Common use of Trust Limitations Clause in Contracts

Trust Limitations. 2.2.1 Beginning on the Trust Effective Date and for each twelve-month period thereafter, total Trust Administration Costs shall not exceed [##]% of the average value of Trust Assets during that period, absent further order of the Court. 2.2.2 No Consent Decree Party or Beneficiary, nor any of their components, agencies, officers, directors, agents, employees, affiliates, successors, or assigns, shall be deemed to be an owner, operator, trustee, partner, agent, shareholder, officer, or director of the Mitigation Trust. 2.2.3 All Trust Assets shall be used solely for the purposes provided in the Consent Decree and this Trust Agreement. 2.2.4 This Mitigation Trust is irrevocable. The Settling Defendants (i) shall not retain any ownership or residual interest whatsoever with respect to any Trust Assets, including but not limited to the funds transferred by the Settling Defendants to fund the Trust pursuant to the terms of the Consent Decree, and (ii) shall not have any liabilities or funding obligations with respect to the Trust (to the Trustee, the Beneficiaries or otherwise) other than the funding obligations expressly set forth in the Consent Decree. Nor shall the Settling Defendants have any rights or role with respect to the management or operation of the Trust, or the Trustee’s approval of requests for Eligible Mitigation Action funding.