Common Contracts
1 similar null contracts
Collateral Bond Agreement-Certificate of Deposit Exploration and Production Waste Disposal FacilityApril 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 CD, which is being used as principal to guarantee the availability for maintenance and operation of the above listed facility in such a manner as not to cause pollution of the waters of the state or other adverse environmental impacts, and upon abandonment of the facility and the proper closure of the facility site. It is the intention of the parties that the CD 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 maintenance and operation of the above listed facility in such a manner as not to cause pollution of the waters of the state or other adverse environmental impacts, and upon abandonment of the facility and the proper closure of the facility site. Upon demand and in the event that the Operator o
