This Irrevocable Trust Agreement is made this Monday, July 12, 2010, between Trust 3652783 (Grantor) and Trust 2 (Trustee).
In consideration of the mutual covenants and promises set forth herein, Grantor and Trustee agree as follows:
1. Grantor herewith assigns, transfers, and conveys to Trustee the property described in Attachment "A" attached hereto and made a part hereof by this reference, and receipt of such property is hereby acknowledged by Trustee. Such property, hereafter designated the Trust Estate, shall be held by Trustee in Trust for the uses and purposes and on the terms and conditions set forth herein.
2. As soon as posible Trustee on behalf of this Trust shall create a Trust (The New Trust) that shall have identical conditions and attachments as this one while amending the name of it to avoid having two trusts named the same.
3. The Trustee of The New Trust shall be Trust TWO
4. Trustee shall administer and manage the Trust Estate, collect the income therefrom, and, after payment of all taxes and assessments thereon, apply and dispose of the net income and the principal of the Trust Estate in the following manner:
As soon as the income from the Trust Estate reaches the equivalent of 7 Billion USD, such amount will be distributed to any Charitable Trust of the Trustee's choice
5. This trust shall be irrevocable and shall not be amended, altered, revoked or terminated by Grantor or any other person.
6. The original Trustee hereunder, and all Successor Trustees, shall not be entitled to compensation for their services as Trustees untill actual monies are recieved arising from the Trust Estate .
7. Governing Laws: The validity, construction, and effect of this agreement and the Trust created hereunder and its enforcement shall be determined by the laws of the The Bahamas.
In Witness Whereof, Grantor and Trustee have executed this Agreement on the date first written above. |