Reclamation Fund Sample Clauses

Reclamation Fund. The reclamation fund created by Amendment 8 shall be replaced by surety instruments in the following manner:
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Reclamation Fund. Prior to commencement of Development on the Premises, Tectonic shall establish a fund to be used for anticipated future costs of environmental remediation and reclamation on the Premises in accordance with SECTIONS 8.1 through 8.4 and of otherwise complying with all environmental laws and regulations. The reclamation fund shall at all times contain an amount equal to 120% of the estimated cost of remediation and reclamation of those portions of the Premises which have been disturbed or affected by activities under this Lease, as such estimated cost may be revised from time to time based on the periodic environmental audit conducted in accordance with SECTION 6.5. Such fund shall be created in a manner such that Xxxxx shall be able to obtain a valid security interest in said fund solely for purposes of ensuring proper remediation and reclamation of the Premises and other environmental compliance in connection with closure of a Mine on the Premises or such that the fund shall not be subject to the claims of Tectonic’s creditors in a bankruptcy in the reasonable opinion of a mutually agreeable counsel, and shall be maintained in a separate account, trust account or escrow and not commingled with the moneys of Tectonic. Tectonic may draw upon and use such fund for, and only for, reclamation and environmental compliance in accordance with the Reclamation Plan. After commencement of Commercial Production, a portion of each sale of Ores or Mineral Products shall be deposited in such fund as needed to maintain the required amount in the reclamation fund. If any Governmental Authority requires posting of a reclamation bond or other financial security then the amount required in the reclamation fund will be reduced by the amount of the bond issued in favor of such Governmental Authority, but only to the extent that such bond includes costs of environmental remediation and reclamation on the Premises. Xxxxx shall have the right at any time to require verification of the existence and present amount of the fund required by this SECTION 8.4(a).
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Reclamation Fund. Upon the commencement of Commercial Production from the Lands, Coalhunter shall establish a fund (the “Reclamation Fund”) to be maintained as a separate, escrow account, for the purpose of paying all costs of environmental, reclamation, remediation, pollution control, decommissioning, shut-down and other similar costs and liabilities (collectively the “Reclamation Costs”) that may arise from time to time as a result of the operation of a mine on the Lands. At the time the Reclamation Fund is established, Coalhunter, in good faith, shall estimate the amount of money required to pay the Reclamation Costs throughout the life of the mine and, based upon the estimated life of the mine, the amount of money (the “Reclamation Assessment”) that will be required to be contributed by Coalhunter on an annual basis, or from time to time in the case of special or unexpected Reclamation Costs, in order to establish and maintain the Reclamation Fund. Coalhunter shall, within thirty (30) days next following the date of the Reclamation Assessment, pay the Reclamation Assessment into the escrow account. Coalhunter may, with the prior written consent of the Peace River Partnership, deposit security in lieu of such payment being made in cash. Coalhunter shall not be entitled to a refund of any Reclamation Assessments (or security in lieu thereof) upon the termination of this Lease for any reason.
Sample 1
Reclamation Fund. (a) Escrow fund for Processing Property. Tenant shall deposit $3,000,000.00 into an escrow account at PlainsCapital Bank (the “Escrow Account”) pursuant to an Escrow Agreement in the form attached as Exhibit G to secure the reclamation of the Processing Property as follows: • The removal of all buildings and equipment used in the mining and processing of Sand with the exception of any buildings to remain on the Land at the request of the Landlord; • The removal of all piers cast in place to support the buildings and equipment used in the mining and processing of Sand; • The removal of all pipes and conveyors used for the transport of Sand from the mining areas to the Processing Plant and within the Processing Property; • The removal of any gas and other utility lines within the Processing Property; • The regrading of the Processing Property after the removal of any buildings, equipment, and piers on the Processing Property; and • The reseeding of the Processing Property with West Texas Seed Mix from Xxxxxx Seed Company or the equivalent designated by Landlord after the regrading of the Processing Property is complete. The amount held in the Escrow Account shall be adjusted based on estimates of the cost of reclamation determined by appraisers mutually agreeable to Landlord and Tenant on January 1, 2019 and every five (5) years thereafter. Both Landlord’s and Tenant’s consent shall be required for any withdrawals from the joint escrow account. Tenant shall not enter the Land unless and until the escrow account is established and funded. (b) Escrow fund for reclamation of mining area. In addition to the funds contemplated by Section 7.10(a), Tenant shall pay $1.00 per ton of Sand sold into the Escrow Account up to a maximum of $1,000,000.00, with the amount to be adjusted based on a third party evaluation of the cost of the first 100 acre reclamation, to secure the reclamation of the mined Land as provided in Exhibit H. Both Landlord’s and Tenant’s consent shall be required for any withdrawals from the joint escrow account.
Sample 1
Reclamation Fund. Tenant shall provide Landlord with a surety bond to cover the cost reasonably required to reclaim the Land and Processing Property in accordance with the Reclamation Plan approved by Landlord. The bond shall be in the initial amount of $3,000,000.00 to be adjusted based on estimates of the cost of reclamation determined by appraisers mutually agreeable to Landlord and Tenant on January 1, 2019 and every five (5) years thereafter. Tenant shall not enter the Land unless and until it provides Landlord with a surety bond or equivalent reasonably acceptable to Landlord. In addition to the foregoing, Tenant shall pay $1.00 per ton of Sand sold into a joint escrow account up to a maximum of $1,000,000.00, with the amount to be adjusted based on a third party evaluation based on the first 100 acre reclamation, to secure the reclamation of the mined Land. Both Landlord’s and Tenant’s consent shall be required for any withdrawals from the joint escrow account.
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Related to Reclamation Fund

  • Escrow Account 31.1.1 The Concessionaire shall, prior to the Appointed Date, open and establish an Escrow Account with a Bank (the “Escrow Bank”) in accordance with this Agreement read with the Escrow Agreement.

