Common use of TREATY LAND ENTITLEMENT TRUST Clause in Contracts

TREATY LAND ENTITLEMENT TRUST. The Band represents and warrants that: (a) the Entitlement Monies to be paid by Canada and Saskatchewan pursuant to the terms of this Agreement are intended to be a long term asset of the Band, to be properly invested for the long term use and benefit of the Band and its Members, and are to be used for the purchase of Entitlement Land, and for such other purposes as may be consistent with the provisions, principles, warranties, representations and undertakings set forth in this Agreement and, in particular, sections 4.01, 4.02, 4.03, 5.01, 8.02, 21.04, Article 3, and Article 11 hereof; (b) the Band will take such actions as it deems necessary or advisable, with the benefit of appropriate legal and financial advice, to give effect to this Agreement and, in particular, the intent set out in subsection 3.03(a); (c) a Trust shall at all times be established in respect of Entitlement Monies with an Institution and shall be maintained in accordance with the provisions of this Agreement and the Trust Agreement; (d) the Trust and the Trust Agreement shall be consistent with the provisions of this Agreement and shall be structured in a manner which shall give effect to the provisions, principles, warranties, representations and undertakings set forth in this Agreement and, in particular, sections 4.01, 4.02, 4.03, 5.01, 8.02, 21.04, Article 3, and Article 11 hereof and shall, without limiting the foregoing, ensure that any holding corporation or agents of the Band which may be involved in the Purchase of Entitlement Land are likewise required to act in a manner consistent with this Agreement, and, also, to ensure that any amendment of the Trust or Trust Agreement, or the subsequent creation of a new or substitute Trust or Trust Agreement, shall be subject to the terms of this Agreement, including this provision; and (e) Canada has not reviewed or advised the Band with respect to the structure, terms, or operation of the Trust Agreement, or any other matter related thereto, and the Band is not relying upon any advice other than the advice of its own legal and financial advisors in this regard.

TREATY LAND ENTITLEMENT TRUST. The Band represents and warrants that: (a) It is the intention of the Band and it is the Band's understanding that the Entitlement Monies due to be paid by Canada the Band and Saskatchewan deposited pursuant to the terms section 3.02 of this Agreement are intended to be a long term asset of the Band, to be properly invested for the long term future use and benefit of the Band for the purposes set out in section 4.01 of this Agreement in a trust established by the Band and its Membersadministered by Trustees appointed by the Band on terms and conditions set forth in a trust agreement in form and substance substantially similar to the Trust Agreement annexed hereto as Schedule 4, and are to the Band agrees that the trust established will be used for the purchase of Entitlement Land, and for such other purposes as may be consistent in accordance with the provisions, principles, warranties, representations terms and undertakings conditions set forth in this Agreement and, in particular, sections 4.01, 4.02, 4.03, 5.01, 8.02, 21.04, Article 3, and Article 11 hereof;Agreement. (b) The Band and members of the Band will take such actions as it deems necessary for themselves and each of their respective heirs, successors and assigns hereby acknowledge and confirm, that the request and direction to Canada to have the Entitlement Monies paid into the Trust Account pursuant to section 3.02 of this Agreement and not paid directly to the Band's revenue, capital or advisable, other account under the Act or otherwise is based upon independent legal advice received from the Bands advisors and that the consequences of Canada making the deposit of the Entitlement Monies to the Trust Account to be administered by the Trustees in accordance with the benefit terms of appropriate legal the Trust Agreement have been fully explained and financial adviceare understood by the Chief, to give effect to this Agreement and, in particular, members of Council and Members of the intent set out in subsection 3.03(a);Band. (c) a In the event the trust referred to in section 3.03(a) of this Agreement terminates for any reason and the Trust is transferred pursuant to the terms of the Trust Agreement, the Band and members of the Band for themselves and each of their respective heirs, successors and assigns, hereby acknowledge and agree that the Trust Property so transferred shall at all times be established in respect utilized for purposes not inconsistent with the terms of this Agreement. (d) Canada shall not deposit the Entitlement Monies to the Trust Account pursuant to section 3.02 of this Agreement unless the Band, the Trustees and the Institution have executed the Trust Agreement and none of the Trust Property may be transferred to or deposited with an another financial institution unless the Band, the Trustees and that other financial Institution and have entered into a written agreement in accordance with subparagraph 11.01(a)(i) of the Trust Agreement. (e) None of the Trust Property shall be maintained withdrawn or transferred except in accordance with the provisions procedures specified in the Trust Agreement. (f) The Band agrees that the Trust Property vests in the Trustees as specified in section 2.05 of the Trust Agreement only for the purpose of administration of the Trust Property but Canada and the Band agree that ownership of the Trust Property shall, for all purposes remain in the Band subject only to the terms of this Agreement and the Trust Agreement;. (dg) the Trust and the Trust Agreement shall be consistent with the provisions of this Agreement and shall be structured in a manner which shall give effect Subject to the provisions, principles, warranties, representations and undertakings set forth in this Agreement and, in particular, sections 4.01, 4.02, 4.03, 5.01, 8.02, 21.04, Article 3, and Article 11 hereof and shall, without limiting the foregoing, ensure that any holding corporation or agents of the Band which may be involved in the Purchase of Entitlement Land are likewise required to act in a manner consistent with this Agreement, and, also, to ensure that any amendment of the Trust or Trust Agreement, or the subsequent creation of a new or substitute Trust or Trust Agreement, shall be subject to the terms of this Agreement, including this provision; and (esubparagraph 3.01(b)(iv) Canada has not reviewed or advised the Band with respect to the structure, terms, or operation of the Trust Agreement, the Band agrees that the Trust Property shall not be used directly or any indirectly for per capita distribution by the Trustees or Council to Members of the Band. (h) The Band agrees that Council shall appoint Trustees so that at all times: (i) there shall be three Trustees in office; (ii) one Trustee may be either the Chief or a Councillor of the Band; (iii) the remaining Trustees shall be Members of the Band. (i) The mailing address, head office and all administration functions of the Trust shall be on the Nekaneet Band Reserve. (j) Prior to deposit of the Entitlement Monies by Canada pursuant to section 3.02 hereof, the Institution and the Trustees shall open the Trust Account and the Revenue Trust Account and the Trustees shall deliver to the Institution all such documents specified in section 17.03 of the Trust Agreement and such other matter related theretocertificates, instruments and other documents as may reasonably be required by the Institution for the operation of the Trust Account and Revenue Trust Account. specified in section 17.01 of the Trust Agreement, and make such arrangements governing banking procedures relative to the Band is not relying upon any advice other than Account as the advice of its own legal and financial advisors in this regardBand deems advisable.