Common Contracts
1 similar Collateral Bond Agreement-Letter of Credit contracts
Collateral Bond Agreement-Letter of CreditCollateral Bond Agreement-Letter of Credit • April 9th, 2021
This agreement describes the mutually agreed upon instructions of the below signed parties to the Bank, regarding the control, redemption, and release of the Bank's above-described LOC, which is being used as principal to guarantee the availability for proper plugging and abandonment of the well(s) and proper well site(s) restoration. It is the intention of the parties that the LOC be utilized as principal to guarantee that the full principal amount will be available to the State of Utah, Division of Oil, Gas and, Mining (“Division”) for proper plugging and abandonment of the well(s) and proper well site(s) restoration. Upon demand and in the event the Operator of the well site(s) is unable or unwilling to complete proper plugging and abandonment of the well(s) and proper well site(s) restoration in compliance with
