Financial Assurance Requirements Sample Clauses

Financial Assurance Requirements. Developer, prior to commencing construction of any phase, shall deposit with the Township or a financial institution acceptable to the Township, cash, certified check, or an automatically renewing irrevocable letter of credit, or such other assurance as may be required by the Township, whichever Developer elects, running to the Township, to provide financial assurance (the “Financial Assurance”) for the construction of the System, water and sewer, and roads (referred to as “Public Improvements”) in accordance with Township policy. The Financial Assurance required shall be in the amount of One Hundred Ten (110%) percent of the cost of construction of the Public Improvements, for the particular phase being developed as specified in a contract for construction, which estimate has been approved by the Township’s Engineer. The Financial Assurance shall secure the completion of the Public Improvements. If and to the extent the another governmental entity having jurisdiction requires a bond or other security to secure the completion of any of the Public Improvements, and to avoid imposing on Developer the obligation of bonding twice for the same Public Improvement, the amount of the Financial Assurance required by this Agreement shall be reduced by the amount of the financial assurance required by the other governmental entity. The Township will rebate to Developer as work progresses, and if approved by the Township, amounts of any cash deposits, or reduce the irrevocable letter of credit, as may be applicable, equal to the ratio of the work completed on the Public Improvements in each respective phase of the Project. However, at no time shall the amount retained for any incomplete work total less than 110% of the value of the remaining work, as determined by the Township’s Engineer. Concurrently with approval by the Township of any streets or other Public Improvements, a two (2) year maintenance bond or such other assurance reasonably acceptable to the Township, in the amount of 110% of the total cost of the road running from the date of final approval of the Public Improvements, as established by the Township, or other Financial Assurance, running to the Township equal to 25% of the construction costs for the Public Improvements shall be posted by Developer. Additionally, in accordance with the Township’s Engineering Design Standards, as-built plans certified by a licensed engineer, reviewed by the Township’s engineer, shall be submitted to the Township.
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Financial Assurance Requirements. ‌ NDOR, as the Agreement sponsor, will be responsible and will provide documentation that identifies the securing of adequate funding for operation and maintenance of the Agreement during its operational life as well as for the long-term management of the wetlands, streams, and/or other aquatic resources, as necessary. Should NDOR sell or transfer ownership of a Site, all site protection instruments associated with the Site would remain intact. NDOR is a governmental unit with the financial capability to implement mitigation banking. Thus, NDOR has access to the necessary financial resources to cover Agreement needs, including long-term management of Sites and unforeseen events as determined by the IRT. Written documentation (letter format) of NDOR’s financial resource commitments will be provided to USACE as part of a Site Development Plan. NDOR would provide the necessary financial commitment documentation to USACE for long-term management by a third party should responsibilities for management for a Site be transferred (as defined in the Site Development Plan or at a later date). Any transfer of responsibilities to a third party shall be approved by USACE prior to transfer.
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Financial Assurance Requirements. The Sponsor intends to satisfy its obligations 13 under this Instrument by obtaining sufficient funding to carry out all design, development, 14 monitoring, remediation and site management responsibilities. Financial Assurances are 15 provided for the work described in this Instrument. Funding for all responsibilities and 16 obligations arising under this Instrument has been included in the credit price estimation 17 calculations, and mitigation fees collected are based on full cost accounting (see Appendix F).
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Financial Assurance Requirements. The Sponsor intends to satisfy its obligations under this Instrument by obtaining sufficient funding to carry out all design, development, monitoring, remediation and site management responsibilities. The following Financial Assurances are provided for the work described in this Instrument. Funding for all responsibilities and obligations arising under this Instrument has been included in the ILF credit price estimation calculations, and mitigation fees collected are based on full cost accounting (see Appendix  , Section  ). Project approval by the IRT, Ecology, and the Corps is contingent upon each project being fully funded at the time of its approval to cover the Sponsor’s obligations under this Instrument. To the extent, if any, that these funds are insufficient to fully and timely fund the Sponsor’s obligations as delineated in this Instrument, the   [insert Sponsor, Program Administrator name, or entity responsible for making such request] shall include in its budget request appropriations sufficient to cover the balance of the Sponsor’s obligations under this Instrument, and will use all reasonable and lawful means to fulfill its obligations hereunder. In the event the   [insert county, Tribal council, or other legislative appropriation body] does not appropriate funds in sufficient amounts to discharge these obligations, the [insert Sponsor, Program Administrator name] shall use its best efforts to procure funding in order to satisfy its obligations under this Instrument from any other source of funds legally available for this purpose. Nothing herein shall constitute, nor be deemed to constitute, an obligation of future appropriations by the   [insert name of Sponsor’s governing body]. [Revision of the paragraph immediately above will be necessary for ILF Programs with non-profit conservation or natural resource entities as Sponsors].
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Financial Assurance Requirements. The Sponsor agrees to provide the following financial assurances for the work described in this Banking Instrument. [Include information about the specific financial assurance (e.g., performance bond, letter of credit, escrow account) to be provided by the Sponsor. For example, “The Sponsor shall deposit in the following manner:
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Financial Assurance Requirements. Computation The warehouse operator agrees:
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Financial Assurance Requirements. A. Town Code requires the subdivider to secure a Performance Bond, Escrow Account Agreement, or a Letter of Credit in the amount sufficient to secure to the Town the satisfactory construction, installation, completion and dedication of the required infrastructure improvements in one of the forms set forth in Exhibits No.’s 1, 2 & 3.
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Financial Assurance Requirements. Should any financial assurance requirements pursuant to Environmental Laws be imposed on Tenant’s use of, or activities at, the Premises by a governmental authority, Tenant promptly and timely shall comply with those requirements as they take effect.
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Financial Assurance Requirements. The Sponsor agrees to provide a Financial Assurance document, payable to DSL for $70,000. The Financial Assurance may be released incrementally on the following schedule: For the initial release of credits (not to exceed 30% of the total number of credits that could be derived from this site) the Sponsor agrees to provide adequate financial assurances to ensure that wetland acreage would be restored on site in the event of a default (see also Part V, F). Release of funds from this financial assurance will be recommended by the MBRT incrementally on the following schedule if, and only if, all performance standards, as described in Section V. E. are being met: 30 percent – one year after the first credit release; 30 percent – two years after first credit release; 30 percent– five years after first credit is released; and 10% or the remainder upon submittal of the final monitoring report at bank closure, 5 years after the last credit sale.
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Related to Financial Assurance Requirements

