Form 5600-FM-BMP0409 "Assignment of Certificate of Deposit Under Collateral Bond - Mining" - Pennsylvania

What Is Form 5600-FM-BMP0409?

This is a legal form that was released by the Pennsylvania Department of Environmental Protection - a government authority operating within Pennsylvania. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on August 1, 2014;
  • The latest edition provided by the Pennsylvania Department of Environmental Protection;
  • 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 5600-FM-BMP0409 by clicking the link below or browse more documents and templates provided by the Pennsylvania Department of Environmental Protection.

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Download Form 5600-FM-BMP0409 "Assignment of Certificate of Deposit Under Collateral Bond - Mining" - Pennsylvania

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5600-FM-BMP0409
Rev. 8/2014
COMMONWEALTH OF PENNSYLVANIA
7C-FA-24.0
DEPARTMENT OF ENVIRONMENTAL PROTECTION
BUREAU OF MINING PROGRAMS
License No.
Permit No.
ASSIGNMENT OF CERTIFICATE OF DEPOSIT
(Department Use Only)
UNDER COLLATERAL BOND — MINING
THIS AGREEMENT is made this
day of
, 20
, by and among the Commonwealth of
Pennsylvania, Department of Environmental Protection (the “Commonwealth”);
AND
,
(Name of Mine Operator)
(a)
a Corporation, incorporated under the laws in the State of
, or
(Name of State)
(b)
a(n)
(Limited Partnership/General Partnership, Registered Fictitious Name Business or Individual)
with its principal place of business at
(Operator Address)
, (the “Operator”);
AND
, a bank chartered or otherwise authorized to do business in the
(Name of Bank)
Commonwealth of Pennsylvania with its principal place of business at
, (the “Bank”).
(Bank Address)
WHEREAS, The Operator desires to assign and pledge the following Certificate(s) of Deposit issued by the Bank in
the amounts indicated and any renewals thereof (the “CDs”):
CD No.
Issuance Date
Dollar Amount
Maturity Date
1.
$
2.
$
3.
$
4.
$
to the Commonwealth, as collateral to guarantee the Operator’s legal obligations as provided in the Collateral
Bond-Mining dated
, submitted pursuant to the above Permit by the Operator, to
which this Assignment is attached and made a part for all purposes (the “Collateral Bond”); and
WHEREAS, the Bank desires to act as the custodian for the benefit of the Commonwealth of the money
represented by the CDs and subject to the terms and conditions contained herein.
NOW, THEREFORE, the parties hereto, intending to be legally bound hereby, agree as follows:
1.
Assignment and Pledge. The Operator assigns and pledges the CDs, and any renewals thereof, to the
Commonwealth as collateral, to guarantee the Operator’s legal obligations as provided in the Collateral Bond.
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5600-FM-BMP0409
Rev. 8/2014
COMMONWEALTH OF PENNSYLVANIA
7C-FA-24.0
DEPARTMENT OF ENVIRONMENTAL PROTECTION
BUREAU OF MINING PROGRAMS
License No.
Permit No.
ASSIGNMENT OF CERTIFICATE OF DEPOSIT
(Department Use Only)
UNDER COLLATERAL BOND — MINING
THIS AGREEMENT is made this
day of
, 20
, by and among the Commonwealth of
Pennsylvania, Department of Environmental Protection (the “Commonwealth”);
AND
,
(Name of Mine Operator)
(a)
a Corporation, incorporated under the laws in the State of
, or
(Name of State)
(b)
a(n)
(Limited Partnership/General Partnership, Registered Fictitious Name Business or Individual)
with its principal place of business at
(Operator Address)
, (the “Operator”);
AND
, a bank chartered or otherwise authorized to do business in the
(Name of Bank)
Commonwealth of Pennsylvania with its principal place of business at
, (the “Bank”).
(Bank Address)
WHEREAS, The Operator desires to assign and pledge the following Certificate(s) of Deposit issued by the Bank in
the amounts indicated and any renewals thereof (the “CDs”):
CD No.
Issuance Date
Dollar Amount
Maturity Date
1.
$
2.
$
3.
$
4.
$
to the Commonwealth, as collateral to guarantee the Operator’s legal obligations as provided in the Collateral
Bond-Mining dated
, submitted pursuant to the above Permit by the Operator, to
which this Assignment is attached and made a part for all purposes (the “Collateral Bond”); and
WHEREAS, the Bank desires to act as the custodian for the benefit of the Commonwealth of the money
represented by the CDs and subject to the terms and conditions contained herein.
NOW, THEREFORE, the parties hereto, intending to be legally bound hereby, agree as follows:
1.
Assignment and Pledge. The Operator assigns and pledges the CDs, and any renewals thereof, to the
Commonwealth as collateral, to guarantee the Operator’s legal obligations as provided in the Collateral Bond.
- 1 -
5600-FM-BMP0409
Rev. 8/2014
2.
Operator Authorization to the Commonwealth. The Operator hereby authorizes the Commonwealth to
withdraw any portion or all of the money on deposit with the Bank pursuant to the CDs, at any time and from time to time,
upon default of any of the provisions, conditions or obligations referred to in the Collateral Bond.
3.
Operator Authorization to the Bank. The Operator hereby authorizes the Bank, upon written demand by
the Commonwealth, to pay to the Commonwealth any portion or all of the money on deposit with the Bank pursuant to the
CDs, at any time and from time to time, without further notice to, consent of or endorsement by the Operator.
4.
Extent of Commonwealth Rights in the CDs. The Operator does hereby agree, represent and warrant that,
except as assigned and pledged herein, the CDs and the money thereby represented are assigned and pledged herewith
