Security for Removal Sample Clauses

Security for Removal. Commencing with the fifteenth (15th) year of the Operating Term, Project Company will establish security payable to Owner to cover Project Company’s obligations under Section 4.4(a) above (the “Restoration Security”) through one of the following means to be selected by Project Company in its sole discretion: (i) by establishing an escrow account with a bank selected by Owner, or (ii) by delivering to Owner a letter of credit, bond, corporate guarantee from an investment grade company or equivalent security. The amount of the Restoration Security will be equal to the Net Removal Cost (as defined below), which will be determined by the parties in good faith; provided, however, if the parties cannot agree upon the Net Removal Cost within sixty (60) days, then the Net Removal Cost will be determined by an independent engineer mutually selected by the parties. The terms of any escrow fund, letter of credit, corporate guarantee or bond will expressly provide that Owner will be entitled to use amounts received from the Restoration Security to remedy any damage to the Premises if Project Company fails to comply with its obligations pursuant to Section 4.4(a), after notice and opportunity to cure as provided herein. Interest earnings, if any, on any escrow fund will be the property of Project Company, and any amounts remaining in any escrow fund after Project Company has complied with its obligations pursuant to Section 4.4(a) will belong to Project Company. As used herein, the “Net Removal Cost” means (1) the cost of performing Project Company’s obligations under Section 4.4(a) minus (2) the salvage value of the Solar Facilities located on the Premises at the time such calculation is made.

Security for Removal. On such date as may be required by county or state regulations, but not later than 10 years after the Commercial Operation Date, Grantee shall provide security (“Removal Bond”) to cover the estimated removal costs associated with the Windpower Facilities then on the Property pursuant to Section 13. The Removal Bond shall be, at Grantee’s option, either a removal bond from an individual or entity engaged in the construction business and reasonably acceptable to the parties, a surety bond from an insurance company with a Best’s Rating of not less than “A”, a corporate guarantee (from a financially responsible entity that is reasonably acceptable to the parties and whose credit rating is investment grade), a letter of credit issued by a financial institution reasonably acceptable to the parties, a cash deposit, or other security reasonably acceptable to both parties. The amount of the Removal Bond shall be based on a written estimate from a reputable construction company selected by Grantee and reasonably acceptable to Owner, which sets forth such company’s estimate of the cost to satisfy the removal and restoration obligations under Section 13.3 minus estimated salvage value. In the event the county or other governmental authority requires Grantee to provide security for removal or decommissioning of the Project, Grantee shall provide a single Removal Bond that benefits both Owner and the governmental authority in a manner consistent with the requirements of the governmental authority, and the governmental authority shall have access to the Property pursuant to reasonable notice to effect or complete the required removal or decommissioning. In addition, to the extent the removal and restoration requirements set forth in Section 13.3 and this Section operation of the Project (the “Permitting Requirements”), such Permitting Requirements shall prevail and control over the removal and restoration requirements in this Agreement and Grantee shall be obligated to perform such Permitting Requirements instead of any conflicting requirements hereunder.

Security for Removal. Fifteen (15) years after the Commercial Operation Date, Grantee shall provide security (“Removal Bond”) to cover the estimated removal costs associated with the Windpower Facilities then on the Property pursuant to Section 12.3(b). The Removal Bond shall be, at Grantee’s option, either a removal bond from an individual or entity engaged in the construction business and reasonably acceptable to the parties, a surety bond from an issuer with a Best’s Rating of not less than A, a corporate guarantee (from a financially responsible entity that is reasonably acceptable to the parties and whose credit rating is investment grade), a letter of credit issued by a financial institution reasonably acceptable to the parties, a cash deposit, or other security reasonably acceptable to both parties. The amount of the Removal Bond shall be the estimated cost of removing the Windpower Facilities, net of their estimated salvage value. In the event the county or other governmental authority requires Grantee to provide security for removal or decommissioning of the Project, Grantee shall provide a single Removal Bond that benefits both Owner and the governmental authority in a manner consistent with the requirements of the governmental authority, and the governmental authority shall have access to the Property pursuant to reasonable notice to effect or complete the required removal or decommissioning.

Security for Removal. Grantee shall maintain any and all security for removal of the Transmission Facilities required by Xxxxxx County with respect to the Projects once constructed and installed.

Security for Removal. On or before the twentieth (20th) anniversary of the Operations Date, Project Company shall provide security to cover the estimated removal and restoration costs associated with removing the Improvements, as well as the cost of restoring the surface of the Property in accordance with the Section 4.4 (a) above. The security shall be, at Project Company's option, either a surety bond from an issuer reasonably acceptable to Owner, a corporate guarantee (from a financially responsible entity whose credit rating is investment grade), a letter of credit issued by a financial institution acceptable to Owner, a cash deposit, or other security reasonably acceptable to Owner (the selected security being herein referred to as the "Removal Bond"). The amount of the Removal Bond shall be the estimated actual cost of removing the foregoing facilities and improvements and restoring the surface. The amount of the Removal Bond shall be updated every five (5) years after the initial estimate based on a new estimate by a construction company selected by Xxxxxx and reasonably acceptable to Owner.