Objective and Purpose Sample Clauses
The 'Objective and Purpose' clause defines the main goals and intentions behind the agreement or contract. It typically outlines what the parties aim to achieve, such as the delivery of specific services, the development of a project, or the establishment of a business relationship. By clearly stating the underlying objectives, this clause ensures that all parties have a shared understanding of the contract’s direction and scope, helping to prevent misunderstandings and disputes about the agreement’s intent.
Objective and Purpose. 2.2.1 The exclusive purposes and functions of the Cimarron Trust are to:
(i) act as successor to Debtors solely for the purpose of performing, managing, and funding implementation of all decommissioning and/or Site control and maintenance activities pursuant to the terms and conditions of the Cimarron License, including the preparation and implementation of an NRC-approved decommissioning plan and groundwater remediation plan, and all Environmental Actions required under federal or state law; (ii) own the Cimarron Site; (iii) carry out administrative functions related to the performance of work by or on behalf of the Cimarron Site; (iv) fulfill other obligations as set forth in the Settlement Agreement; (v) pay certain regulatory fees and oversight costs; and (vi) ultimately sell, transfer or otherwise dispose or facilitate the reuse of all or part of the Cimarron Trust Assets, if possible, all as provided herein with no objective or authority to engage in any trade or business. The performance by the Cimarron Trustee of its duties under this Agreement, including but not limited to the sale, lease or other disposition of some or all of the Cimarron Site, shall not be considered to be the Cimarron Trustee’s engaging in a trade or business.
2.2.2 The Cimarron Trust is established pursuant to this Agreement and the Settlement Agreement and approved by the Bankruptcy Court for the sole purpose of resolving claims asserting environmental liabilities of Settlors with respect to the Cimarron Site. The Bankruptcy Court shall retain continuing jurisdiction over the Cimarron Trust. The Cimarron Trust satisfies all the requirements of, and is intended by the Parties to be classified as, a qualified settlement fund pursuant to the QSF Regulations.
Objective and Purpose. 2.2.1 The exclusive purposes and functions of the Trust are to: (i) own the Containment Parcel; (ii) carry out administrative and property management functions related to the Containment Parcel to the extent not implemented by the Settlor pursuant to the Reservation of Rights, including the collection of funds necessary to implement the Work and the State Brownfields Requirements; (iii) implement Post-Removal Site Controls approved by EPA with respect to the Containment Parcel and implement the State Brownfields Requirements applicable to the Containment Parcel with respect to the removal work and long term ownership, operation, and maintenance and (iv) fulfill other obligations as set forth in the ERT PPA and the State Brownfields Requirements. The Trustee’s performance of its duties under this Agreement shall not be considered to be the Trustee’s engaging in a trade or business.
2.2.2 The Trust is established pursuant to this Agreement and consistent with the ▇▇▇▇▇▇▇▇ BFPPA and ERT PPA, for the sole purpose of holding title to the Containment Parcel and performing all Work pursuant to the ERT PPA and State Brownfields Requirements. The Trust satisfies all the requirements of, and is intended by the Parties to be classified as, a qualified settlement fund pursuant to the QSF Regulations.
Objective and Purpose. Faculty members sometimes engage in teaching activities that fall outside normally assigned teaching duties. The purpose of this university policy is to recognize and appropriately integrate these contributions into faculty workload.
Objective and Purpose. 2.2.1 The exclusive purposes and functions of the West Chicago Trust are to:
(i) act as successor to Settlors solely for the purpose of performing, managing, and funding implementation of Environmental Actions selected by US EPA for (a) RAS Properties and (b) for ▇▇▇▇▇ Creek, pursuant to the Federal West Chicago Consent Decree and the Local Communities Consent Decree; (ii) act as successor to the Settlors under the REF License solely for the purpose of performing, managing, and funding implementation of Environmental Actions at the REF; (iii) use all reasonable efforts, by and through the West Chicago Trustee/Licensee, to secure Title X Reimbursements owed after the Effective Date from the Department of Energy, to which the West Chicago Trustee/Licensee is legally entitled based on Environmental Actions performed by or on behalf of Settlors and the West Chicago Trust (and regardless of whether further Environmental Actions continue to be necessary at ▇▇▇▇▇ Creek, the RAS Properties, or the REF); (iv) own the West Chicago Owned Sites;
Objective and Purpose. The purpose of the Fayetteville-Perry Local School District, hereinafter referred to as the "Board" is to provide the best educational opportunities for the children of the Fayetteville-Perry Local School District. It is the objective of the Board, the Superintendent, and the instructional staff to provide the highest quality educational progress for the children of the Fayetteville-Perry Local School District.
Objective and Purpose. The Doctoral Agreement is meant to ensure that the relationship between the doctoral candidates and supervisors is transparent in terms of content and time expectations. Planning and carrying out the doctoral project should be planned in the Agreement between the supervisors and doctoral candidates independently such that the high-quality project can be completed within an appropriate period of time. The timeline should be adapted to the dissertation project and the doctoral candidate’s life situation and be adjusted at each meeting. The confirmation of supervision does not replace the application for acceptance as a doctoral candidate submitted to the Faculty and does not provide any legal right to a doctorate or employment at the University of Hohenheim.