free and clear of any and all liens, encumbrances, pledges, restrictions, security interests and agreements, and will not be
sold, assigned, transferred, pledged or promised as a security interest in any manner whatsoever without written consent
of the Commonwealth.
5.
Bank Fiduciary Responsibilities; No Penalty for Early Withdrawal by the Commonwealth. The Bank
hereby acknowledges the assignment and pledge of the CDs to the Commonwealth and agrees to record the assignment
upon the backs of the CDs and upon the books of the Bank. Further, the Bank acknowledges and agrees that it shall hold
the moneys represented by the CDs as a fiduciary custodian and agent for the Commonwealth and shall be liable to the
Commonwealth for any and all losses to the principal amount(s) of the CDs caused in any manner whatsoever during the
term of this Assignment. The Bank expressly agrees to waive any and all rights, including those under federal and state
law, to deduct any penalty from the principal amount of the CDs for withdrawal by the Commonwealth prior to maturity if
such deduction would reduce the amount of collateral assigned and pledged to the Commonwealth to an amount which is
insufficient to satisfy, in full, the bond obligation as provided in the Collateral Bond. The Bank expressly assumes the
responsibility to design the CDs so that no such penalty can be assessed against the Commonwealth’s rights to the CDs.
6.
Bank Waiver of Setoff and Lien Rights. The Bank hereby waives, for the duration of this Assignment, all
rights of setoff or liens or any other claims which it now has or might, in the future, have against the CDs or the deposited
money upon which the CDs were issued. Any conditions pertaining to the CDs to the contrary are hereby expressly
rescinded.
7.
Automatic Renewal of CDs. The Bank hereby agrees to automatically renew the CDs for the same terms as
those for which they were originally issued until the Commonwealth releases the Operator, in writing, from its obligations
under Collateral Bond.
8.
Interest. The Bank agrees to collect, from time to time, all interest on the CDs and pay the same, when and
as collected, as agent for the Commonwealth, to the Operator, or otherwise as required, in writing, by the Commonwealth.
9.
Delay in Enforcing of Rights. The Bank and the Operator agree that any delay by the Commonwealth in
enforcing its rights to the CDs pursuant to the Collateral Bond shall not affect the Commonwealth’s rights in the CDs.
10.
Replacement of Bond Security.
The Commonwealth agrees that the CDs may be replaced by other
certificates of deposit or other security authorized by the statutory authority under which the Operator has applied for the
Permit; provided, however, that such replacement security must first be deposited with and accepted in writing by the
Commonwealth, and, until such written acceptance, the assignment of the CDs shall remain in full force and effect.
11.
Termination of Assignment. This Assignment shall terminate upon written release by the Commonwealth.
12.
Amendment. This Assignment may be amended only by written instrument signed by the Commonwealth.
13.
Governing Law. This Assignment is made in, and shall be governed by and construed in accordance with
the laws of the Commonwealth of Pennsylvania.
14.
Headings. The paragraph headings herein are for descriptive purposes only and are intended to have no
legal force or effect.
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5600-FM-BMP0409
Rev. 8/2014
IN WITNESS WHEREOF, the parties hereto have set their hands and seals, intending to be legally bound
themselves, their heirs, executors, administrators, successors, or assigns, the day and year first written above.
OPERATOR:
(Print Name of Operator)
ATTEST:
By:
(Signature and Title)
By:
(Signature and Title)
(Seal)
BANK:
(Print Name of Bank)
ATTEST:
By:
(Signature and Title)
By:
(Signature and Title)
(Seal)
Approved as to legality and form:
PRE-APPROVED OAG 6/11/13
Office of Attorney General
PRE-APPROVED 5/3/13
Chief/Assistant Counsel
Department of Environmental Protection
Approved for the Department:
Bureau of Mining Programs
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5600-FM-BMP0409
Rev. 8/2014
ACKNOWLEDGEMENT OF INDIVIDUALS
(Operator)
STATE OF
:
COUNTY OF
:
ss:
On
, before me, the undersigned officer, personally appeared
(Name(s))
known to me (or satisfactorily proven) to be the person(s) whose name(s) are subscribed to the within instrument, and
acknowledged that
executed the same for the purpose therein contained.
(he, she, or they)
IN WITNESS WHEREOF, I have hereunto set my hand and official seal.
(SEAL)
My Commission Expires:
(Notary Public Signature)
(Date)
ACKNOWLEDGEMENT OF CORPORATIONS/PARTNERSHIPS
(Operator)
STATE OF
:
COUNTY OF
:
ss:
On
, before me, the undersigned officer, personally appeared
(Name(s))
known to me (or satisfactorily proven) to be the person(s) whose name(s) are subscribed to the within instrument, and
acknowledged that
executed the same for the purpose therein contained.
(he, she, or they)
IN WITNESS WHEREOF, I have hereunto set my hand and official seal.
(SEAL)
My Commission Expires:
(Notary Public Signature)
(Date)
ACKNOWLEDGEMENT OF BANK
STATE OF
:
COUNTY OF
:
ss:
On
, before me, the undersigned officer, personally appeared
(Name(s))
known to me (or satisfactorily proven) to be the person(s) whose name(s) are subscribed to the within instrument, and
acknowledged that
executed the same for the purpose therein contained.
(he, she, or they)
IN WITNESS WHEREOF, I have hereunto set my hand and official seal.
(SEAL)
My Commission Expires:
(Notary Public Signature)
(Date)
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