Form DEP6053-C "Escrow Agreement Form" - Kentucky

What Is Form DEP6053-C?

This is a legal form that was released by the Kentucky Energy and Environment Cabinet - a government authority operating within Kentucky. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on November 1, 2008;
  • The latest edition provided by the Kentucky Energy and Environment Cabinet;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a printable version of Form DEP6053-C by clicking the link below or browse more documents and templates provided by the Kentucky Energy and Environment Cabinet.

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Download Form DEP6053-C "Escrow Agreement Form" - Kentucky

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Form DEP 6053-C (11/08)
ENERGY AND ENVIRONMENT CABINET
DEPARTMENT FOR ENVIRONMENTAL PROTECTION
DIVISION OF WASTE MANAGEMENT
ND
200 FAIR OAKS LANE, 2
FLOOR
FRANKFORT, KY 40601
TELEPHONE NUMBER (502) 564-6716
Escrow Agreement
Form DEP 6053-C (11/08)
GENERAL INFORMATION
1. ASSISTANCE – Questions regarding this form may be directed in writing to
the Division of Waste Management, Solid Waste Branch at the address listed
above, or by calling (502) 564-6716.
2. SUBMISSION – Please type or print legibly in permanent ink. Submit the
original of the completed form to the Division of Waste Management at the
address listed above. The document must be free of errors.
Form DEP 6053-C (11/08)
ENERGY AND ENVIRONMENT CABINET
DEPARTMENT FOR ENVIRONMENTAL PROTECTION
DIVISION OF WASTE MANAGEMENT
ND
200 FAIR OAKS LANE, 2
FLOOR
FRANKFORT, KY 40601
TELEPHONE NUMBER (502) 564-6716
Escrow Agreement
Form DEP 6053-C (11/08)
GENERAL INFORMATION
1. ASSISTANCE – Questions regarding this form may be directed in writing to
the Division of Waste Management, Solid Waste Branch at the address listed
above, or by calling (502) 564-6716.
2. SUBMISSION – Please type or print legibly in permanent ink. Submit the
original of the completed form to the Division of Waste Management at the
address listed above. The document must be free of errors.
Form DEP 6053-C (11/08)
THIS AGREEMENT, made, executed, and delivered this the
day of
,
20
, by and between
, as Applicant, and
, and the Kentucky Energy and
Environment Cabinet (hereinafter Cabinet).
WITNESSETH:
WHEREAS, Applicant desires to obtain a permit to operate a solid waste site or facility
in the Commonwealth of Kentucky; and
WHEREAS, the laws of the Commonwealth require that a mechanism for financial
assurance be posted to insure proper closure, closure care of the facility and if required,
corrective action to guarantee performance of the requirements in KRS Chapter 224 and
the regulations promulgated pursuant thereto, and
WHEREAS, the Applicant desires to meet the financial assurance requirements for a
permit to operate a solid waste site or facility in the Commonwealth of Kentucky by
executing such mechanism for financial assurance and posting surety in the sum of
dollars ($
) with the Cabinet to be held by Escrow Agent, which sum is hereby
acknowledged by the Cabinet to be sufficient and acceptable for the permit application
number
, relating to
acres located at
in
County, Kentucky; and
WHEREAS, such sum shall be placed in the safe custody of the Escrow Agent and the
Agent is directed to purchase certificates of deposit of the
, which certificates of
deposit are hereinafter referred to as The Certificates, and are more fully described as
follows, to wit:
CERTIFICATE #:
DATE OF ISSUANCE:
-
-
PRINCIPAL AMOUNT:
Form DEP 6053-C (11/08)
AND WHEREAS, this Agreement is a supplement to the mechanism for financial
assurance filed by the Applicant with permit application number
for a permit to
operate a solid waste site or facility.
NOW, THEREFORE, in consideration of the premises set forth herein, the parties hereto
mutually agree as follows:
1. The Escrow Agent hereby acknowledges receipt of The Certificates above listed, to
be safely and securely kept for the stated purposes of this Agreement and subject to the
terms and conditions herein, and hereby binds itself to perform completely under the
terms of this Agreement and to dispose of The Certificates or the proceeds there from
only as provided herein. The Escrow Agent further agrees to exercise due care in the
safekeeping and delivery of The Certificates;
2. The parties agree The Certificates or any subsequent Certificates are and shall be
made payable in favor of the Escrow Agent only and the parties further agree that until
such time as the Cabinet orders the mechanism for financial assurance for the permit
application be forfeited or until such time as the mechanism for financial assurance is
