Restoration Fund Requirements Sample Clauses

Restoration Fund Requirements. After the initial five (5)-year term and each consecutive five (5)-year period thereafter for the duration of the operation of the Project, the Company shall deliver to the County not later than sixty days (60) days prior to the expiration date of any posted Restoration Fund (the “Renewal Deadline”), a certificate of continuation extending the expiration date of the then-existing Restoration Fund for an additional period based on current industry practices, be it an annual renewal or otherwise. Such certificate of continuation shall include an updated estimate of the Net Removal Cost prepared by the Professional Engineer who provided the original estimate (as set out in Section 1.1) or if such engineer is unwilling or unable to provide a new estimate, a new Professional Engineer selected based on the process outlined in Section 1.1. For the second five (5)-year term, the Restoration Fund shall be fifty percent (50%) of the Net Removal Cost and shall be adjusted to one hundred percent (100%) of the Net Removal Cost commencing after the initial ten (10)-year term and for the remainder of the term of the Project. Company shall provide County written notice no later than thirty (30) days prior to the Renewal Deadline that the Renewal Deadline is approaching and that a certificate of continuation is forthcoming pursuant to the terms of this Section 1.3.
Sample 1
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Restoration Fund Requirements. After the initial five (5) year term and each five (5) years thereafter for the duration of the operation of the Project, the Company shall deliver to the County not later than sixty days (60) days prior to the expiration date of any posted Restoration Fund (the “Renewal Deadline”), a certificate of continuation extending the expiration date of the then-existing Restoration Fund for an additional period based on current industry practices, be it an annual renewal or otherwise. Such certificate of continuation shall include an updated estimate of the Net Removal Cost prepared by the Professional Engineer who provided the original estimate (as set out in Section 1.1) or if such engineer is unwilling or unable to provide a new estimate, a new Professional Engineer selected based on the process outlined in Section 1.1. Company shall thereafter amend the financial assurance if necessary to reflect the updated estimate. Company shall provide County written notice no later than thirty (30) days prior to the Renewal Deadline that the Renewal Deadline is approaching and that a certificate of continuation is forthcoming pursuant to the terms of this Section 1.3.
Sample 1

Related to Restoration Fund Requirements

  • Project Fund (a) The proceeds of the Funding Loan shall be deposited by the Fiscal Agent to the Note Proceeds Account of the Project Fund. All proceeds of the Borrower Deferred Equity, as well as any additional amounts delivered from time to time to the Fiscal Agent by or on behalf of the Borrower (excluding any proceeds of the Funding Loan) shall be deposited to the Equity Account of the Project Fund. The Fiscal Agent shall disburse moneys in the Project Fund for the acquisition, construction and equipping of the Project, to pay other Qualified Project Costs and to pay other costs related to the Project as provided herein. Not less than 97% of the moneys deposited in and credited to the Note Proceeds Account of the Project Fund, and taking into account proceeds of the Funding Loan (if any) deposited in the Closing Costs Fund, representing the proceeds of the Funding Loan, including Investment Income thereon, will be expended for Qualified Project Costs (the “97% Requirement”). No more than $ of the amounts on deposit in the Note Proceeds Account of the Project Fund shall be applied to the payment of Closing Costs. Before any payment shall be made from the Note Proceeds Account of the Project Fund, the Regulatory Agreement shall have been executed and submitted to a title company for recordation in the official records of the County of San Diego. Notwithstanding any other provision of this Funding Loan Agreement or the Borrower Loan Agreement, the Fiscal Agent shall disburse on the Closing Date from the Note Proceeds Account of the Project Fund, promptly following the deposit therein of the initial advance of the Funding Lender to the Fiscal Agent of the proceeds of the Governmental Lender Notes, the amount of such initial advance by wire transfer to First American Title Company pursuant to the following wire instructions: PAYABLE TO: First American Title Company BANK: First American Trust, FSB ADDRESS: 0 Xxxxx Xxxxxxxx Xxx, Xxxxx Xxx, XX 00000 ACCOUNT NO: 3120540000 ROUTING NUMBER: 000000000 PLEASE REFERENCE THE FOLLOWING: PROPERTY: Vacant Land, Chula Vista, CA FILE NUMBER: Before any payment shall be made from the Note Proceeds Account of the Project Fund following the payment to be made on the Closing Date pursuant to the preceding sentence, there shall be filed with the Fiscal Agent a Written Requisition of the Borrower substantially in the form attached hereto as Exhibit C and approved by the Funding Lender pursuant to the terms, conditions and provisions of the Construction Funding Agreement, with a copy to the Governmental Lender.

  • Reserve Fund (a) On the Closing Date, the Seller will deposit the Reserve Fund Initial Deposit into the Reserve Fund from the net proceeds of the sale of the Notes. The Reserve Fund shall be the property of the Issuer subject to the rights of the Indenture Trustee in the Reserve Fund Property.

  • Health and Dental Premium Accounts The Employer agrees to provide eligible employees with the option to pay for the employee portion of health and dental premiums on a pretax basis as permitted by law or regulation.

  • Excess Contributions An excess contribution is any amount that is contributed to your IRA that exceeds the amount that you are eligible to contribute. If the excess is not corrected timely, an additional penalty tax of six percent will be imposed upon the excess amount. The procedure for correcting an excess is determined by the timeliness of the correction as identified below.

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