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trustee of the trust fund and EPA and receiving approval from the trustee and EPA, as provided <br /> in the Trust Agreement. <br /> a. $350,000 of the total $700,000 will be releasable for billings <br /> submitted to and approved under the Trust Agreement as they are submitted. <br /> b. Another$200,000 of the total $700,000 will be releasable for <br /> billings submitted to and approved under the Trust after EPA approval of all Phase 1 design <br /> deliverables required pursuant to the Removal Work Plan, including identification of the source <br /> of necessary cover materials. <br /> c. Another$150,000 of the total $700,000 for billings submitted to <br /> and approved under the Trust will be releasable upon EPA approval of that portion of Tasks 1-4 <br /> of the Phase 1 Work anticipated to be completed in 2017, as set forth in the Removal Work Plan. <br /> 98. To ensure clarity, if any of the financial assurance required under Paragraph 96 is <br /> available after Phase 1 of the Work is complete, that financial assurance will also be available to <br /> EPA for Phase 2 Work,unless that obligation has been nullified by Purchaser successfully <br /> electing to remove Phase 2 Work out of this Settlement and into the DRMS Permit in accordance <br /> with Paragraph 26.c., in which case any balance in the trust fund will be refunded to Purchaser <br /> pursuant to Paragraph 4.h of the Trust Agreement. <br /> 99. Within 120 days of the Effective Date, Purchaser shall have secured, $700,000 in <br /> additional financial assurance for Work at the Site for the benefit of EPA and Purchaser shall <br /> submit such mechanisms and documents to Region 8 CERCLA Financial Analyst, CERCLA <br /> Technical Enforcement Program, Mail Code: 8ENF-RC at 1595 Wynkoop Street, Denver, <br /> Colorado 80202. The first lien on the Property will be released by EPA within 21 days of <br /> delivery of the additional $700,000 financial assurance by completing the relevant sections of <br /> Appendix D and returning the release form to Purchaser for recording. In the event Purchaser <br /> does not fund the $700,000 in additional financial assurance,the lien will be removed as <br /> provided in the prior sentence only after EPA certifies as complete the Work undertaken <br /> pursuant to this Settlement. The financial assurance must be one or more of the mechanisms <br /> listed below, in a form substantially identical to the relevant sample documents available from <br /> the "Financial Assurance" category on the Cleanup Enforcement Model Language and Sample <br /> Documents Database at http://cfpub.epa.gov/compliance/models/, and satisfactory to EPA. <br /> Purchaser may use multiple mechanisms if it is limited to surety bonds, letters of credit and/or <br /> trust funds. <br /> a. A surety bond guaranteeing payment and/or performance of the <br /> Work that is issued by a surety company among those listed as acceptable sureties on federal <br /> bonds as set forth in Circular 570 of the U.S. Department of the Treasury; <br /> b. An irrevocable letter of credit,payable to or at the direction of <br /> EPA,that is issued by an entity that has the authority to issue letters of credit and whose letter- <br /> of-credit operations are regulated and examined by a federal or state agency; or <br /> 30 <br />