Reclamation Cost definition
Examples of Reclamation Cost in a sentence
For Defaults occurring after December 31, 2017, Opt-out Participants will have no obligation for a defaulting Party’s failure to fund its Reclamation Trust as required herein, including the defaulting Party’s failure to make any required Make-up Reclamation Trust Fund payments, Reclamation Recovery Deposits or Reclamation Correcting Deposits or for any unpaid Reclamation Cost responsibilities of a defaulting Party.
The Calculated Reclamation Cost shall mean: the cost, calculated on an annual basis, from the date of the granting of the Right of Exploitation, and following GAAP procedures, for reclamation of existing mining disturbances after deduction of reclamation expenditures conducted during a given year, which amount shall be tax deductible.
Upon the exhaustion of any Opt-out Participant’s Make-up Reclamation Trust Fund, the Opt-out Participant’s share of the defaulting Party’s unpaid Reclamation Cost responsibilities will be allocated to the Opt-in Participants.
Once the defaulting Participant’s Trust has been exhausted, the non- defaulting Participants’ Trustees shall pay a pro-rata share of the defaulting Participant’s Reclamation Cost responsibilities from Make-up Trust Funds.
The Standardized Reclamation Cost Estimator (SRCE) is a tool used by the NDEP and USDOI-BLM to calculate Reclamation Bond costs for exploration and mining projects proposing five acres or more disturbance.
Upon the exhaustion of any Opt-out Participant’s Make-up Reclamation Trust Fund, the Opt-out Participant’s share of the defaulting Party’s unpaid Reclamation Cost responsibilities will be allocated pro-rata to the Opt- in Participants.
However, after the term of the PPA (or any extension or replacement thereof), upon the exhaustion of any Opt-out Participant’s Make-up Trust Fund, the Opt-out Participant’s share of the defaulting Participant’s unpaid Reclamation Cost responsibilities shall be allocated pro-rata to the Opt-in Participants.
Reclamation Costs which are the responsibility of a defaulting Participant shall be paid first by such Participant’s Trustee until the defaulting Participant’s Trust has been exhausted; once the defaulting Participant’s Trust has been exhausted, the Opt-in Participants shall pay a pro-rata share of the defaulting Participant’s Reclamation Cost responsibilities either from their (i) Make-up Trust Funds; or (ii) any other source of funds.
A Reclamation Cost Estimate is prepared and submitted by an Operator and reviewed by the appropriate agencies.
Approval requires an acceptable Reclamation Cost Estimate and Reclamation Bond for the Plan.