  • Decommissioning The expenditure for Decommissioning will be estimated on the basis of technical studies undertaken by the Contractor, to be agreed by the National Petroleum Agency, as part of each Field Development Program and revised as necessary.

  • Escrow Accounts Subject to the terms of the related Deferred Servicing Agreement, Seller shall be entitled to withdraw funds from any Escrow Account related to a Deferred Servicing Agreement only for the purposes permitted in the applicable Servicing Agreement.

  • Repair and Restoration If the Mortgaged Property can be repaired or restored to substantially the same condition as existed prior to the event causing such damage or destruction, or the effect of the combination can be relieved so that the status of the Mortgaged Property will be restored to substantially the same status as existed prior to the event causing such condemnation, without, in either case, jeopardizing repayment of the principal of and interest on the Indebtedness, and Grantor elects to repair and restore the Mortgaged Property, the Proceeds will be deposited with the Beneficiary and held in a special escrow account of the Beneficiary to be applied to repair, replace, or improve the Mortgaged Property. Proceeds held in such escrow account held by the Beneficiary shall be disbursed by the Beneficiary for the repair, replacement, or improvement of the Mortgaged Property upon receipt by the Beneficiary from the Grantor of (A) an architect's certificate with each draw submitted by Grantor stating that the repairs, replacements, or improvements completed through the date of such draw are practical and necessary, have been completed in accordance with plans and specifications previously provided to the Beneficiary, and that such repairs, replacements, or improvements comply with all applicable statutes, codes, and regulations; (B) a certificate stating that sufficient moneys are available to cause such repair, restoration, replacements, or improvements; (C) requisitions and certificates from the Grantor in the form reasonably acceptable to the Beneficiary; (D) applicable lien waivers; and (E) an endorsement to the title insurance policy insuring the continued priority of the lien of this Mortgage. The Beneficiary shall retain ten percent (10%) of the requested disbursements to be disbursed upon final completion of the repairs, replacements, or improvements as certified by an independent architect and receipt of waivers of liens and an endorsement to the title policy for the Mortgaged Property insuring the continued priority of the lien of this Mortgage. If at any time during the restoration, the Proceeds are less than the estimated cost to repair the Mortgaged Property, the Grantor shall pay an amount equal to the shortfall. The Grantor may rely upon the advice of architects, engineers, accountants, financial consultants, attorneys, or other experts selected by it in the foregoing matters. Any Proceeds in excess of the amount required to repair and restore the Mortgaged Property under this Alternative A, at the direction of the Grantor, shall either be used to prepay the Indebtedness or disbursed to the Grantor.

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Insurance Funds (a) Borrower shall cause Mortgage Borrower to comply with all the terms and conditions set forth in Section 6.3 of the Mortgage Loan Agreement.

  • Operating Accounts (a) Maintain its primary operating and other deposit accounts and securities accounts with Bank and Bank’s Affiliates.

  • Proceeds Account To the extent that any of the Secured Obligations may be contingent, unmatured or unliquidated at such time as an Event of Default has occurred and is continuing, the Administrative Agent may, at its election, (i) retain the proceeds of any sale, collection, disposition or other realization upon the Collateral (or any portion thereof) in a special purpose non-interest-bearing restricted deposit account (the “Proceeds Account”) created and maintained by the Administrative Agent for such purpose (which shall constitute a Deposit Account included within the Collateral hereunder) until such time as the Administrative Agent may elect to apply such proceeds to the Secured Obligations, and each Grantor agrees that such retention of such proceeds by the Administrative Agent shall not be deemed strict foreclosure with respect thereto; (ii) in any manner elected by the Administrative Agent, estimate the liquidated amount of any such contingent, unmatured or unliquidated Claims and apply the proceeds of the Collateral against such amount; or (iii) otherwise proceed in any manner permitted by applicable Law. Each Grantor agrees that the Proceeds Account shall be a blocked account and that upon the irrevocable deposit of funds into the Proceeds Account, such Grantor shall not have any right of withdrawal with respect to such funds. Accordingly, each Grantor irrevocably waives until the termination of this Agreement in accordance with Section 25 the right to make any withdrawal from the Proceeds Account and the right to instruct the Administrative Agent to honor drafts against the Proceeds Account.

  • Establishment of Escrow Accounts; Deposits in Escrow Accounts The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts. The creation of any Escrow Account shall be evidenced by Escrow Account Letter Agreement in the form of Exhibit 8.

  • Disbursement of Moneys from Fund Custody Account Upon receipt of Proper Instructions, the Custodian shall disburse moneys from the Fund Custody Account but only in the following cases:

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