Financial Assurance Requirements. Developer, prior to commencing construction of any phase, shall deposit with the Township or a financial institution acceptable to the Township, cash, certified check, or an automatically renewing irrevocable letter of credit, or such other assurance as may be required by the Township, whichever Developer elects, running to the Township, to provide financial assurance (the “Financial Assurance”) for the construction of the System, water and sewer, and roads (referred to as “Public Improvements”) in accordance with Township policy. The Financial Assurance required shall be in the amount of One Hundred Ten (110%) percent of the cost of construction of the Public Improvements, for the particular phase being developed as specified in a contract for construction, which estimate has been approved by the Township’s Engineer. The Financial Assurance shall secure the completion of the Public Improvements. If and to the extent the another governmental entity having jurisdiction requires a bond or other security to secure the completion of any of the Public Improvements, and to avoid imposing on Developer the obligation of bonding twice for the same Public Improvement, the amount of the Financial Assurance required by this Agreement shall be reduced by the amount of the financial assurance required by the other governmental entity. The Township will rebate to Developer as work progresses, and if approved by the Township, amounts of any cash deposits, or reduce the irrevocable letter of credit, as may be applicable, equal to the ratio of the work completed on the Public Improvements in each respective phase of the Project. However, at no time shall the amount retained for any incomplete work total less than 110% of the value of the remaining work, as determined by the Township’s Engineer. Concurrently with approval by the Township of any streets or other Public Improvements, a two (2) year maintenance bond or such other assurance reasonably acceptable to the Township, in the amount of 110% of the total cost of the road running from the date of final approval of the Public Improvements, as established by the Township, or other Financial Assurance, running to the Township equal to 25% of the construction costs for the Public Improvements shall be posted by Developer. Additionally, in accordance with the Township’s Engineering Design Standards, as-built plans certified by a licensed engineer, reviewed by the Township’s engineer, shall be submitted to the Township.
Financial Assurance Requirements. The Sponsor intends to satisfy its obligations 13 under this Instrument by obtaining sufficient funding to carry out all design, development, 14 monitoring, remediation and site management responsibilities. Financial Assurances are 15 provided for the work described in this Instrument. Funding for all responsibilities and 16 obligations arising under this Instrument has been included in the credit price estimation 17 calculations, and mitigation fees collected are based on full cost accounting (see Appendix F).
Financial Assurance Requirements. NDOR, as the Agreement sponsor, will be responsible and will provide documentation that identifies the securing of adequate funding for operation and maintenance of the Agreement during its operational life as well as for the long-term management of the wetlands, streams, and/or other aquatic resources, as necessary. Should NDOR sell or transfer ownership of a Site, all site protection instruments associated with the Site would remain intact. NDOR is a governmental unit with the financial capability to implement mitigation banking. Thus, NDOR has access to the necessary financial resources to cover Agreement needs, including long-term management of Sites and unforeseen events as determined by the IRT. Written documentation (letter format) of NDOR’s financial resource commitments will be provided to USACE as part of a Site Development Plan. NDOR would provide the necessary financial commitment documentation to USACE for long-term management by a third party should responsibilities for management for a Site be transferred (as defined in the Site Development Plan or at a later date). Any transfer of responsibilities to a third party shall be approved by USACE prior to transfer.
Financial Assurance Requirements. The Sponsor intends to satisfy its obligations under this Instrument by obtaining sufficient funding to carry out all design, development, monitoring, remediation and site management responsibilities. The following Financial Assurances are provided for the work described in this Instrument. Funding for all responsibilities and obligations arising under this Instrument has been included in the ILF credit price estimation calculations, and mitigation fees collected are based on full cost accounting (see Appendix , Section ). Project approval by the IRT, Ecology, and the Corps is contingent upon each project being fully funded at the time of its approval to cover the Sponsor’s obligations under this Instrument. To the extent, if any, that these funds are insufficient to fully and timely fund the Sponsor’s obligations as delineated in this Instrument, the [insert Sponsor, Program Administrator name, or entity responsible for making such request] shall include in its budget request appropriations sufficient to cover the balance of the Sponsor’s obligations under this Instrument, and will use all reasonable and lawful means to fulfill its obligations hereunder. In the event the [insert county, Tribal council, or other legislative appropriation body] does not appropriate funds in sufficient amounts to discharge these obligations, the [insert Sponsor, Program Administrator name] shall use its best efforts to procure funding in order to satisfy its obligations under this Instrument from any other source of funds legally available for this purpose. Nothing herein shall constitute, nor be deemed to constitute, an obligation of future appropriations by the [insert name of Sponsor’s governing body].
