Access to Financial Assurance Sample Clauses

The 'Access to Financial Assurance' clause establishes the right of one party to review or verify the financial guarantees or security provided by the other party to ensure contractual obligations are met. In practice, this may involve granting access to documents such as letters of credit, insurance policies, or performance bonds, and may specify the conditions or frequency under which such access is permitted. The core function of this clause is to provide transparency and reassurance regarding the financial backing behind a party’s commitments, thereby reducing the risk of non-performance or default.
Access to Financial Assurance a. If EPA issues a notice of implementation of a Work Takeover under ¶ 68.b, then, in accordance with any applicable financial assurance mechanism and/or related standby funding commitment, EPA is entitled to: (1) the performance of the Work; and/or
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Access to Financial Assurance. If EPA issues a notice of a Work Takeover under ¶ 31.b, then, in accordance with any applicable financial assurance mechanism [if a standby funding commitment requirement is included in ¶ 36.e, insert: including the related standby funding commitment], EPA may require: (1) the performance of the Work; and/or (2) that any funds guaranteed be paid in accordance with ¶ 41.d. If EPA is notified that the issuer of a financial assurance mechanism intends to cancel the mechanism, and the affected Respondent fails to provide an alternative financial assurance mechanism in accordance with this Section at least 30 days prior to the cancellation date, the funds guaranteed under such mechanism must be paid prior to cancellation in accordance with ¶ 41.d. If, upon issuance of a notice of a Work Takeover under ¶ 31, either: (1) EPA is unable for any reason to promptly secure the resources guaranteed under any applicable financial assurance mechanism [including the related standby funding commitment], whether in cash or in kind, to continue and complete the Work; or (2) the financial assurance is a demonstration or guarantee under ¶ 36.e or 36.f, then EPA is entitled to demand an amount, as determined by EPA, sufficient to cover the cost of the remaining Work to be performed. Respondents shall, within __ days after such demand, pay the amount demanded as directed by EPA. Any amounts required to be paid under this ¶ 41 must be, as directed by EPA: (i) paid to EPA in order to facilitate the completion of the Work by EPA, the State, or by another person; or (ii) deposited into an interest-bearing account, established at a duly chartered bank or trust company that is insured by the FDIC, in order to facilitate the completion of the Work by another person. If payment is made to EPA, EPA may deposit the payment into the Fund or into the Special Account to be retained and used to conduct or finance response actions at or in connection with the Site, or to be transferred by EPA to the Fund.
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Access to Financial Assurance a. If upon expiration of the 30-day notice period specified in Paragraph 90, Purchaser has not remedied to EPA’s satisfaction the circumstances giving rise to EPA’s issuance of the relevant Work Takeover Notice, then, in accordance with any applicable financial assurance mechanism, EPA may at any time thereafter present the Notice and direct the financial assurance provider to immediately: (i) deposit any funds assured pursuant to this Section into the standby trust fund; or (ii) arrange for performance of the Work in accordance with this Settlement. b. If EPA is notified by the provider of a financial assurance mechanism that it intends to cancel the mechanism, and the affected Purchaser fails to provide an alternative financial assurance mechanism in accordance with this Section at least 30 days prior to the cancellation date, EPA may, prior to cancellation, direct the financial assurance provider to deposit any funds guaranteed under such mechanism into the standby trust fund for use consistent with this Section. 115. Modification of Amount, Form, or Terms of Financial Assurance. Purchaser may submit, on each six-month anniversary of the Effective Date or following Purchaser’s request for, and EPA’s approval of, another date, a request to reduce the amount, or change the form or terms, of the financial assurance mechanism. Any such request must be submitted to the EPA individual(s) referenced in Paragraph 132, and must include an estimate of the cost of the remaining Work, an explanation of the bases for the cost calculation, a description of the proposed changes, if any, to the form or terms of the financial assurance, and any newly proposed financial assurance documentation in accordance with the requirements of Paragraphs 113 and 109 (Standby Trust). EPA will notify Purchaser of its decision to approve or disapprove a requested reduction or change. Purchaser may reduce the amount or change the form or terms of the financial assurance mechanism only in accordance with EPA’s approval. Within 30 days after receipt of EPA’s approval of the requested modifications pursuant to this Paragraph, Purchaser shall submit to the EPA individual(s) referenced in Paragraph 132 all executed and/or otherwise finalized documentation relating to the amended, reduced, or alternative financial assurance mechanism. Upon EPA’s approval, the Required FA shall be deemed to be the estimate of the cost of the remaining Work in the approved proposal. 116. Release, Cancellation, ...
