Common use of The Cimarron Trust Accounts Clause in Contracts

The Cimarron Trust Accounts. a. The Cimarron Trustee shall create segregated Cimarron Trust accounts (“Cimarron Trust Environmental Cost Accounts”) and a segregated Cimarron Standby Trust Fund within the Cimarron Trust. The purpose of the Cimarron Trust Environmental Cost Accounts and the Standby Trust Fund shall be to provide funding for future decommissioning activities, Environmental Actions and certain future regulatory fees and oversight costs of NRC and the State of Oklahoma with respect to the Cimarron Site. b. The Cimarron Trustee shall also create a segregated Cimarron Trust administrative account (“Cimarron Trust Administrative Account”) to fund the payment of real estate taxes, insurance, and other Administrative Costs. c. Assets of the Cimarron Trust Environmental Cost Accounts, the Cimarron Standby Trust Fund and the Cimarron Trust Administrative Account (collectively, the “Cimarron Trust Accounts”) shall be held in trust solely for the purposes provided in this Settlement Agreement. NRC, the State of Oklahoma and US EPA shall be the sole beneficiaries of the Cimarron Trust Accounts, except for the Cimarron Standby Trust Fund, to which NRC only shall be the sole beneficiary. Neither Debtors nor Reorganized Tronox shall have any rights or interest to the Cimarron Trust Assets, including but not limited to any funds remaining in any of the Cimarron Trust Accounts upon the completion of any and all final actions and disbursement of any and all final costs with respect to the Cimarron Site. d. All interest, dividends and other revenue earned in a Cimarron Trust Account shall be retained in the respective Cimarron Trust Account and used only for the same purposes as the principal in that account as provided in this Settlement Agreement, subject to any reallocation approved by NRC and the State of Oklahoma, after consultation with US EPA, in accordance with the terms of this Settlement Agreement. e. In settlement of claims of the United States and the State of Oklahoma against Debtors and Reorganized Tronox with respect to any and all costs of decommissioning incurred or to be incurred, and any and all costs of response incurred and to be incurred in connection with the Cimarron Site (including but not limited to the liabilities and other obligations asserted in the United States’ and Oklahoma’s Proofs of Claim relating to the Cimarron Site), the United States and the State of Oklahoma [or the Cimarron Trustee (as described below)] shall receive allocations to the Cimarron Site of specified percentages of the Anadarko Litigation Proceeds as set forth in Subparagraph 124(v). Debtors shall also make the following payments and, as described more fully in Subparagraphs 55(e)(i)-(iv) herein and Debtors shall effectuate the transfer of the funds from the Cimarron LOC on the Effective Date as follows. i. On the Effective Date, Debtors shall make payment of $1,303,889.00 to fund the Cimarron Trust Administrative Account; ii. On the Effective Date, Debtors shall cancel the Cimarron LOC and remit the funds from the Cimarron LOC to the Cimarron Standby Trust Fund already in existence, or to a new Cimarron Standby Trust Fund that may be established by the Cimarron Trustee in accordance with applicable NRC regulations. Furthermore: a. The Standby Trustee for the Cimarron Standby Trust Fund shall make payments from the Cimarron Standby Trust Fund to the Cimarron Trustee pursuant to the terms and conditions set forth in the Standby Trust Agreement; b. The Standby Trustee for the Cimarron Standby Trust Fund is authorized, in consultation with the Cimarron Trustee and the approval of NRC, to transfer from time to time any or all of the assets of the Cimarron Standby Trust Fund to any of the Cimarron Trust Accounts in this Paragraph 55. iii. On the Effective Date, Debtors shall make payment of $6,588,381.00 to fund future decommissioning costs and future regulatory fees of NRC with respect to the Cimarron Site, to be deposited in a Cimarron Trust Environmental Cost Account for Federal activities (“Cimarron Trust Federal Environmental Cost Account”). Funding for the Cimarron Trust Federal Environmental Cost Account shall be held in trust for future decommissioning costs and future regulatory fees of NRC with respect to the Cimarron Site and may not be used for another Site except as otherwise expressly provided by and in accordance with Paragraph 57. iv. On the Effective Date, Debtors shall make payment of $746,114.00 to fund future Environmental Actions and certain future oversight costs of the State of Oklahoma with respect to the Cimarron Site, to be deposited in a Cimarron Trust Environmental Cost Account for State activities (“Cimarron Trust State Environmental Cost Account”). Funding for the Cimarron Trust State Environmental Cost Account shall be held in trust for Environmental Actions with respect to the Cimarron Site and may not be used for another Site except as otherwise expressly provided by and in accordance with Paragraph 57.

