Multistate Trust definition
Examples of Multistate Trust in a sentence
With respect to any of the Multistate Trust Environmental Work Accounts, however, such funds may not include future oversight costs.
For the avoidance of doubt, the nominees of the Multistate Trust, the Nevada Trust, and the Tort Claims Trust shall have fiduciary duties only to the beneficiaries of the Multistate Trust, the Nevada Trust, and the Tort Claims Trust, respectively.
Two members shall be deemed to have been recommended to the Bankruptcy Court for appointment jointly by the United States and the Beneficiaries other than the Multistate Trust, the Nevada Trust, and the Tort Claims Trust, and one member shall be deemed to have been recommended to the Bankruptcy Court for appointment by each of the Multistate Trust, the Nevada Trust, and the Tort Claims Trust, in each case as indicated on the attached Schedule 2.
Assets of the Multistate Trust Environmental Cost Accounts, Multistate Trust Work Account, and Multistate Trust Administrative Account (collectively, the “Multistate Trust Accounts”) shall be held in trust solely for the purposes provided in this Settlement Agreement.
The Multistate Trustee shall pay funds from a Multistate Trust Environmental Cost or Work Account to the Lead Agency making a written request for funds for reimbursement within 30 days following such request.
The Multistate Trustee shall be the “administrator” of the Multistate Trust pursuant to Treasury Regulation section 1.468B-2(k)(3).
The Lead Agency shall have the authority to approve or disapprove the proposed budget for the relevant Multistate Trust Environmental Cost or Work Account, but only after consultation with the Non-Lead Agency where the Non-Lead Agency requests such consultation (the “Non Lead Agency” will be US EPA for Sites where a State is the Lead Agency, and the State when US EPA is the Lead Agency).
The Multistate Trustee shall use the Multistate Trust Work Account for the Non-Owned Service Stations to fund future Environmental Actions with respect to Non-Owned Service Stations.
The Multistate Trustee shall seek the approval of the Lead Agency of any contractor hired by the Multistate Trustee and any work plans to be undertaken by the Multistate Trust under the oversight of the Lead Agency, unless the Lead Agency has provided a written waiver of such approval or requirements.
All interest, dividends and other revenue earned in a Multistate Trust Account shall be retained in the respective Multistate Trust Account and used only for the same purposes as the principal in that account as provided in this Settlement Agreement, subject to any reallocation approved by the Governments in accordance with the terms of this Settlement Agreement.