Common use of Groundwater Trust Clause in Contracts

Groundwater Trust. (a) Unless the Permittee opts out under Section 5(e), upon the commencement of a Forbearance Year under Section 5(b), the Parties agree that the amount of the Permit pledged for forbearance in Section 3(a) will be transferred into the Groundwater Trust of the EAA. However, this will not result in a transfer of any right, title, or interest to the EAA, and all right, title and interest in the portion of the Permit transferred will remain in the Permittee. The unpledged portion of the Permit, if any, as provided in Section 3(d) shall not be affected in any manner by the terms of this Agreement. The EAA will promptly give written notice to the Permittee, and his or her lessees or other transferees or assigns, if any, of any rights transferred into the Trust under this subsection. Failure to give such notice does not waive any duty by the Permittee or any transferee to comply with the terms of this Agreement.