Examples of Financial assurance mechanism in a sentence
Within 60 days after the Effective Date, the Work Parties shall submit to the Department copies and/or originals of all executed and/or otherwise finalized instruments or other documents required in order to make the selected Financial Assurance Mechanism legally binding.
In the event of a dispute, the Work Parties may release, cancel, or discontinue the Financial Assurance Mechanism required hereunder only in accordance with an agreement or a final administrative or judicial decision resolving such dispute.
The Work Parties have selected, and the Department has found satisfactory, as an initial Financial Assurance Mechanism pursuant to Paragraph 46, a trust fund/escrow account (“Performance Trust Account”) held in trust pursuant to a Guarantee of Payment and Performance Trust Agreement substantially in the form attached hereto as Appendix 8.
The Financial Assurance Mechanism, which must be satisfactory in form and substance to the Department, must be one or more of the following mechanisms (or any combination thereof) in a form substantially identical to the relevant sample documents available from EPA or under the “Financial Assurance – Settlements” category on the Cleanup Enforcement Model Language and Sample Documents Database at xxxxx://xxxxx.xxx.xxx/compliance/models/.
Within 30 days after the Effective Date, the Work Parties shall execute or otherwise finalize all instruments or other documents required in order to make the selected Financial Assurance Mechanism legally binding in a form substantially identical to the document attached hereto as Appendix 8, and such Financial Assurance Mechanism shall thereupon be fully effective.
If the Work Parties receive from the Department a Certification of Work Completion, or if the Department otherwise so notifies the Work Parties in writing, the Work Parties may thereafter release, cancel, or discontinue the Financial Assurance Mechanism provided pursuant to this Article.
The Work Parties shall meet their financial assurance obligations pursuant to this Paragraph by funding the Financial Assurance Mechanism with at least Twenty-four Million Dollars and No Cents ($24,000,000.00) within 90 days after the Effective Date.
The Work Parties shall not release, cancel, or discontinue any Financial Assurance Mechanism provided pursuant to this Article except as provided in this Paragraph.
In seeking approval for a reduction in the amount of the Financial Assurance Mechanism, the Work Parties shall follow the procedures set forth in Paragraph 51(b) for requesting a revised or alternative form of Financial Assurance Mechanism, except as specifically provided in this Paragraph 51(a).
The Work Parties’ inability to provide an adequate Financial Assurance Mechanism for completion of the Work shall in no way excuse payment for or performance of any other requirements of this Consent Decree, including, without limitation, the obligation of Work Parties to complete the Work in strict accordance with the terms of this Consent Decree.