Common use of Creation of the trust accounts Clause in Contracts

Creation of the trust accounts. Upon receipt of the Henderson Property and the Funding and Consideration, the Nevada Trustee shall create a segregated Nevada Trust Environmental Cost Account for the Henderson Property. The purpose of the Nevada Trust Environmental Cost Account shall be to provide funding for Environmental Actions for the Henderson Legacy Conditions and future oversight costs of the Lead Agency and the Non-Lead Agency with respect to the Henderson Property. Funding for the Nevada Trust Environmental Cost Account shall be held in trust for Environmental Actions with respect to the Henderson Property and may not be used for any Owned or Non-Owned Site except as expressly provided in Section 2.4.3 below. The initial funding of the Nevada Environmental Response Trust Account shall be a total of $72,417,165.00. The Nevada Trustee shall also create a segregated Nevada Trust Administrative Account which shall be funded with $8,602,853.00, and which shall fund the Nevada Administrative Costs. The separate accounts are referred to in the Agreement individually as a “Nevada Trust Account” and collectively as the “Nevada Trust Accounts.” Subject to 2.5, the income and gains from any investment of the Nevada Trust Assets shall be allocated, paid and credited to such Nevada Trust Account.