§ 971.201 Statement of financial resources.
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Title 15 CFR: Commerce and Foreign Trade › Chapter IX: NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION, DEPARTMENT OF COMMERCE › Part 971: DEEP SEABED MINING REGULATIONS FOR COMMERCIAL RECOVERY PERMITS › Subpart B: Applications › § 971.201: § 971.201 Statement of financial resources.
Text
(a)
General.
The application must contain information sufficient to demonstrate to the Administrator pursuant to § 971.301 that, upon issuance or transfer of the permit, the applicant will have access to the financial resources to carry out, in accordance with this part, the commercial recovery program set forth in the applicant's commercial recovery plan.
(b)
Specific.
In particular, the information on financial resources is expected to be general in nature but must include the likely sources and timing of funds to meet the applicant's scheduled expenditures in the recovery plan. These sources may include cash flow, reserves, and outside funding.
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