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Access to Financial Assurance a. If U.S. EPA carries out the required actions of this Settlement Agreement unilaterally pursuant to Section 104 of CERCLA, 42 U.S.C. §9604, then, in accordance with any applicable financial assurance mechanism, U.S. EPA is entitled to: (1) the performance of the Work; and/or (2) require that any funds guaranteed be paid in accordance with Paragraph 89.c. In this case, if either: (1) U.S. EPA is unable for any reason to promptly secure the resources guaranteed under any applicable financial assurance mechanism, whether in cash or in kind, to continue and complete the Work; or (2) the financial assurance is provided under Paragraph 85.d or 82.e then U.S. EPA may demand an amount, as determined by U.S. EPA, sufficient to cover the cost of the remaining Work to be performed. Respondent shall, within 45 days of such demand, pay the amount demanded as directed by U.S. EPA. b. If U.S. EPA is notified by the issuer of a financial assurance mechanism that it intends to cancel such mechanism, and the Respondent fails to provide an alternative financial assurance mechanism in accordance with this Section at least 30 days prior to the cancellation date, the funds guaranteed under such mechanism must be paid prior to cancellation in accordance with Paragraph 89.c. c. Any amounts required to be paid under this Paragraph 89 shall be, as directed by U.S. EPA: (i) paid to U.S. EPA in order to facilitate the completion of the Work by U.S. EPA or by another person; or (ii) deposited into an interest-bearing account, established at a duly chartered bank or trust company that is insured by the FDIC, in order to facilitate the completion of the Work by another person. If payment is made to U.S. EPA, U.S. EPA may deposit the payment into the EPA Hazardous Substance Superfund or into the TRSR&B Site Special Account within the EPA Hazardous Substance Superfund to be retained and used to conduct or finance response actions at or in connection with the Site, or to be transferred by U.S. EPA to the EPA Hazardous Substance Superfund.
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Access to Financial Assurance a. If the Division issues a notice of implementation of a Work Takeover under Paragraph 141.b, then, in accordance with any applicable financial assurance mechanism, and/or related standby funding commitment, the Division is entitled to: (1) the performance of the Work; and/or (2) require that any funds guaranteed be paid in accordance with Paragraph 164.d. b. If the Division is notified by the issuer of a financial assurance mechanism that it intends to cancel the mechanism, Respondent shall provide an alternative financial assurance mechanism in accordance with this Section within 30 days after the cancellation notification. If Respondent fails to do so and cancellation occurs, the Division shall be immediately entitled to make a demand for payment, and Respondent shall pay such demand, in accordance with Paragraph 164.d. c. If, upon issuance of a notice of implementation of a Work Takeover under Paragraph 141.b, either: (1) the Division is unable for any reason to promptly secure the resources guaranteed under any applicable financial assurance mechanism and/or related standby funding commitment, whether in cash or in kind, to continue and complete the Work; or (2) the financial assurance is a guarantee under Paragraphs 159.e, then the Division is entitled to demand an amount, as determined by the Division, sufficient to cover the cost of the remaining Work to be performed pursuant to the notice. Respondent shall, within 60 days of such demand, pay the amount demanded as directed by the Division. d. Any amounts required to be paid under this Paragraph 164 shall be, as directed by the Division: (i) paid to the Division in order to facilitate the completion of the Work by the Division or by its authorized representative; or (ii) deposited into an interest-bearing account, established at a duly chartered bank or trust company, in order to facilitate the completion of the Work by the Division’s authorized representative. If payment is made to the Division, the Division shall deposit the payment into the Anaconda Copper Mine Special Account to be retained and used by the Division to conduct or finance response actions at or in connection with the Site and not for any other purpose. e. All Division Work Takeover costs not paid under this Paragraph 164 must be reimbursed as Future Response Costs under Section XVII (Payment of Response Costs). 165. Modification of Amount, Form, or Terms of Financial Assurance. Respondent may submit, on any anniversary of the Ef...
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Access to Financial Assurance a. If EPA issues a notice of a Work Takeover under ¶ 38, then, in accordance with any applicable financial assurance mechanism, EPA may require: (1) the performance of the Work; and/or (2) that any funds guaranteed be paid in accordance with ¶ 53.d. b. If EPA is notified that the issuer of a financial assurance mechanism intends to cancel the mechanism, and Purchaser fails to provide an alternative financial assurance mechanism in accordance with this Section at least 30 days prior to the cancellation date, the funds guaranteed under such mechanism must be paid prior to cancellation in accordance with c. If, upon issuance of a notice of a Work Takeover under ¶ 38, EPA is unable for any reason to promptly secure the resources guaranteed under any applicable financial assurance mechanism, whether in cash or in kind, to continue and complete the Work, then EPA is entitled to demand an amount, as determined by EPA, sufficient to cover the cost of the remaining Work to be performed. Purchaser shall, within 30 days of such demand, pay the amount demanded as directed by EPA. d. Any amounts required to be paid under this ¶ 53.d must be, as directed by EPA: (1) paid to EPA in order to facilitate the completion of the Work by EPA or by another person; or (2) deposited into an interest-bearing account, established at a duly chartered bank or trust company that is insured by the FDIC, in order to facilitate the completion of the Work by another person. If payment is made to EPA, EPA may deposit the payment into the Fund or into the Special Account to be retained and used to conduct or finance response actions at or in connection with the Site, or to be transferred by EPA to the Fund.
