Common use of Access to Financial Assurance Clause in Contracts

Access to Financial Assurance. If EPA issues a notice of a Work Takeover under ¶ 31.b, then, in accordance with any applicable financial assurance mechanism [if a standby funding commitment requirement is included in ¶ 36.e, insert: including the related standby funding commitment], EPA may require: (1) the performance of the Work; and/or (2) that any funds guaranteed be paid in accordance with ¶ 41.d. If EPA is notified that the issuer of a financial assurance mechanism intends to cancel the mechanism, and the affected Respondent fails to provide an alternative financial assurance mechanism in accordance with this Section at least 30 days prior to the cancellation date, the funds guaranteed under such mechanism must be paid prior to cancellation in accordance with ¶ 41.d. If, upon issuance of a notice of a Work Takeover under ¶ 31, either: (1) EPA is unable for any reason to promptly secure the resources guaranteed under any applicable financial assurance mechanism [including the related standby funding commitment], whether in cash or in kind, to continue and complete the Work; or (2) the financial assurance is a demonstration or guarantee under ¶ 36.e or 36.f, then EPA is entitled to demand an amount, as determined by EPA, sufficient to cover the cost of the remaining Work to be performed. Respondents shall, within __ days after such demand, pay the amount demanded as directed by EPA. Any amounts required to be paid under this ¶ 41 must be, as directed by EPA: (i) paid to EPA in order to facilitate the completion of the Work by EPA, the State, or by another person; or (ii) deposited into an interest-bearing account, established at a duly chartered bank or trust company that is insured by the FDIC, in order to facilitate the completion of the Work by another person. If payment is made to EPA, EPA may deposit the payment into the Fund or into the Special Account to be retained and used to conduct or finance response actions at or in connection with the Site, or to be transferred by EPA to the Fund.

Access to Financial Assurance. If EPA issues a notice of a Work Takeover under ¶ 31.b30, then, in accordance with any applicable financial assurance mechanism [if a standby funding commitment requirement is included in ¶ 36.e40, insert: including the related standby funding commitment], EPA may require: (1) the performance of the Work; and/or (2) that any funds guaranteed be paid in accordance with ¶ 41.d47.d. If EPA is notified that the issuer of a financial assurance mechanism intends to cancel the mechanism, and the affected Respondent Purchaser fails to provide an alternative financial assurance mechanism in accordance with this Section at least 30 days prior to the cancellation date, the funds guaranteed under such mechanism must be paid prior to cancellation in accordance with ¶ 41.d47.d. If, upon issuance of a notice of a Work Takeover under ¶ 3130, either: (1) EPA is unable for any reason to promptly secure the resources guaranteed under any applicable financial assurance mechanism [if a standby funding commitment requirement is included in ¶ 40, insert: including the related standby funding commitment], whether in cash or in kind, to continue and complete the Work; or (2) the financial assurance is a demonstration or guarantee under ¶ 36.e 42.e or 36.f42.f, then EPA is entitled to demand an amount, as determined by EPA, sufficient to cover the cost of the remaining Work to be performed. Respondents Purchaser shall, within [__ ] days after of such demand, pay the amount demanded as directed by EPA. Any amounts required to be paid under this ¶ 41 47.d must be, as directed by EPA: (i1) paid to EPA in order to facilitate the completion of the Work by EPA, the State, EPA or by another person; or (ii2) deposited into an interest-bearing account, established at a duly chartered bank or trust company that is insured by the FDIC, in order to facilitate the completion of the Work by another person. If payment is made to EPA, EPA may deposit the payment into the Fund or into the Special Account to be retained and used to conduct or finance response actions at or in connection with the Site, or to be transferred by EPA to the Fund.