Common use of Release of Funds to a Beneficiary Clause in Contracts

Release of Funds to a Beneficiary. The Trustee shall draw upon the Fund and pay to a Beneficiary with respect to the Reclamation Obligations of the Beneficiary, on presentation by the Beneficiary of and pursuant to: (a) a written direction or an order from the Tribunal confirming the amount to be disbursed from the Fund, the timing of the disbursement and the identity of the Beneficiary to receive the funds; and (b) a certificate of an officer of the Beneficiary confirming that the Beneficiary has not (1) ceased to carry on business; (2) become insolvent or committed any act of bankruptcy; (3) filed a petition for bankruptcy, or suffered a petition for bankruptcy being filed, against it; (4) made any proposal to or sought arrangement with its creditors; (5) made an assignment for the benefit of creditors; (6) appointed or suffered the appointment of a receiver in respect of its property and/or assets; or (7) had or suffered proceedings being commenced (voluntarily or involuntarily) for the liquidation, dissolution or winding up of itself (“Default”), and that, to the officer’s knowledge, the Beneficiary will not suffer Default within one (1) year following the date of the certificate of the officer.

Release of Funds to a Beneficiary. The Trustee shall draw upon the Fund and pay to a Beneficiary with respect to the Reclamation Obligations of the Beneficiary, on presentation by the Beneficiary of and pursuant to: (a) a written direction or an order from the Tribunal confirming the amount to be disbursed from the Fund, the timing of the disbursement and the identity of the Beneficiary to receive the fundsFunds; and (b) a certificate of an officer of the Beneficiary confirming that that, as of the date of the Tribunal’s written direction or order under subsection 4.05(a), the Beneficiary has not not (1) ceased to carry on business; (2) become insolvent or committed any act of bankruptcy; (3) filed a petition for bankruptcy, or suffered a petition for bankruptcy being filed, against it; (4) made any proposal to or sought arrangement with its creditors; (5) made an assignment for the benefit of creditors; (6) appointed or suffered the appointment of a receiver in respect of its property and/or assets; or (7) had or suffered proceedings being commenced (voluntarily or involuntarily) for the liquidation, dissolution or winding up of itself (“Default”), and that, to the officer’s knowledge, the Beneficiary will not suffer Default within one (1) year following the date of the certificate of the officer.

Release of Funds to a Beneficiary. (a) The Trustee shall draw upon may release monies from the Fund and pay to a Beneficiary with respect to pay for the Reclamation Obligations of the Beneficiary, on presentation by the Beneficiary of and pursuant tothe following to the Trustee: (ai) a written direction or an order from the Tribunal issued in the name of the Beneficiary confirming the amount to be disbursed from the Fund, Fund and the timing of the disbursement and the identity of the Beneficiary to receive the fundsdisbursement; and (bii) a certificate of an officer of the Beneficiary confirming stating that the Beneficiary has not not (1) ceased to carry on business; (2) become insolvent or committed any act of bankruptcy; (3) filed a petition for bankruptcy, or suffered a petition for bankruptcy being filed, against it; (4) made any proposal to or sought arrangement with its creditors; (5) made an assignment for the benefit of creditors; (6) appointed or suffered the appointment of a receiver in respect of its property and/or assets; or (7) had or suffered proceedings being commenced (voluntarily or involuntarily) for the liquidation, dissolution or winding up of itself (any one or more of the foregoing events, a “Default”), and that, that to the officer’s knowledge, the Beneficiary will not suffer Default within the one (1) year following the date of period after the certificate of the officeris issued.