R95-145 CERTIFYING FINANCIAL RESPONSIBILITY FOR UNDERGROUND STORAGE TANKS

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. � amount agreed to in settlement of a claim arising from or alleged to arise from such injury or damage, the guarantor, upon written instructions from the Director of the Uruted States Environmental Protection Agency shall make funds available to compensate third parties for bodily injury or property damage in an amount not to exceed the coverage limits specified above. (4) Guarantor agrees that if at the end of any fiscal year before cancellation of this guarantee, the guarantor fails to meet or exceed the requirements of the financial responsibility mechanism specified in paragraph (1), guarantor shall send within 120 days of such failure, by certified mail, notice to the Authority, as evidenced by return receipt. (5) Guarantor agrees to notify Authority by certified mail of a voluntary or involuntary proceeding under Title 11 (Bankruptcy) U. S. Code naming guarantor as debtor, within 10 days after commencement of the proceeding. (6) Guarantor agrees to remain bound under this guarantee notwithstanding any modification or alteration of any obligation of the Authority pursuant to 40 CFR part 280. (7) Guarantor agrees to remain bound under this guarantee for so long as the Authority must comply with the applicable financial responsibility requirements of 40 CFR part 280, subpart H for the above identified tank, except that guarantor may cancel this guarantee by sending notice by certified mail to the Authority, such cancellation to become effective no earlier than 120 days after receipt of such notice by the Authority, as evidenced by the return receipt. If notified of a probable release, the guarantor agrees to remain bound to the terms of this guarantee for all charges arising from the release, up to the coverage limits specified above, notwithstanding the cancellation of the guarantee with respect to future releases. (8) The guarantor's obligation does not apply to any of the following: (a) Any obligation of the Authority under a workers' compensation disability benefits, or unemployment compensation law or other similar law; (b) Bodily injury to an employee of the Authority arising from, and in the course of employment by the Authority; (c) Bodily injury or property damage arising from the ownership, maintenance, use or entrustment to others of any aircraft, motor vehicle, or watercraft; (d) Property damage to any property owned, rented, loaned to, in the care, custody, or control of, or occupied by the Authority that is not the direct result of a release from a petroleum underground storage tank; (e) Bodily injury or property damage for which the Authority is obligated to pay damages by reason of the assumption of liability in a contract or agreement entered into to meet the requirements of 40 CFR part 280.93. (9) Guarantor expressly waives notice of acceptance of this guarantee by the United States Environmental Protection Agency, by any and all third parties, or by the Authority.