released, all interest accruing on The Certificates shall be disposed of in accordance with
paragraphs 4 and 5 of this Agreement;
3. The parties agree that the Escrow Agent is hereby authorized and directed to insure
The Certificates remain in full force during the term of this Agreement and the Escrow
Agent may, upon notice to all parties, and upon the maturity of The Certificates, issue
new Certificates of face value equal to the outstanding amount of the financial assurance.
In the event of such issuance, the new Certificates shall replace The Certificates herein
for all purposes and shall be subject to the conditions of this Agreement;
Form DEP 6053-C (11/08)
4. Any interest accruing on The Certificates shall be held by the Escrow Agent until such
time as the mechanism for financial assurance has been released or forfeited or The
Certificates have matured and been replaced by new Certificates. No interest shall be paid
to the Applicant on any Certificate until such time as the Certificate matures or a full
release has been obtained from the Cabinet or until the mechanism for financial assurance
has been forfeited and any penalty resulting from the cashing of the Certificate has been
satisfied;
5. In the event of the Cabinet’s demand for payment of the escrow agreement herein and
upon the Cabinet's written notice of such demand for payment to the Escrow Agent, the
Escrow Agent shall promptly cash The Certificates and forward to the Cabinet a Cashier's
Check in the outstanding amount of the escrow agreement, pay any escrow penalties
which result from the cashing of The Certificates from the interest accrued thereon, and
remit any remaining interest and principal to the Applicant;
6. The parties agree that neither the Escrow Agent nor the Cabinet shall be liable for any
loss of interest which may result to the Applicant as a result of a demand for payment;
7. The Escrow Agent shall not be liable for inquiring whether there has been performance
by the Applicant or to see the application of any monies paid on the instruction of the
Cabinet and in such matters the Escrow Agent may rely upon the instructions of the
Cabinet executed by the Secretary of the Cabinet, his designee, or his successor or the
successor agency as provided by law. The Escrow Agent need not verify the apparent
authority of an agent of the Cabinet in carrying out the Cabinet's instructions. Nothing
herein shall prevent the Commonwealth from designating a person authorized to act for it
in any other lawful manner;
8. That for value received the Applicant does hereby assign, transfer, and set over to the
Commonwealth of Kentucky all right, title, and interest which the Applicant may have in
The Certificates. The parties agree that The Certificates are being held solely for the
benefit of the Commonwealth of Kentucky and that the Applicant has relinquished all
Form DEP 6053-C (11/08)
right, title, and interest to The Certificates as provided herein. The Applicant may not
pledge or encumber in any manner The Certificates or any renewal certificates, or the
interest due thereon, so long as the same are subject to the conditions of the mechanism
for financial assurance herein;
9. The Cabinet agrees that upon completion of closure and post closure, or corrective
action of or for the solid waste site or facility in accordance with 401 KAR Chapter 48,
the Cabinet shall release the mechanism for financial assurance herein and promptly
notify the Escrow Agent and the Applicant of such release.
10. It is agreed, as between the parties, that in the event the Escrow Agent closes or
goes into receivership, any Federal Deposit Insurance Corporation, Federal Savings and
Loan Insurance Corporation, or National Credit Union Administration insurance proceeds
paid on, to, or as a result of The Certificates, shall first be applied to cover The
Certificates;
11. The parties agree that the Escrow Agent shall be the Cabinet's agent for holding The
Certificates for the purpose of perfecting the Cabinet's security interest in those
Certificates under KRS Chapter 355.
12. This agreement shall be binding upon the successors and assigns of the respective
parties; and
13. Upon receipt by the Escrow Agent of a demand for payment or the release by the
Cabinet of the mechanism for financial assurance herein, and disbursement pursuant to
this agreement by the Escrow Agent of written notification by the Cabinet of the demand
for payment or the release of the mechanism for financial assurance herein, the Escrow
Agent shall be discharged of any and all duties and liabilities as a result of this
Agreement.
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