Common use of Xxxxxxxx for System Removal Clause in Contracts

Xxxxxxxx for System Removal. No less than three (3) years prior to the expiration of the Term, Licensee shall provide the Judicial Council with the estimated cost to remove the System and restore the Licensed Area in accordance with Section 11.1. Licensee and the Judicial Council shall then meet and confer within thirty (30) calendar days after such estimated cost is provided to resolve any concerns regarding such removal and the estimated cost, and revise the estimated cost; if necessary, after taking those concerns into account shall then constitute the final estimated cost to restore the Licensed Area. Within thirty (30) days of agreeing on the final estimated cost of restoration, Licensee shall then notify the Judicial Council in writing, it will either (i) provide payment and performance bonds covering such final estimated cost or (ii) establish a cash escrow account subject to approval of the Judicial Council of the escrow instructions for accessing the account with an acceptable financial institution into which payments under the Lease shall be deposited by the Judicial Council in an amount equal to five percent (5%) of the estimated cost of such restoration until the balance in such escrow account reaches the estimated cost of restoration. The escrow account shall serve as the security for the restoration of the Licensed Area, and such funds shall be released to Licensee when the Licensed Area has been restored as provided in Section 11.1. In the event Licensee fails to fulfill its obligations under Section 11.1, the Judicial Council shall have the right to either make claim on the payment and performance bonds or apply the funds in the escrow account as necessary for the purposes of removing the System and restoring the Licensed Area. The remaining balance in the escrow account, if any, shall be released to Licensee upon removal of the System and restoration of the Licensed Area. Interest on the escrow account shall be retained in the escrow account for the benefit of whichever Party is entitled to the funds in the escrow account. In the event the Judicial Council purchases the System upon termination and Licensee is not in default under this SLA, the balance of the escrow account shall be paid to Licensee upon the Judicial Council’s purchase.

Xxxxxxxx for System Removal. No less than three (3) years prior to the expiration of the Term, Licensee shall provide the Judicial Council with the estimated cost to remove the System and restore the Licensed Area in accordance with Section 11.1. Licensee and the Judicial Council shall then meet and confer within thirty (30) calendar days after such estimated cost is provided to resolve any concerns regarding such removal and the estimated cost, and revise the estimated cost; if necessary, after taking those concerns into account shall then constitute the final estimated cost to restore the Licensed Area. Within thirty (30) days of agreeing on the final estimated cost of restoration, Licensee shall then notify the Judicial Council in writing, it will either (i) provide payment and performance bonds covering such final estimated cost or (ii) establish a cash escrow account subject to approval of the Judicial Council of the escrow instructions for accessing the account with an acceptable financial institution into which payments under the Lease SPPA shall be deposited by the Judicial Council in an amount equal to five percent (5%) of the estimated cost of such restoration until the balance in such escrow account reaches the estimated cost of restoration. The escrow account shall serve as the security for the restoration of the Licensed Area, and such funds shall be released to Licensee when the Licensed Area has been restored as provided in Section 11.1. In the event Licensee fails to fulfill its obligations under Section 11.1, the Judicial Council shall have the right to either make claim on the payment and performance bonds or apply the funds in the escrow account as necessary for the purposes of removing the System and restoring the Licensed Area. The remaining balance in the escrow account, if any, shall be released to Licensee upon removal of the System and restoration of the Licensed Area. Interest on the escrow account shall be retained in the escrow account for the benefit of whichever Party is entitled to the funds in the escrow account. In the event the Judicial Council purchases the System upon termination and Licensee is not in default under this SLA, the balance of the escrow account shall be paid to Licensee upon the Judicial Council’s purchase.

Xxxxxxxx for System Removal. No less than three (3) years prior to the expiration of the Term, Licensee shall provide the Judicial Council with the estimated cost to remove the System and restore the Licensed Area in accordance with Section section 11.1. Licensee and the Judicial Council shall then meet and confer within thirty (30) calendar days after such estimated cost is provided to resolve any concerns regarding such removal and the estimated cost, and revise the estimated cost; if . If necessary, after taking those concerns into account account, the estimated cost will be revised which shall then constitute the final estimated cost to restore the Licensed Area. Within thirty (30) days of agreeing on the final estimated cost of restoration, Licensee shall then notify the Judicial Council in writing, writing that it will either (i) provide payment and performance bonds covering such final estimated cost or (ii) establish a cash escrow account subject to approval of the Judicial Council of the escrow instructions for accessing the account with an acceptable financial institution into which payments under the Lease SPPA shall be deposited by the Judicial Council in an amount equal to five percent (5%) of the estimated cost of such restoration until the balance in such escrow account reaches the estimated cost of restoration. The escrow account shall serve as the security for the restoration of the Licensed Area, and such funds shall be released to Licensee when the Licensed Area has been restored as provided in Section section 11.1. In the event Licensee fails to fulfill its obligations under Section section 11.1, the Judicial Council shall have the right to either make claim on the payment and performance bonds or apply the funds in the escrow account as necessary for the purposes of removing the System and restoring the Licensed Area. The remaining balance in the escrow account, if any, shall be released to Licensee upon removal of the System and restoration of the Licensed Area. Interest on the escrow account shall be retained in the escrow account for the benefit of whichever Party is entitled to the funds in the escrow account. In the event the Judicial Council purchases the System upon termination and Licensee is not in default under this SLA, the balance of the escrow account shall be paid to Licensee upon the Judicial Council’s purchase.