Common use of Bank Agreement Clause in Contracts

Bank Agreement. This agreement describes the mutually agreed upon instructions of the below signed parties to the Bank, regarding the control, redemption, and release of the Bank's above-described CD, which is being used as principal to guarantee the availability for maintenance and operation of the above listed facility in such a manner as not to cause pollution of the waters of the state or other adverse environmental impacts, and upon abandonment of the facility and the proper closure of the facility site. It is the intention of the parties that the CD be utilized as principal to guarantee that the full principal amount will be available to the State of Utah, Division of Oil, Gas, and Mining (“Division”) for maintenance and operation of the above listed facility in such a manner as not to cause pollution of the waters of the state or other adverse environmental impacts, and upon abandonment of the facility and the proper closure of the facility site. Upon demand and in the event that the Operator of the facility site is unable or unwilling to complete proper maintenance and operation of the above listed facility in such a manner as not to May 2019 Page 1 of 6 cause pollution of the waters of the state or other adverse environmental impacts, or the Operator is unable or unwilling to properly close the facility site in compliance with applicable state law and regulations, the Division may redeem the CD according to the steps outlined below. A hold shall be placed on any CD record(s) and the Bank shall provide proof of such hold to the Division. Bank waives all rights of setoff or liens against the CD(s) identified above.

Bank Agreement. This agreement describes the mutually agreed upon instructions of the below signed parties to the Bank, regarding the control, redemption, and release of the Bank's above-described CDLOC, which is being used as principal to guarantee the availability for maintenance and operation of the above listed facility in such a manner as not to cause pollution of the waters of the state or other adverse environmental impacts, and upon abandonment of the facility and the proper closure of the facility site. It is the intention of the parties that the CD LOC be utilized as principal to guarantee that the full principal amount will be available to the State of Utah, Division of Oil, Gas, and Mining (“Division”) for maintenance and operation of the above listed facility in such a manner as not to cause pollution of the waters of the state or other adverse environmental impacts, and upon abandonment of the facility and the proper closure of the facility site. Upon demand and in the event that the Operator of the facility site is unable or unwilling to complete proper maintenance and operation of the above listed facility in such a manner as not to May 2019 Page 1 of 6 cause pollution of the waters of the state or other adverse environmental impacts, or the Operator is unable or unwilling to properly close the facility site in compliance with applicable state law and regulations, the Division may redeem the CD LOC according to the steps outlined below. A hold shall be placed on any CD LOC record(s) and the Bank shall provide proof of such hold to the Division. The Bank waives all rights of setoff or liens against the CD(sLOC(s) identified above.