Elgin, Joliet, and Eastern Railway Company Railroad Surety Bond and West Chicago Letter of Credit Escrow Accounts Sample Clauses

Elgin, Joliet, and Eastern Railway Company Railroad Surety Bond and West Chicago Letter of Credit Escrow Accounts. Within 30 days after the Effective Date, Reorganized Tronox, the West Chicago Trustee/Licensee, the Elgin, Joliet and Eastern Railway Company or its successor, and an escrow agent will enter into an agreement which will provide that upon completion by the West Chicago Trust of the remediation of the real property subject to such railroad company’s right-of-way in accordance with the Lease Agreement, dated September 1, 1994, as amended by Renewal dated September 1, 2008, the Operating, Side Track and Construction Agreement, dated September 1, 1994, and the REF License, the Elgin, Joliet and Eastern Railway Company Railroad Surety Bond will be converted to cash and all such cash will be transferred to the West Chicago Trust for deposit to such West Chicago Trust Account(s) as directed, pursuant to written instructions to be provided by the Beneficiaries to the West Chicago Trustee/Licensee prior to such transfer.
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