DECOMMISSIONING, ABANDONMENT, AND RESTORATION Sample Clauses

DECOMMISSIONING, ABANDONMENT, AND RESTORATION. 9.01 The CONTRACTOR shall be responsible for the decommissioning of all infrastructure/facilities installed in relation to the petroleum operations, including proper plug and abandonment of all ▇▇▇▇▇ drilled under this Petroleum Service Contract in accordance with the applicable international standards. 9.02 The CONTRACTOR shall also make all efforts to restore the surrounding operational area as practically possible. 9.03 Within sixty (60) calendar days from the start of production, the CONTRACTOR shall submit, for the approval of the DEPARTMENT, a Decommissioning Plan and Budget covering the abandonment of ▇▇▇▇▇ and decommissioning of facilities in accordance with the applicable international standards to include timing and costs. The Decommissioning Plan and Budget shall be updated annually, and submitted together with the proposed Work Program and Budget (WP&B) for the succeeding year. 9.04 Upon declaration of commerciality, the CONTRACTOR shall establish a Decommissioning Fund in the account of the PARTIES, to be deposited in an escrow account with a government financial institution in the Philippines, Provided, that in case of an existing Decommissioning Fund for a producing field, the CONTRACTOR shall continue the deposit of payments thereto in accordance with the approved Decommissioning Plan and Budget, and assume all liabilities and obligations arising therefrom. 9.05 Except deposits made to existing Decommissioning Fund that were previously recovered, all funds deposited to the escrow account shall be recovered as part of the Operating Expenses. 9.06 No withdrawal/disbursement from the escrow account shall be allowed without consent/approval by the DEPARTMENT. Such withdrawal/disbursement shall be in accordance with the implementation of the DEPARTMENT-approved Decommissioning Plan and Budget as updated, and the escrow agreement.
View SourceView Similar (3)

Related to DECOMMISSIONING, ABANDONMENT, AND RESTORATION

  • Decommissioning (a) The Contractor shall submit to the Designated Authority, for its approval, pursuant to sub-paragraph 4.11(d)(v), a Decommissioning Plan for the Development Area and a schedule of provisions for the Decommissioning Costs Reserve. (b) The Decommissioning Plan shall be revised and resubmitted to the Designated Authority for its approval at such times as are reasonable having regard to the likelihood that the Decommissioning Plan (including cost estimates thereunder) may need to be revised. (c) The Contractor shall carry out the Decommissioning Plan substantially in accordance with its terms. (d) Estimates of the monies required for the funding of the Decommissioning Plan shall be charged as Recoverable Costs beginning in the Calendar Year following the Calendar Year in which Commercial Production first occurs. The amount charged in each Calendar Year shall be calculated as follows: (i) The total Decommissioning costs at the expected date of Decommissioning shall first be calculated. (ii) There shall be deducted from such total Decommissioning costs the additions made to the Decommissioning Costs Reserve made, and taken as Recoverable Costs, in all previous Calendar Years together with interest on such Recoverable Costs calculated to the approved date of Decommissioning at the actual or forecast rate of Uplift (whichever is applicable). (iii) The residual Decommissioning costs, resulting from the calculations under sub-paragraph 4.14(d)(i) and (ii), shall then be discounted to the Calendar Year in question at the forecast rate of Uplift for each Calendar Year remaining until the Calendar Year of Decommissioning. (iv) The discounted total of residual Decommissioning costs shall then be divided by the total number of Calendar Years remaining prior to the Calendar Year of Decommissioning itself, including the Calendar Year in question. (v) The resultant amount shall be the addition to the Decommissioning Costs Reserve for the Calendar Year in question. (vi) It is the intention of this provision that the total accumulated provision allowed, including interest calculated to the Calendar Year of Decommissioning at the rate of Uplift, will equal the total Decommissioning costs. (vii) If the amount in sub-paragraph 4.14(d)(v) is a negative amount, then such amount shall be treated as a reduction of Recoverable Costs for the Calendar Year in question.

