Common use of Establishment of Trust Fund Clause in Contracts

Establishment of Trust Fund. The Grantor and the Trustee hereby establish a trust (the “Trust”), for the benefit of EPA and the State of Missouri (the “Beneficiaries”), to assure that funds are available to pay for performance of the Work in the event that Grantor fails to conduct or complete the Work required by, and in accordance with the terms of, the Consent Decree. The Grantor and the Trustee intend that no third party shall have access to monies or other property in the Trust except as expressly provided herein. The Trust is established initially as consisting of funds in the amount of [ ] U.S. Dollars ($ ). Such funds, along with any other monies and/or other property hereafter deposited into the Trust, and together with all earnings and profits thereon, are referred to herein collectively as the “Fund.” The Fund shall be held by the Trustee, IN TRUST, as hereinafter provided. The Trustee shall not be responsible nor shall it undertake any responsibility for the amount or adequacy of, nor any duty to collect from the Grantor, any payments necessary to discharge any liabilities of the Grantor owed to the United States.

Establishment of Trust Fund. The Grantor and the Trustee hereby establish a trust (the “Trust”), for the benefit of EPA and the State of Missouri (the “Beneficiaries”), to assure that funds are available to pay for performance of the Work Remedial Action in the event that Grantor fails to conduct or complete the Work Remedial Action required by, and in accordance with the terms of, the Consent Decree. The Grantor and the Trustee intend that no third party shall have access to monies or other property in the Trust except as expressly provided herein. The Trust is established initially as consisting of funds in the amount of [ ] U.S. Dollars ($ ). Such funds, along with any other monies and/or other property hereafter deposited into the Trust, and together with all earnings and profits thereon, are referred to herein collectively as the “Fund.” The Fund shall be held by the Trustee, IN TRUST, as hereinafter provided. The Trustee shall not be responsible nor shall it undertake any responsibility for the amount or adequacy of, nor any duty to collect from the Grantor, any payments necessary to discharge any liabilities of the Grantor owed to the United States.

Establishment of Trust Fund. The Grantor and the Trustee hereby establish a trust (the “Trust”), for the benefit of EPA and the State of Missouri (the “BeneficiariesBeneficiary”), to assure that funds are available to pay for performance of the Work in the event that Grantor fails to conduct or complete the Work required by, and in accordance with the terms of, the Consent Decree. The Grantor and the Trustee intend that no third party shall have access to monies or other property in the Trust except as expressly provided herein. The Trust is established initially as consisting of funds in the amount of [ [_______] U.S. Dollars ($ $_________). Such funds, along with any other monies and/or other property hereafter deposited into the Trust, and together with all earnings and profits thereon, are referred to herein collectively as the “Fund.” The Fund shall be held by the Trustee, IN TRUST, as hereinafter provided. The Trustee shall not be responsible nor shall it undertake any responsibility for the amount or adequacy of, nor any duty to collect from the Grantor, any payments necessary to discharge any liabilities of the Grantor owed to the United States.

Establishment of Trust Fund. The Grantor and the Trustee hereby establish a trust (the “Trust”), for the benefit of EPA and the State of Missouri (the “BeneficiariesBeneficiary”), to assure ensure that funds are available to pay for performance of the Work in the event that Grantor fails to conduct or complete the Work required by, and in accordance with the terms of, of the Consent DecreeSettlement Agreement. The Grantor and the Trustee intend that no third party shall have access to monies or other property in the Trust except as expressly provided herein. The Trust is established initially as consisting of funds cash and/or cash equivalents in the amount of [ ] U.S. Dollars ($ )$[insert dollar amount], which is acceptable to the Trustee and described in Schedule A attached hereto. Such funds, along with any other monies cash and/or other property cash equivalents hereafter deposited into the Trust, and together with all earnings and profits thereon, are referred to herein collectively as the “Fund.” The Fund shall be held by the Trustee, IN TRUST, as hereinafter provided. The Trustee shall not be responsible nor shall it undertake any responsibility for the amount or adequacy of, nor any duty to collect from the Grantor, any payments necessary to discharge any liabilities of the Grantor owed to the United States.