Common use of Principal Trust Fund Clause in Contracts

Principal Trust Fund. Party A hereby establishes and is funding herewith the Principal Trust Fund in accordance with the Mine Reclamation Agreement. Funds may be disbursed from the Principal Trust Fund for the following and no other purposes: (a) to pay the costs and fees associated with the maintenance of the Trust Account, including the fees and expenses of the Trustee; and (b) to pay Party A’s Reclamation Share (as defined in Section 3.3 of the Mine Reclamation Agreement) of reclamation costs pursuant to invoices rendered to Party A by the Reclamation Trust Funds Operating Agent (as that term is defined in the Mine Reclamation Agreement) and approved for payment by Party A. The Trustee will pay funds out of the Principal Trust Fund in accordance with the following procedures. The Reclamation Trust Funds Operating Agent will xxxx Party A, in writing, for reclamation costs invoiced by SJCC at least ten (10) Business Days prior to the date that payment is due SJCC. Party A will promptly review such invoice and, upon Party A’s review and approval of such invoice from the Reclamation Trust Funds Operating Agent, will direct the Trustee to pay such invoice by making payment out of the assets of the Principal Trust Fund, in immediately available funds, to SJCC. Upon the making of such payment, the Trustee will provide notice of such payment to Party A and to the Reclamation Trust Funds Operating Agent. Party A will provide the Trustee with appropriate wiring instructions for the making of payments in immediately available funds to SJCC. Party A will notify the Trustee of the identity of the Reclamation Trust Funds Operating Agent and of any changes in the Trust Fund Operating Agent. Subject to and in accordance with the terms and conditions hereof, the Trustee agrees that it will receive, hold in trust, invest, reinvest, and release, disburse or distribute the funds in the Trust Account (“Trust Funds”). All interest and other earnings on the Trust Funds will become a part of the Trust Account and the Trust Funds for all purposes, and all losses resulting from the investment or reinvestment thereof from time to time, and all amounts charged thereto to compensate or reimburse the Trustee for amounts owing to it hereunder from time to time, will be set off against the Trust Funds, from the time of such loss or charge, and thereafter no longer will constitute part of the Trust Funds.

Principal Trust Fund. Party Participant A hereby establishes and is funding herewith the Principal Trust Fund in accordance with the Mine Reclamation Funding Agreement. Funds may be disbursed from the Principal Trust Fund for the following and no other purposes: (a) to pay the costs and fees associated with the maintenance of the Trust Account, including the fees and expenses of the Trustee; and (b) to pay Party Participant A’s Reclamation Share (as defined in Section 3.3 3.5 of the Mine Reclamation Funding Agreement) of reclamation costs pursuant to invoices rendered to Party Participant A by the Reclamation Trust Funds Operating Agent (as that term is defined in the Mine Reclamation Funding Agreement) and approved for payment by Party Participant A. The Trustee will shall pay funds out of the Principal Trust Fund in accordance with the following procedures. The Reclamation Trust Funds Operating Agent will shall xxxx Party Participant A, in writing, for reclamation costs invoiced by SJCC at least ten (10) Business Days business days prior to the date that payment is due SJCC. Party Participant A will shall promptly review such invoice and, upon Party Participant A’s review and approval of such invoice from the Reclamation Trust Funds Operating Agent, will shall direct the Trustee to pay such invoice by making payment out of the assets of the Principal Trust Fund, in immediately available funds, to SJCC. Upon the making of such payment, the Trustee will shall provide notice of such payment to Party Participant A and to the Reclamation Trust Funds Operating Agent. Party Participant A will shall provide the Trustee with appropriate wiring instructions for the making of payments in immediately available funds to SJCC. Party Participant A will shall notify the Trustee of the identity of the Reclamation Trust Funds Operating Agent and of any changes in the Trust Fund Operating Agent. Subject to and in accordance with the terms and conditions hereof, the Trustee agrees that it will shall receive, hold in trust, invest, reinvest, and release, disburse or distribute the funds in the Trust Account (“Trust Funds”). All interest and other earnings on the Trust Funds will shall become a part of the Trust Account and the Trust Funds for all purposes, and all losses resulting from the investment or reinvestment thereof from time to time, and all amounts charged thereto to compensate or reimburse the Trustee for amounts owing to it hereunder from time to time, will shall be set off against the Trust Funds, from the time of such loss or charge, and thereafter no longer will constitute part of the Trust Funds.