respect to the Accounts for which such election has been made may be returned to the Employer on termination of the Plan, to the extent not required to reduce any contributions required of the Employer. All Employer contributions under the Plan other than those made pursuant to Section 4.1(e) are hereby expressly conditioned on the initial qualification of the Plan and their deductibility under the Code. Investment gains attributable to contributions returned pursuant to Subsections (a) and (b) shall not be returned to the contributing Employer, and investment losses attributable to such contributions shall reduce the amount returned.

Establishment of Trust Fund. (a) The Employer Grantors and the Trustee hereby agree establish a trust account (“Performance Trust Account”), for the benefit of the Beneficiary, to assure that funds are available to pay for performance of the Work in the event that Grantors fail to conduct or complete the Work required by, and in accordance with the terms of, the Consent Decree. This Performance Trust Account is the initial Financial Assurance Mechanism selected by the Grantors pursuant to Paragraph 47 (Selection of Initial Financial Assurance Mechanism) of the Consent Decree. The Grantors and the Trustee intend that no third-party shall have access to monies or other property in the Performance Trust Account except as expressly provided herein. (b) The Performance Trust Account is established initially as consisting of funds in the amount of Twenty-four Million U.S. Dollars ($24,000,000.00), which is the initial Estimated Cost of the Work and equal to the establishment amount of a Trust Fund consisting the financial assurance required pursuant to Paragraph 46 (Required Financial Assurance for Payment and Performance) of all amounts as the Consent Decree. This initial payment shall be contributed deposited by the Grantors into the Performance Trust Account within ninety (90) days after the Effective Date of the Consent Decree. (c) The timing or transferred from time to time to the Trustee amount of payments other than the initial payment, if any, will be governed pursuant to Paragraph 49 (Inadequate Financial Assurance Mechanism) of the Plan, and all earnings thereonConsent Decree. The Trustee shall hold the assets be notified in writing by Grantors’ Representative(s) of any such payment amounts and timing required pursuant to Paragraph 49 of the Consent Decree. Any such additional funds, along with the initial payment and any other monies and/or other property hereafter deposited into the Performance Trust Fund for the exclusive purpose of providing benefits to Participants and Beneficiaries and defraying the reasonable expenses of administering the PlanAccount, and no such assets shall ever revert together with all earnings and profits thereon, are referred to the Employer, except that: (a) contributions made by the Employer by mistake of fact, as determined by the Employer, may be returned to the Employer within one (1) year of the date of payment, (b) contributions that are conditioned on their deductibility under Section 404 of the Code may be returned to the Employer, to the extent disallowed, within one (1) year of the disallowance of the deduction, (c) contributions that are conditioned on the initial qualification of the Plan under the Code, and all investment gains attributable to them, may be returned to the Employer within one (1) year after such qualification is denied by determination of the Internal Revenue Service, but only if an application for determination of such qualification is made within the time prescribed by law for filing the Employer's federal income tax return for its taxable year in which the Plan is adopted, or such later date herein collectively as the Secretary of the Treasury may prescribe,“Fund.” (d) amounts The Fund shall be held in a suspense account may be returned to by the Employer on termination of the PlanTrustee, to the extent that they may not then be allocated to any Participant's Account in accordance with Article 6IN TRUST, and (e) if the Employer has elected to use Forfeitures for either Employer Contribution Accounts or Employer Matching Accounts to reduce other required contributions of the Employer, Forfeitures held under the Plan with respect to the Accounts for which such election has been made may be returned to the Employer on termination of the Plan, to the extent not required to reduce any contributions required of the Employeras hereinafter provided. All Employer contributions under the Plan other than those made pursuant to Section 4.1(e) are hereby expressly conditioned on the initial qualification of the Plan and their deductibility under the Code. Investment gains attributable to contributions returned pursuant to Subsections (a) and (b) The Trustee shall not be returned responsible nor shall it undertake any responsibility for the amount or adequacy of, nor any duty to collect from the Grantors, any payments necessary to discharge any liabilities of the Grantors owed to the contributing Employer, and investment losses attributable to such contributions shall reduce the amount returnedDepartment.

Establishment of Trust Fund. The Employer and the Trustee hereby agree to the establishment of a Trust Fund consisting of all amounts as shall be contributed or transferred from time to time to the Trustee pursuant to the Plan, and all earnings thereon. The Trustee shall hold the assets of the Trust Fund for the exclusive purpose of providing benefits to Participants and Beneficiaries and defraying the reasonable expenses of administering the Plan, and no such assets shall ever revert to the Employer, except that: (a) contributions made by the Employer by mistake of fact, as determined by the Employer, may be returned to the Employer within one (1) year of the date of payment, (b) contributions that are conditioned on their deductibility under Section 404 of the Code may be returned to the Employer, to the extent disallowed, within one (1) year of the disallowance of the deduction, (c) contributions that are conditioned on the initial qualification of the Plan under the Code, and all investment gains attributable to them, may be returned to the Employer within one (1) year after such qualification is denied by determination of the Internal Revenue Service, but only if an application for determination of such qualification is made within the time prescribed by law for filing the Employer's federal income tax return for its taxable year in which the Plan is adopted, or such later date as the Secretary of the Treasury may prescribe,, and (d) amounts held in a suspense account may be returned to the Employer on termination of the Plan, to the extent that they may not then be allocated to any Participant's Account in accordance with Article 6, and (e) if the Employer has elected to use Forfeitures for either Employer Contribution Accounts or Employer Matching Accounts to reduce other required contributions of the Employer, Forfeitures held under the Plan with respect to the Accounts for which such election has been made may be returned to the Employer on termination of the Plan, to the extent not required to reduce any contributions required of the Employer. All Employer contributions under the Plan other than those made pursuant to Section 4.1(e) are hereby expressly conditioned on the initial qualification of the Plan and their deductibility under the Code. Investment gains attributable to contributions returned pursuant to Subsections (a) and (b) shall not be returned to the contributing Employer, and investment losses attributable to such contributions shall reduce the amount returned.