Reclamation Bond. For greater certainty, XxXxxxxx Bay acknowledges that during the Interim Period, it has agreed to use reasonable best efforts to, or shall if required by any applicable law or if required to maintain DCNL's mining permit, either assume Redaurum's guarantee and other obligations in respect of the reclamation bond (the "Reclamation Bond") covering the Kelsey Lake Mine in the name of DCNL for the benefit of the State of Colorado, or purchase or arrange for a new Reclamation Bond and the elimination of Redaurum's obligation in respect of the Reclamation Bond currently in place, including the return or cancellation of the letter of credit posted by Redaurum.
Reclamation Bond. Prior to the beginning of the third Lease Year, Tectonic shall obtain for the benefit of Xxxxx a performance bond or other financial security approved by Xxxxx, in an amount satisfactory to guarantee interim as well as complete and full reclamation of the Premises to the standards required under this Lease and under all applicable laws and regulations relating to Tectonic’s operations on the Premises, and as detailed in the Reclamation Plan and cost estimate. The amount of the bond or other financial security shall be established in accordance with SECTION 6.5 or as otherwise mutually agreed upon by Xxxxx and Tectonic. Commercial surety bonds issued by bonding companies rated “A+,” “A,” or “A-” by Best’s shall be acceptable bonds hereunder. If any Governmental Authority requires posting of a reclamation bond or other financial security then Tectonic shall nevertheless be required to post a bond or other financial security hereunder for the benefit of Xxxxx, but only in an amount equal to the excess amount required by this Lease over the amount of the bond previously issued in favor of such Governmental Authority; provided further, however, that the amount of the bond or other financial security in favor of Xxxxx shall be reduced by an amount equal to the amount in the reclamation fund established under SECTION 8.4(a). Xxxxx shall have the right any time to require verification of the amount of the bond or other financial security required by this subsection. Such bond or other financial security shall be established in such a manner that (1) it cannot be cancelled, liquidated or otherwise terminated or reduced in whole or part without Doyon’s written permission, which shall not be unreasonably withheld, delayed or conditioned, and (2) Xxxxx shall be able to obtain a valid security interest (solely for ensuring proper reclamation) in the bond or other financial security or, in the opinion of Doyon’s legal counsel, the bond or other financial security shall not be subject to the claims of Tectonic’s creditors in a bankruptcy proceeding.
Reclamation Bond a. During the term of this Lease, prior to commencement of any activities by Lessee on the Millsite Area resulting in land disturbance and prior to January 1 of each subsequent year that this Lease is in effect, Lessee shall furnish to the Division a reclamation bond which meets the requirements and standards of AS 27.19, the regulations thereunder and the Reclamation Plan, securing Xxxxxx's performance of the Reclamation Plan. Lessee, for itself, its assigns and subrogees specifically waives any right to challenge the amount of the bond based on the bond amount exceeding seven hundred and fifty dollars ($750) per mined acre.
b. The reclamation bond amount for the first five years of this Lease shall be mutually agreed upon prior to issuance of this Lease. Thereafter, the reclamation bond amount shall be redetermined at intervals and for intervals of no more than five years. At least 90 days prior to the expiration of a reclamation bond interval, Lessee shall supply to the Division all relevant information concerning Xxxxxx's operations and reclamation planned for the Millsite Area for the succeeding interval. The Division shall notify Lessee of the bond amount for the succeeding interval at least 45 days prior to the expiration of the current bond interval.
c. Lessee shall provide evidence of bond renewal or a surety's commitment for a new bond no later than 15 days prior to the expiration of the existing bond. Failure to provide such evidence of renewal or commitment timely is a breach of this Lease.
