Reclamation Trust. The Grantor and the Royalty Owner covenant that if changes are made to the Tax Act so as to permit the formation of a vehicle which:
Reclamation Trust. Subject to the terms of the Credit Facilities, the Grantor and the Royalty Owner agree that if changes are made to the INCOME TAX ACT (Canada) so as to permit the formation of a trust or other fund which:
Reclamation Trust. 32 ARTICLE 8 POOLING, UNITIZATION, SURRENDER AND ABANDONMENT
Reclamation Trust. The Grantor and the NPI Holder agree that if changes are made to the Income Tax Act (Canada) so as to permit the formation of a vehicle such as a trust which is similar to a “mining reclamation trust” (as defined in the Income Tax Act (Canada) in effect on the date hereof) to secure or otherwise provide funding for environmental and/or reclamation obligations relating to the Property Interests which would have beneficial income tax consequences for the Grantor in the reasonable opinion of the Grantor:
Reclamation Trust. Following the Cameco Exit, KGC shall place the reclamation trust funds in relation to the Kumtor Project (the "Reclamation Trust Fund") with a financial institution located in the Kyrgyz Republic, provided that (a) there are no legal or contractual restrictions on KGC's ability to transfer the Reclamation Trust Fund (including requirements of the EBRD and IFC regarding the management of the Reclamation Trust Fund), or (b) if such legal or contractual restrictions exist, KGC is able to obtain, using its reasonable efforts, all the required consents (including, if necessary, consents for any required amendments to the existing Reclamation Trust Fund documentation) for the transfer of the Reclamation Trust Fund. If placed with a financial institution in the Kyrgyz Republic, (a) the obligations of such financial institution to KGC in respect of the Reclamation Trust fund shall be fully guaranteed by the Government, and (b) in the event there is any impairment with respect to amounts so placed, KGC shall have the right to offset any impaired Reclamation Trust Fund amounts against the Taxes and other payments payable under the New Tax Regime or against amounts payable pursuant to Section 5.4(d)(ii) of this Agreement on New Terms.
