Laserfiche WebLink
c. A trust fund established for the benefit of EPA that is administered <br /> by a trustee that has the authority to act as a trustee and whose trust operations are regulated and <br /> examined by a federal or state agency. <br /> 100. In order to ensure completion of Phase 2 of the Work, within 180 days of the <br /> Effective Date, Purchaser shall provide EPA additional financial assurance, above and beyond <br /> the $700,000 financial assurance in Paragraph 99,unless Purchaser has elected to perform its <br /> Phase 2 Work obligations under an approved DRMS permit in accordance with Paragraph 26.c <br /> and has successfully received an amended DRMS permit by January 31,2018. If Purchaser does <br /> not elect to perform its Phase 2 Work obligations under an approved DRMS permit in <br /> accordance with Paragraph 26.c, Purchaser will provide financial assurance sufficient to assure <br /> the cost of the Phase 2 Work obligations for the benefit of EPA. The financial assurance must be <br /> one or more of the mechanisms listed in Paragraph 99, in a form substantially identical to the <br /> relevant sample documents available from the "Financial Assurance" category on the Cleanup <br /> Enforcement Model Language and Sample Documents Database at <br /> http://cfpub.epa.gov/compliance/models/, and satisfactory to EPA. Purchaser may use multiple <br /> mechanisms. <br /> 101. Purchaser shall diligently monitor the adequacy of the financial assurance. If <br /> Purchaser becomes aware of any information indicating that the financial assurance provided <br /> under this Section is inadequate or otherwise no longer satisfies the requirements of this Section, <br /> Purchaser shall notify EPA of such information within 7 days. If EPA determines that the <br /> financial assurance provided under this Section is inadequate or otherwise no longer satisfies the <br /> requirements of this Section, EPA will notify Purchaser of such determination. Purchaser shall, <br /> within 30 days after notifying EPA or receiving notice from EPA under this Paragraph, secure <br /> and submit to EPA for approval a proposal for a revised or alternative financial assurance <br /> mechanism that satisfies the requirements of this Section. EPA may extend this deadline for such <br /> time as is reasonably necessary for Purchaser, in the exercise of due diligence, to secure and <br /> submit to EPA a proposal for a revised or alternative financial assurance mechanism, not to <br /> exceed 60 days. Purchaser shall follow the procedures of Paragraph 103 (Modification of <br /> Amount, Form or Terms of Financial Assurance) in seeking approval of, and submitting <br /> documentation for,the revised or alternative financial assurance mechanism. Purchaser's <br /> inability to secure and submit to EPA financial assurance in accordance with this Section shall in <br /> no way excuse performance of any other requirements of this Settlement, including,without <br /> limitation,the obligation of Purchaser to complete the Work in accordance with the terms of this <br /> Settlement. <br /> 102. Access to Financial Assurance. <br /> a. If EPA issues a notice of implementation of a Work Takeover <br /> under Paragraph 79.b,then, in accordance with any applicable financial assurance mechanism, <br /> EPA is entitled to: (1)the performance of the Work; and/or(2)the payment of any guaranteed <br /> funds in accordance with Paragraph 102.d. <br /> b. If EPA is notified by the issuer of a financial assurance mechanism <br /> that it intends to cancel such mechanism, and Purchaser fails to provide an alternative financial <br /> 31 <br />