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Related to Access to Financial Assurance

  • Financial Assurance The Lessee must provide and maintain at all times a surety bond(s) or other form(s) of financial assurance approved by the Lessor in the amount specified in Addendum “B.” As required by the applicable regulations in 30 CFR Part 585, if, at any time during the term of this lease, the Lessor requires additional financial assurance, then the Lessee must furnish the additional financial assurance required by the Lessor in a form acceptable to the Lessor within 90 days after receipt of the Lessor’s notice of such adjustment.

  • Financial Assurances The following financial assurances are applicable to all grant funds unless the Targeted Grant requirements specifically state the contrary: 1. Separate accountability for the receipt and expenditure of all grant funds under the Contract is maintained for each grant from which the Grantee receives funds. 2. Expenditures reported to the Department are in agreement with the Grantee's accounting records and audited expenditures in each budget category. 3. Expenditures are made in accordance with the Expenditure Guidelines contained in Appendix I of this document and are supported by written documentation. 4. Salary expenditures under each grant are verified and supported by appropriate documentation for hours worked, activities performed, and leave taken. Employees whose salaries are funded 100% out of state funds shall be dedicated to juvenile justice programs and services only. 5. All travel expenses are supported by daily documentation of the individual traveling. The Grantee shall document date, destination, times, mileage or odometer readings, and related travel activities. 6. Travel reimbursements paid with the grant funds, including travel allowances paid in lieu of mileage, are paid according to county policy and do not exceed travel reimbursement rates adopted by the county or p ▇▇ ▇▇▇▇, lodging, and travel reimbursement rates established by the State of Texas in the General Appropriations Act. 7. The grant funds used for residential expenditures are paid for placement of a juvenile in a pre-adjudication detention secure facility, a short-term secure detention facility, a post-adjudication secure correctional facility, or a non-secure correctional facility, operated by or under the authority of the Grantee or another governmental entity. 8. The grant funds used for residential child-care facilities and out-of-state residential placement facilities do not exceed the Health and Human Services Commission’s Levels of Care Rates [TJJD-IVE-200]. This financial assurance does not apply to facilities that are registered with the Department. 9. The grant funds used for Department-registered facilities dodo not exceed the Tier Level of Care Rates for Registered Facilities [TJJD-FIS-175]. 10. The grant funds are not expended for the purchase of equipment, renovation, or construction unless explicitly authorized by the Department within any Targeted Grant requirements. An item is equipment if county policy requires it to be capitalized or, if the county has no policy, it has a useful life of more than one year and a cost of more than $8,000.00. 11. Authorized capital purchases are capitalized and depreciated within the county accounting system. 12. Proper cut-off procedures are observed at the end of each fiscal period. Obligations of the fiscal period under review are not paid from funds of a subsequent fiscal period. Obligations of a subsequent fiscal period are not prepaid from funds of a fiscal period under review. A modified accrual basis of accounting is only used in preparing fourth quarter expenditure reports to the Department. 13. Refunds and reimbursements are properly accounted for as reductions of expenditures rather than as increases in revenues. 14. Any funds not expended under the terms of each grant were/are returned to the Department according to the Unexpended Balances and Refunds Due provisions contained in Subsections VIII (D) (2) and VIII (D) (4), respectively. 15. The amount of local or county funds expended, excluding construction and/or renovation for juvenile services, is at least equal to or greater than the amount spent in the 1994 county fiscal year. 16. All employees with access to monies are covered by surety bonds. 17. All county and state transactional funds, revenues, and expenses are separated. 18. Idle funds are invested in an account that provides a reasonable interest rate and provides necessary protection of principal. Interest on grant funds is credited to the account of the juvenile probation department for the provision of juvenile probation services and juvenile justice programs.

  • FINANCIAL AID If the student obtains a loan to pay for an educational program, the student will have the responsibility to repay the full amount of the loan plus interest, less the amount of any refund. If the student is eligible for a loan guaranteed by the federal or state government and the student defaults on the loan, both of the following may occur: 1. The federal or state government or a loan guarantee agency may take action against the student, including applying any income tax refund to which the person is entitled to reduce the balance owed on the loan. 2. The student may not be eligible for any other federal student financial aid at another institution or other government assistance until the loan is repaid.