  • Quality Assurance Requirements There are no special Quality Assurance requirements under this Agreement.

  • SECURITY CLEARANCE REQUIREMENTS ‌ The OCO must tailor security requirements (both facility and employee), clauses, provisions, and other applicable terms and conditions specific to each task order’s solicitation and award. Only those Contractors that meet the required security clearance levels on individual task order solicitations are eligible to compete for such task orders. In general, all necessary facility and employee security clearances shall be at the expense of the Contractor. In some cases, Government offices that conduct background investigations do not have a means for accepting direct compensation from Contractors and instead charge customer agencies for the background investigations. In these cases, the Contractor shall be flexible in establishing ways of reimbursing the Government for these expenses. The individual task order should specify the terms and conditions for reimbursement, if any, for obtaining security clearances. The Contractor shall comply with all security requirements in task orders awarded under XXXXX.

  • Insurance Requirements Vendor agrees to maintain the following minimum insurance requirements for the duration of this Agreement. All policies held by Vendor to adhere to this term shall be written by a carrier with a financial size category of VII and at least a rating of “A‐” by A.M. Best Key Rating Guide. The coverages and limits are to be considered minimum requirements and in no way limit the liability of the Vendor(s). Any immunity available to TIPS or TIPS Members shall not be used as a defense by the contractor's insurance policy. Only deductibles applicable to property damage are acceptable, unless proof of retention funds to cover said deductibles is provided. "Claims made" policies will not be accepted. Vendor’s required minimum coverage shall not be suspended, voided, cancelled, non‐renewed or reduced in coverage or in limits unless replaced by a policy that provides the minimum required coverage except after thirty (30) days prior written notice by certified mail, return receipt requested has been given to TIPS or the TIPS Member if a project or pending delivery of an order is ongoing. Upon request, certified copies of all insurance policies shall be furnished to the TIPS or the TIPS Member. Vendor agrees that when Vendor or its subcontractors are liable for any damages or claims, Vendor’s policy, shall be primary over any other valid and collectible insurance carried by the Member or TIPS. General Liability: $1,000,000 each Occurrence/Aggregate Automobile Liability: $300,000 Includes owned, hired & non‐owned Workers' Compensation: Statutory limits for the jurisdiction in which the Vendor performs under this Agreement. If Vendor performs in multiple jurisdictions, Vendor shall maintain the statutory limits for the jurisdiction with the greatest dollar policy limit requirement. Umbrella Liability: $1,000,000 each Occurrence/Aggregate

  • Compliance Requirements K. If using volunteers as provided for in this Contract during FY19, which encompasses the Contract term of July 1, 2019 to June 30, 2020, then the Grantee must either:

  • Compliance with Insurance Requirements Borrower will comply with all Insurance requirements and will not permit any condition to exist on the Mortgaged Property that would invalidate any part of any Insurance coverage required under this Loan Agreement.

  • Insurance Requirement A. General Provisions Applying to All Policies

  • Review of insurance requirements The Security Trustee shall be entitled to review the requirements of this Clause 13 from time to time in order to take account of any changes in circumstances after the date of this Agreement which are, in the opinion of the Majority Lenders, significant and capable of affecting the Owners or the Ships and their insurance (including, without limitation, changes in the availability or the cost of insurance coverage or the risks to which the Owners may be subject), and may appoint insurance consultants in relation to this review at the cost of the Borrower.

  • Additional Insurance Requirements The policies shall include, or be endorsed to include, the following provisions:

  • Minimum Insurance Requirements The Engineer shall maintain the following or equivalent insurance policies at no less than the limits shown below and cause its sub consultants to maintain similar insurance with limits acceptable to the University: COVERAGE Professional Liability General Liability Worker’s Compensation Employer’s liability LIMITS $250,000 per claim, $500,000 aggregate $1 million per occurrence, $2 million aggregate Statutory $ 500,000 The policies above shall contain the following conditions:

  • Other Insurance Requirements (a) Thirty (30) days’ advance written notice shall be provided to the City of cancellation, intended non-renewal, or reduction in coverages, except for non-payment for which no less than ten (10) days’ notice shall be provided to City. Notices shall be sent to the City address set forth in Section 11.1 entitled “Notices to the Parties.”

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