The Cimarron Trust Accounts. ‌‌ a. The Cimarron Trustee shall create segregated Cimarron Trust accounts (“Cimarron Trust Environmental Cost Accounts”) and a segregated Cimarron Standby Trust Fund within the Cimarron Trust. The purpose of the Cimarron Trust Environmental Cost Accounts and the Standby Trust Fund shall be to provide funding for future decommissioning activities, Environmental Actions and certain future regulatory fees and oversight costs of NRC and the State of Oklahoma with respect to the Cimarron Site.Site.‌ b. The Cimarron Trustee shall also create a segregated Cimarron Trust administrative account (“Cimarron Trust Administrative Account”) to fund the payment of real estate taxes, insurance, and other Administrative Costs.Costs.‌ c. Assets of the Cimarron Trust Environmental Cost Accounts, the Cimarron Standby Trust Fund and the Cimarron Trust Administrative Account (collectively, the “Cimarron Trust Accounts”) shall be held in trust solely for the purposes provided in this Settlement Agreement. NRC, the State of Oklahoma and US EPA shall be the sole beneficiaries of the Cimarron Trust Accounts, except for the the‌ Cimarron Standby Trust Fund, to which NRC only shall be the sole beneficiary. Neither Debtors nor Reorganized Tronox shall have any rights or interest to the Cimarron Trust Assets, including but not limited to any funds remaining in any of the Cimarron Trust Accounts upon the completion of any and all final actions and disbursement of any and all final costs with respect to the Cimarron Site. d. All interest, dividends and other revenue earned in a Cimarron Trust Account shall be retained in the respective Cimarron Trust Account and used only for the same purposes as the principal in that account as provided in this Settlement Agreement, subject to any reallocation approved by NRC and the State of Oklahoma, after consultation with US EPA, in accordance with the terms of this Settlement Agreement. e. In settlement of claims of the United States and the State of Oklahoma against Debtors and Reorganized Tronox with respect to any and all costs of decommissioning incurred or to be incurred, and any and all costs of response incurred and to be incurred in connection with the Cimarron Site (including but not limited to the liabilities and other obligations asserted in the United States’ and Oklahoma’s Proofs of Claim relating to the Cimarron Site), the United States and the State of Oklahoma [or the Cimarron Trustee (as described below)] shall receive allocations to the Cimarron Site of specified percentages of the Anadarko Litigation Proceeds as set forth in Subparagraph 124(v). Debtors shall also make the following payments and, as described more fully in Subparagraphs 55(e)(i)-(iv) herein and Debtors shall effectuate the transfer of the funds from the Cimarron LOC on the Effective Date as follows.follows.‌ i. On the Effective Date, Debtors shall make payment of $1,303,889.00 to fund the Cimarron Trust Administrative Account;Account;‌ ii. On the Effective Date, Debtors shall cancel the Cimarron LOC and remit the funds from the Cimarron LOC to the Cimarron Standby Trust Fund already in existence, or to a new Cimarron Standby Trust Fund that may be established by the Cimarron Trustee in accordance with applicable NRC regulations. Furthermore: a. The Standby Trustee for the Cimarron Standby Trust Fund shall make payments from the Cimarron Standby Trust Fund to the Cimarron Trustee pursuant to the terms and conditions set forth in the Standby Trust Agreement; b. The Standby Trustee for the Cimarron Standby Trust Fund is authorized, in consultation with the Cimarron Trustee and the approval of NRC, to transfer from time to time any or all of the assets of the Cimarron Standby Trust Fund to any of the Cimarron Trust Accounts in this Paragraph 55. iii. On the Effective Date, Debtors shall make payment of $6,588,381.00 to fund future decommissioning costs and future regulatory fees of NRC with respect to the Cimarron Site, to be deposited in a Cimarron Trust Environmental Cost Account for Federal activities (“Cimarron Trust Federal Environmental Cost Account”). Funding for the Cimarron Trust Federal Environmental Cost Account shall be held in trust for future decommissioning costs and future regulatory fees of NRC with respect to the Cimarron Site and may not be used for another Site except as otherwise expressly provided by and in accordance with Paragraph 57. iv. On the Effective Date, Debtors shall make payment of $746,114.00 to fund future Environmental Actions and certain future oversight costs of the State of Oklahoma with respect to the Cimarron Site, to be deposited in a Cimarron Trust Environmental Cost Account for State activities (“Cimarron Trust State Environmental Cost Account”). Funding for the Cimarron Trust State Environmental Cost Account shall be held in trust for Environmental Actions with respect to the Cimarron Site and may not be used for another Site except as otherwise expressly provided by and in accordance with Paragraph 57.57.‌