Financial Assurance Requirements. A. Town Code requires the subdivider to secure a Performance Bond, Escrow Account Agreement, or a Letter of Credit in the amount sufficient to secure to the Town the satisfactory construction, installation, completion and dedication of the required infrastructure improvements in one of the forms set forth in Exhibits No.’s 1, 2 & 3.
Financial Assurance Requirements. Computation The warehouse operator agrees:
1. To furnish financial assurance computed at the rate of $5.00 per ton of storage space that the warehouse accommodates when stored in the manner customary to the warehouse as determined by FSA, but not less than $5,000.00 nor more than $50,000.00.
2. When applying for licenses to operate two or more warehouses in the same State, or multiple states, and at the warehouse operator’s election, they may provide financial assurance meeting the requirements of the Act and the regulations to cover all these warehouses within the multiple states and the maximum of $50,000.00 of financial assurance will apply for each State covered.
3. In case of a deficiency in net worth above the $5,000.00 minimum required, to add to the amount of financial assurance determined in accordance with paragraph (1) of this section an amount equal to that deficiency. If a letter of credit is used for the amount of the deficiency, it must be issued for a period of not less than two years to coincide with the period of any deposit of obligations. Any letter of credit must be clean, irrevocable, issued by a commercial bank payable to DACO by sight draft and insured as a deposit by the Federal Deposit Insurance Corporation or an institution in good standing regulated by the Farm Credit Administration. The deposit will not be considered an asset of the company.
4. If the FSA finds that conditions exist which warrant requiring additional financial assurance, to add to the amount of financial assurance a further amount to meet such conditions.
Financial Assurance Requirements. Should any financial assurance requirements pursuant to Environmental Laws be imposed on Tenant’s use of, or activities at, the Premises by a governmental authority, Tenant promptly and timely shall comply with those requirements as they take effect.
Financial Assurance Requirements. The Sponsor agrees to provide a Financial Assurance document, payable to DSL for $70,000. The Financial Assurance may be released incrementally on the following schedule: For the initial release of credits (not to exceed 30% of the total number of credits that could be derived from this site) the Sponsor agrees to provide adequate financial assurances to ensure that wetland acreage would be restored on site in the event of a default (see also Part V, F). Release of funds from this financial assurance will be recommended by the MBRT incrementally on the following schedule if, and only if, all performance standards, as described in Section V. E. are being met: 30 percent – one year after the first credit release; 30 percent – two years after first credit release; 30 percent– five years after first credit is released; and 10% or the remainder upon submittal of the final monitoring report at bank closure, 5 years after the last credit sale.
Financial Assurance Requirements. The Sponsor agrees to provide the following financial assurances for the work described in this Banking Instrument. [Include information about the specific financial assurance (e.g., performance bond, letter of credit, escrow account) to be provided by the Sponsor. For example, “The Sponsor shall deposit in the following manner:
1. in [identify the financial assurance mechanism, e.g., letter of credit, interest bearing escrow account, etc.] to be termed Contingency Funds and to be used by the Sponsor or a third party to be designated by the Corps in the event the Sponsor fails to comply with the terms of this Banking Instrument to rectify any unforeseen events as determined by the MBRT. In the event that the Contingency Funds are not used, [at the end of the X Year] the funds shall be returned to the Sponsor.
2. in [identify the financial assurance mechanism (e.g., an interest bearing trust account)] to be transferred to [identify the long-term management entity] on [identify the starting date of the maintenance period]. These funds referred to as the Long-Term Management Funds shall only be used by [long-term management entity] for managing and maintaining the Bank in perpetuity. (The cost of long- term management of the bank may be adjusted based on actual annual cost of maintenance that will be provided by the Sponsor in the monitoring reports.)”] [Note: Many self-maintenance banks may not require long-term management funds.]
