Common use of Letters of Credit and Surety Bonds Clause in Contracts

Letters of Credit and Surety Bonds. On the Effective Date, Debtors shall transfer the 100% cash value of the following existing financial guarantees to the following Multistate Trust Environmental Cost or Work Accounts: a. Debtors shall convert to cash the Encroachment Permit Bond for the City of Louisville, Department of Public Utilities and, on the Effective Date, transfer the $10,000.00 in total funds from the canceled bond to the Multistate Trust Environmental Cost Account for Owned Service Stations, unless prior to the Effective Date, Debtors provide a no further action letter or statement that an Encroachment Permit Bond is no longer necessary, and the City of Louisville releases the bond. b. Debtors shall convert to cash the Individual Utility Permit Bond for the Illinois Department of Transportation and, on the Effective Date, transfer the $2,000.00 in total funds from the canceled bond to the Multistate Trust Work Account for Non-Owned Service Stations. c. Debtors shall convert to cash the Right of Way Bond for the City of Jacksonville, Department of Public Works and, on the Effective Date, transfer the $5,000.00 in total funds from the canceled bond to the Multistate Trust Environmental Cost Account for the Jacksonville Terminal Site. d. Debtors shall convert to cash the surety bond relating to the Permit to Drill Ground Water Monitoring Xxxxx issued by the City of Springfield, Missouri and, on the Effective Date, transfer the $19,500.00 in total funds from the cancelled surety bond to the Multistate Trust Environmental Cost Account for the Springfield Site. e. Debtors shall transfer the $50,000.00 in total funds held by Tronox Worldwide LLC in the Sauget Site Standby Trust Fund No. 3126 (XX Xxxxxx Bank, Account No. 380744), to the Multistate Trust Environmental Cost Account for the Sauget Site.

Letters of Credit and Surety Bonds. On the Effective Date, Debtors shall transfer the 100% cash value of the following existing financial guarantees to the following Multistate Trust Environmental Cost or Work Accounts:Accounts:‌ a. Debtors shall convert to cash the Encroachment Permit Bond for the City of Louisville, Department of Public Utilities and, on the Effective Date, transfer the $10,000.00 in total funds from the canceled bond to the Multistate Trust Environmental Cost Account for Owned Service Stations, unless prior to the Effective Date, Debtors provide a no further action letter or statement that an Encroachment Permit Bond is no longer necessary, and the City of Louisville releases the bond. b. Debtors shall convert to cash the Individual Utility Permit Bond for the Illinois Department of Transportation and, on the Effective Date, transfer the $2,000.00 in total funds from the canceled bond to the Multistate Trust Work Account for Non-Owned Service Stations. c. Debtors shall convert to cash the Right of Way Bond for the City of Jacksonville, Department of Public Works and, on the Effective Date, transfer the $5,000.00 in total funds from the canceled bond to the Multistate Trust Environmental Cost Account for the Jacksonville Terminal Site. d. Debtors shall convert to cash the surety bond relating to the Permit to Drill Ground Water Monitoring Xxxxx issued by the City of Springfield, Missouri and, on the Effective Date, transfer the $19,500.00 in total funds from the cancelled surety bond to the Multistate Trust Environmental Cost Account for the Springfield Site. e. Debtors shall transfer the $50,000.00 in total funds held by Tronox Worldwide LLC in the Sauget Site Standby Trust Fund No. 3126 (XX Xxxxxx Bank, Account No. 380744), to the Multistate Trust Environmental Cost Account for the Sauget Site.