Reclamation Bond will apply for a 10-acre small mine permit and associated reclamation bond as soon as practical following the Closing, at no additional cost to DMG. ARTICLE 4
Reclamation Bond. Promptly following the execution and delivery of this Agreement and, in any event, within fifteen (15) days thereof, CLECO and SWEPCO shall file or cause to be filed with the LOC an application to replace the then existing reclamation performance bond applicable to the Real Property and required by the Mine Permit (“Sellers’ Reclamation Bond”) with a reclamation performance bond for which Sellers shall have no obligation to the LOC or any surety. Thereafter CLECO and SWEPCO shall take or cause to be taken such actions and execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such instruments, documents, transfers, assignments, conveyances and assurances as may be required or desirable for replacing and releasing the Sellers’ Reclamation Bond; provided, that prior to the Closing, CLECO and SWEPCO shall only be required to use Commercially Reasonable Efforts to accomplish the foregoing.
Reclamation Bond. Gold agrees that within two years from the date of the Spin-Off, it will cause the Irrevocable Letter of Credit dated October 11, 1993 issued by The Chase Manhattan Bank, N.A. ("Chase"), in favor of the United States Department of the Interior, Bureau of Land Management, for the benefit of Gold (the "Letter of Credit"), to be terminated, and Gold will pay on demand all fees and costs payable by FMC after the Spin-Off to maintain the Letter of Credit in effect. Gold acknowledges and agrees that in the event that FMC is required to make any payment to Chase with respect to any draw upon the Letter of Credit, Gold will make immediate repayment thereof to FMC on demand of FMC, and FMC shall have all rights available to it under applicable law, including, without limitation, rights of reimbursement and subrogation.
Reclamation Bond. Yamana will, on or before the Effective Date, arrange with Corporation and the Government of Québec for the assumption of 50% of the Reclamation Bond, and a release of Corporation from its liabilities and obligations in respect of such portion of the Reclamation Bond.
Reclamation Bond. Satisfactory completion of the assumption of the Reclamation Bond by CCI as contained in the asset purchase and sales agreement between CCI and Votorantim dated August 1, 2024 prior to Closing. The foregoing conditions in this Section 7.2 are for the sole benefit of CCI and may be waived only in writing by CCI in whole or in part, at any time and from time to time, in the sole discretion of CCI. The failure by CCI at any time to exercise any of the foregoing rights shall not be deemed a waiver of any such right and each such right shall be deemed an ongoing right that may be asserted at any time and from time to time prior to Closing.
Reclamation Bond. Seller and Buyer acknowledge that Seller has posted a reclamation bond in the amount of Ten Thousand Dollars ($10,000.00) in conjunction with a permit issued by the State of Wyoming Department of Environmental Quality with respect to the Assets. Following Closing, the parties shall cooperate in causing the transfer of the foregoing permit and reclamation bond to Buyer, and Seller shall be reimbursed its funds previously posted for the reclamation bond.
Reclamation Bond a. During the term of this Lease, prior to commencement of any activities by Lessee on the Millsite Area resulting in land disturbance and prior to January 1 of each subsequent year that this Lease is in effect, Lessee shall furnish to the Division a reclamation bond which meets the requirements and standards of AS 27.19.040, the regulations thereunder and the Reclamation Plan, securing Lessee's performance of the Reclamation Plan.
b. The reclamation bond amount of this Lease shall be the mutually agreed upon bond held by the Division for Gil Millsite Reclamation Plan Approval and Waste Management Permit, until such time as the scheduled renewal of the bond. Thereafter, the reclamation bond amount shall be redetermined for intervals of no more than five years. At least 120 days prior to the expiration of a reclamation bond interval, Lessee shall supply to the Division all relevant information concerning Lessee's operations and reclamation planned for the Millsite Area for the succeeding interval. The Division shall notify Lessee of the bond amount for the succeeding interval at least 45 days prior to the expiration of the current bond interval.
c. Lessee shall provide evidence of bond renewal or a surety's commitment for a new bond no later than 15 days prior to the expiration of the existing bond. Failure to provide such evidence of renewal or commitment is a breach of this Lease.