Objective and Purpose. The ERRT is intended to satisfy all the requirements of, and is intended by the parties to be classified as, a qualified settlement fund (for which no grantor trust election has been made) pursuant to section 468B of the IRC and related Treasury Regulations, and as a settlement fund exempt from U.S. federal income tax pursuant to section 468B(g)(2) of the IRC. The exclusive purpose and function of the ERRT is to fund Environmental Remediation Expenses and Environmental Restoration Expenses and, thereby, to facilitate appropriate remediation and restoration solely with respect to Operable Units 2 and 4 (or, in accordance with Section 3.05 of this Agreement, Operable Unit 3) of the Diamond Alkali Site, as required by applicable administrative orders or consent decrees for the Diamond Alkali Site and Law, in accordance with the terms of the Plan. In carrying out this purpose and function, the ERRT will: (i) issue an irrevocable letter of direction to the Liquidating Trust directing the Liquidating Trust to make the first $61 million of distributions on account of the Class B Beneficial Interests (after providing for reasonable fees and expenses of the ERRT Expenses) directly to the EPA Diamond Alkali Special Account and the DOI Diamond Alkali Account as provided in the ERRT Waterfall in the Plan and in accordance with the written instructions to be provided by the United States, and (ii) reimburse Allowed Invoices submitted by PRPs and the NRD Trustees for Environmental Remediation Expenses or Environmental Restoration Expenses at Operable Units 2 and 4 (or, in accordance with Section 3.05 of this Agreement, Operable Unit 3) of the Diamond Alkali Site, all as provided in the Plan, including the ERRT Waterfall, and in this Agreement, provided that the ERRT Trustee may, after consultation with the Liquidating Trust Oversight Committee, withhold any and all amounts, determined in the ERRT Trustee’s reasonable discretion, required by any law, regulation, rule, ruling, directive, court order or governmental requirement. The performance by the ERRT Trustee of its duties under this Agreement, including but not limited to the distribution of the ERRT Proceeds, shall not be considered to be ERRT Trustee’s engaging in a trade or business. The ERRT shall not be the successor of the Debtors for any purposes including with respect to, or held liable for, any of the Claims asserted against the Debtors prior to the Effective Date.
Objective and Purpose. 2.2.1 The exclusive purposes and functions of the Texas Custodial Trust are to own the Designated Properties, carry out administrative and property management functions related to the Designated Properties, conduct, manage, and/or fund implementation of future Environmental Actions with respect to the Designated Properties, and ultimately to sell, transfer or otherwise dispose of all or part of the Designated Properties, if possible, all as provided in the Settlement Agreement, with no objective or authority to engage in any trade or business. With respect to the El Paso Smelter Site, the purposes of this Texas Custodial Trust further include: 1) addressing contamination (including without limitation Hazardous Substances) on and in the structures, soils, surface water, and groundwater at such site; and 2) remediating such site to standards that are protective of human health and the environment with the oversight of the TCEQ.
2.2.2 With respect to the Amarillo Designated Property (as defined in Attachment B), the Custodial Trustee shall, within sixty days of the Plan Effective Date, take actions to sell portions of the site that are not subject to Environmental Actions in accordance with Section 2.13 of this Agreement.
2.2.3 The Texas Custodial Trust is established pursuant to this Agreement and the Settlement Agreement and approved by the Bankruptcy Court for the purpose of resolving claims asserting environmental liabilities of the Settlor with respect to the Designated Properties and the other purposes set forth in this Agreement and the Settlement Agreement. The Bankruptcy Court shall retain continuing jurisdiction over the Texas Custodial Trust. The Texas Custodial Trust satisfies all the requirements of, and is intended by the Parties to be classified as, a qualified settlement fund (for which no grantor trust election has been made) pursuant to section 468B of the Internal Revenue Code and related Treasury Regulations.
Objective and Purpose. 1. This Mutual Recognition Arrangement (hereinafter referred to as “MRA”) intends to formally express the consent of Both Sides to recognize the JCM and SPEI as mutual recognition cooperation prescribed in the Regulation of the Minister of Environment and Forestry of the Republic of Indonesia Number 21 of 2022 on Procedure for Implementation of Carbon Pricing.
2. Both Sides implement the mutually recognized JCM and SPEI in accordance with the prevailing laws and regulations in their respective countries.
Objective and Purpose. The Doctoral Agreement is designed to generate a transparent relationship between doctoral candidate and doctoral supervisor with respect to content and time. Planning and execution of the doctoral project are to be designed by the parties in such a manner that the project can be concluded in high quality and within an appropriate period of time. The individual life situation of the doctoral candidate is to be considered. A suc- cessful conclusion of the doctoral project is not guaranteed by the conclusion of this Doctoral Agreement.