Common use of Creation of the trust accounts Clause in Contracts

Creation of the trust accounts. (a) Upon receipt of ERRT Assets delivered to the ERRT on or after the ERRT Effective Date (other than the ERRT Initial Cash), the ERRT Trustee shall create an account within the ERRT for the purpose of funding environmental remediation related activities at the Diamond Alkali Site as provided in Article IX.B of the Plan (the “Remediation Distribution Account”) and a separate account within the ERRT for the purpose of funding restoration activities related to NRD at the Diamond Alkali Site as provided in Article IX.B of the Plan (the “Restoration Distribution Account”). The purpose of the Remediation Distribution Account and the Restoration Distribution Account shall be to reimburse Allowed Invoices in accordance with Section 3.03 below, and may not be used for any other purpose except as expressly provided in Section 4.04(b) of this Agreement or, as applicable, Section 5 of this Agreement. The ERRT Trustee shall also create a segregated ERRT Administrative Account on or after the ERRT Effective Date in the amount of the total of the ERRT Initial Cashamounts necessary to fund present and anticipated future ERRT Expenses, subject to the approval of the Liquidating Trust Oversight Committee and the United States, which approval shall not be unreasonably withheld, after consultation with the ERRT Trustee. The separate accounts described in this Section 2.03 are referred to in this Agreement individually as an “ERRT Account” and collectively as the “ERRT Accounts.” Subject to Section 4.04(b) hereof, the income and gains from any investment of the ERRT Assets shall be allocated, paid and credited to such ERRT Account. The ERRT Trustee shall cause the Cash proceeds of the ERRT Assets to be distributed and/or deposited in the ERRT Accounts in accordance with the priority of use set forth in Article IX.B. of the Plan. (b) The ERRT Accounts may be divided into such number of trust subaccounts dedicated for specific uses as may be deemed necessary in the sole discretion of the ERRT Trustee (each, a “Trust Subaccount”) to comply with the terms of, and implement, the Plan and this Agreement. Specifically, and without limitation, the ERRT Trustee may in its discretion divide the Remediation Distribution Account and the Restoration Distribution Account into one or more subaccounts in order to implement the Diamond Alkali Remediation Allocation in Article I.A.46 of the Plan. For clarification purposes, the Diamond Alkali Remediation Allocation is applicable to funding restoration activities related to NRD.

Creation of the trust accounts. ‌ (a) Upon receipt of ERRT Assets delivered to the ERRT on or after the ERRT Effective Date (other than the ERRT Initial Cash), the ERRT Trustee shall create an account within the ERRT for the purpose of funding environmental remediation related activities at the Diamond Alkali Site as provided in Article IX.B of the Plan (the “Remediation Distribution Account”) and a separate account within the ERRT for the purpose of funding restoration activities related to NRD at the Diamond Alkali Site as provided in Article IX.B of the Plan (the “Restoration Distribution Account”). The purpose of the Remediation Distribution Account and the Restoration Distribution Account shall be to reimburse Allowed Invoices in accordance with Section 3.03 below, and may not be used for any other purpose except as expressly provided in Section 4.04(b) of this Agreement or, as applicable, Section 5 of this Agreement. The ERRT Trustee shall also create a segregated ERRT Administrative Account on or after the ERRT Effective Date in the amount of the total of the ERRT Initial Cashamounts amounts necessary to fund present and anticipated future ERRT Expenses, subject to the approval of the Liquidating Trust Oversight Committee and the United States, which approval shall not be unreasonably withheld, after consultation with the ERRT Trustee. The separate accounts described in this Section 2.03 are referred to in this Agreement individually as an “ERRT Account” and collectively as the “ERRT Accounts.” Subject to Section 4.04(b) hereof, the income and gains from any investment of the ERRT Assets shall be allocated, paid and credited to such ERRT Account. The ERRT Trustee shall cause the Cash proceeds of the ERRT Assets to be distributed and/or deposited in the ERRT Accounts in accordance with the priority of use set forth in Article IX.B. of the Plan. (b) The ERRT Accounts may be divided into such number of trust subaccounts dedicated for specific uses as may be deemed necessary in the sole discretion of the ERRT Trustee (each, a “Trust Subaccount”) to comply with the terms of, and implement, the Plan and this Agreement. Specifically, and without limitation, the ERRT Trustee may in its discretion divide the Remediation Distribution Account and the Restoration Distribution Account into one or more subaccounts in order to implement the Diamond Alkali Remediation Allocation in Article I.A.46 of the Plan. For clarification purposes, the Diamond Alkali Remediation Allocation is applicable to funding restoration activities related to NRD.