Reclamation Performance Bonds Sample Clauses

Reclamation Performance Bonds. Buyer will use reasonable best efforts and the Shareholders will reasonably cooperate with Buyer so that each of the Reclamation Performance Bonds existing at the Closing as to which any Company is a principal shall be replaced with a reclamation performance bond satisfactory to the Alabama Surface Mining Commission as to which Buyer or an Affiliate of Buyer is the principal, and so that the surety for such then existing bond shall release all collateral (which shall be remitted to the Sellers immediately upon release) and to terminate any related Personal Guaranties. If any reclamation performance bonds are not replaced by December 31, 2012, then Buyer shall reimburse the Shareholders’ Representative for the First National Cash Amount and terminate any and all related Personal Guaranties existing as of December 31, 2012 (but in no event shall such reimbursement be in an amount less than the balance of the First National Cash Amount as of the Closing Date). In the event that the First National Cash Amount is reduced following the Closing for any reason (whether due to a claim with respect to the Reclamation Performance Bonds or otherwise), the Buyer shall reimburse the Shareholders’ Representative for the full amount of such reduction to the extent not already paid or reimbursed by one or more of the Companies.