  • Restoration The Restoration Fund shall be disbursed by the Trustee in accordance with the following conditions: (a) If the cost of Restoration will exceed the Threshold Amount, prior to commencement of the Restoration the architects, general contractor(s), and plans and specifications for the Restoration shall be approved by Landlord, which approval shall not be unreasonably withheld or delayed, and which approval shall be granted to the extent that the plans and specifications depict a Restoration which is substantially similar to the Improvements and Equipment which existed prior to the occurrence of the casualty or Taking, whichever is applicable. Landlord will not withhold its consent for variations to the Improvements required as a result of current zoning and building code requirements. (b) At the time of any disbursement, no Event of Default shall exist and no mechanics’ or materialmen’s Liens shall have been filed and remain undischarged or unbonded or for which Tenant shall fail to provide affirmative title insurance coverage. (c) Disbursements shall be made from time to time in an amount not exceeding the hard and soft cost of the work and costs incurred since the last disbursement upon receipt of (1) satisfactory evidence, including architects’ certificates of the stage of completion, of the estimated cost of completion and of performance of the work to date in a good and workmanlike manner in accordance with the contracts and the plans and specifications, (2) partial releases of Liens or conditional Lien waivers, and (3) other reasonable evidence of cost and payment so that Landlord can verify that the amounts disbursed from time to time are represented by work that is completed in place or delivered to the site and free and clear of mechanics’ Lien claims. (d) Each request for disbursement shall be sent by Tenant to Landlord and to the Trustee, accompanied by a certificate of Tenant describing the work, materials or other costs or expenses, for which payment is requested and stating (i) the cost incurred in connection therewith, (ii) that no Event of Default exists and no mechanics’ or materialmen’s Liens shall have been filed and remain undischarged or unbonded, and (iii) that Tenant has not previously received payment for such work or expense; the certificate to be delivered by Tenant upon completion of the work shall, in addition, state that the work that is the subject of the request for disbursement has been substantially completed and complies with the applicable requirements of this Lease. The Trustee shall not release funds from the Restoration Fund unless and until it has received a written authorization from Landlord approving such release, which ▇▇▇▇▇▇▇▇ agrees to promptly give if ▇▇▇▇▇▇ has satisfied all of the requirements set forth in this Paragraph 15 in connection with such release. (e) The Trustee shall retain a commercially reasonable retainage amount (but in no event less than 5% of the expected repair cost, other than general conditions, until the Restoration is 50% complete). (f) The Restoration Fund shall be held by the Trustee and shall be invested as directed by Landlord. All interest shall become a part of the Restoration Fund. (g) At all times the undisbursed balance of the Restoration Fund held by the Trustee, plus any funds contributed thereto by ▇▇▇▇▇▇, at its option, shall be not less than the cost of completing the Restoration (as reasonably estimated by ▇▇▇▇▇▇, provided that Tenant shall provide to Landlord the basis for such estimate, in reasonable detail, promptly after Landlord’s request therefor), free and clear of all Liens. (h) In addition, prior to commencement of Restoration and at any time during Restoration, if the estimated cost of Restoration, as reasonably determined by a contractor or architect mutually selected by Landlord and Tenant, exceeds the amount of the Net Proceeds or the Net Award, as applicable, and Tenant Insurance Payment available for such Restoration, either, at Tenant’s option and determination, the amount of such excess shall be paid by Tenant to the Trustee to be added to the Restoration Fund or Tenant shall fund at its own expense the costs of such Restoration until the remaining Restoration Fund is sufficient for the completion of the Restoration. Any sum in the Restoration Fund which remains in the Restoration Fund upon the completion of Restoration with respect to a casualty shall be paid to Tenant; any portion of a Net Award remaining after completion of Restoration with respect to a Taking shall be paid to Landlord.

  • Outage Restoration If an outage on the Attachment Facilities or System Upgrade Facilities or System Deliverability Upgrades of the Connecting Transmission Owner or Developer adversely affects the other Party’s operations or facilities, the Party that owns the facility that is out of service shall use Reasonable Efforts to promptly restore such facility(ies) to a normal operating condition consistent with the nature of the outage. The Party that owns the facility that is out of service shall provide the other Party and NYISO, to the extent such information is known, information on the nature of the Emergency State, an estimated time of restoration, and any corrective actions required. Initial verbal notice shall be followed up as soon as practicable with written notice explaining the nature of the outage.

  • Operating Environment Per specifications given in Ref. [1]

  • Job Abandonment A. If an employee is absent without authorized leave under the provisions of Article 17.1.D for twelve (12) or more consecutive days, the employee shall be considered to have abandoned the position and voluntarily resigned from the University. B. Notwithstanding Article 16.7(A), above, if the employee's absence is for reasons beyond the control of the employee and the employee notifies the University as soon as practicable, the employee will not be considered to have abandoned the position.