Common use of Objective and Purpose Clause in Contracts

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.