Common use of Access to Financial Assurance Clause in Contracts

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.

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.c88.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 84.d or 82.e 81.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.c88.c. c. Any amounts required to be paid under this Paragraph 89 88 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.

Access to Financial Assurance. a. If U.S. IfU.S. EPA carries out the required actions of this Settlement Agreement unilaterally pursuant to Section 104 1 04 of CERCLA, 42 U.S.C. §9604, then, in accordance with any applicable financial assurance mechanism, U.S. EPA is entitled to: (1I) 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: (1I) U.S. EPA is unable ullable 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 Respondents 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 ofthe Work by another person. If payment Ifpayment 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 com1ection with the Site, or to be transferred by U.S. EPA to the EPA Hazardous Substance Superfund.