Decommissioning Fund Sample Clauses
A Decommissioning Fund clause establishes a dedicated financial reserve to cover the costs associated with dismantling, removing, or restoring a facility or asset at the end of its operational life. Typically, this clause requires regular contributions to the fund during the asset’s use, ensuring that sufficient resources are available when decommissioning becomes necessary. Its core practical function is to guarantee that the responsible party has the means to safely and effectively decommission the asset, thereby preventing financial shortfalls and ensuring compliance with regulatory or contractual obligations.
Decommissioning Fund. The Decommissioning Fund is the amount determined in accordance with Article 6.1.
Decommissioning Fund. Connecticut Yankee agrees to pay to, or cause to be paid to, the Connecticut Yankee Trust or any successor trust approved by the board of directors of Connecticut Yankee all funds collected hereunder for the purpose of decommissioning the Unit or removing the Unit from service.
Decommissioning Fund. (a) Upon the commencement of Commercial Production, the Contractor shall establish an interest bearing escrow account, which is a conservative account yielding a maximum of one (1) percentage point margin above the annual yield on long-term United States Treasury Bonds (thirty-year (30) bonds), in the name of ANP at a financial institution approved by the ANP. This account shall be used to accumulate cash reserves for use as a contingency fund against possible pollution and eventual Decommissioning related to Petroleum Operations in the Contract Area (the “Decommissioning Fund”).
(b) On a yearly basis, Contractor shall pay fifty (50) cents in USD per barrel of oil equivalent produced into said Decommissioning Fund. The monies contributed to the Decommissioning Fund as described in this Section 4.16 shall be charged as Recoverable Costs beginning in the Calendar Year following the Calendar Year in which Commercial Production first occurs. The interests accumulated in the Decommissioning Fund are neither Recoverable Costs nor tax deductible and shall be considered a Miscellaneous Receipt for the purposes of Clause 2.7 of Annex C. All amounts paid into such Decommissioning Fund shall be certified by an auditor and conform to the IAS 37 as at the date of signing of this Agreement. If IAS 37 is updated or amended during the term of this Agreement the Parties will negotiate in good faith as to whether the new standard will replace the adopted one.
(c) The ANP may at its sole discretion access funds from the Decommissioning Fund in the event that the Contractor fails to effect environmental clean-up during the term of this Agreement, or Decommission to the satisfaction of the ANP following termination of this Agreement. The ANP shall notify the Contractor of its withdrawals from the Decommissioning Fund and the Contractor shall be required to pay into the account the sum used for said purposes within sixty (60) days of notification.
(d) Upon termination of this Agreement, where the Contractor fulfils all obligations in respect of environmental remediation and Decommissioning to the satisfaction of the ANP, all existing funds in the Decommissioning Fund shall remain with the ANP. If the Decommissioning Fund is insufficient to complete the Decommissioning Plan, the Contractor shall pay all such additional required costs prior to the termination of this Agreement. In the event the ANP elects to have the Petroleum Operations, including all equipment, pipelines or lin...
Decommissioning Fund. Connecticut Yankee agrees to cause an appropriate decommissioning reserve to be maintained in accordance with applicable regulatory requirements. Connecticut Yankee has established an independent trust or other separate fund (the "Connecticut Yankee Trust") which has the necessary powers to hold and invest all funds collected for the decommissioning of the Unit and disburse the same to reimburse Connecticut Yankee for such costs when actually incurred for decommissioning of the Unit or removal of the Unit from service. If' during the term of the Connecticut Yankee Trust applicable legislation or regulations are promulgated which so permit or require, or an alternative entity is created for funding decommissioning of the Unit, the Connecticut Yankee Trust has the authority, with the concurrence of Connecticut Yankee, to transfer its trust estate to such newly authorized entity for the purpose of providing for the decommissioning of the Unit or removal of the Unit from service. Connecticut Yankee agrees to pay to, or cause to be paid to, the Connecticut Yankee Trust or any successor trust approved by the board of directors of Connecticut Yankee all funds collected hereunder for the express purpose of decommissioning the Unit or removing collections have been resolved, any funds collected hereunder to meet Decommissioning Tax Liability which are not used for that purpose will be refunded to the Purchaser.
Decommissioning Fund a) The Contractor shall, after the commencement of Commercial Production, establish a Decommissioning Fund under the terms of the Applicable Law in Timor-Leste, which will take the form of a remunerated escrow account, which constitutes an account which, when possible, should generate a maximum yield of 1 (one) percentage point of margin above the annual yield of US Government Treasury Bonds (30-year bonds) on behalf of the Ministry in an institution approved by the Ministry. The interest accumulated in the Decommissioning Fund do not constitute recoverable costs nor is it tax deductible.
Decommissioning Fund. Vermont Yankee agrees to cause an appropriate decommissioning fund to be established in accordance with applicable regulatory requirements. It is anticipated that FERC may require an independent trust or other separate fund to be created which will have the necessary powers to hold and invest all funds collected for the decommissioning of the Unit and to disburse the same to pay, or to reimburse Vermont Yankee for, such costs when actually incurred for decommissioning of the Unit or removal of the Unit from service. If during the term of such trust or fund federal or state legislation or regulations are promulgated which so permit or require, or an alternative entity is created for funding decommissioning of the Unit, such trust will have the authority, with the concurrence of Vermont Yankee, to transfer its trust estate to such newly authorized entity for the purpose of providing for the decommissioning of the Unit or removal of the Unit from service. Vermont Yankee agrees to pay to, or cause to be paid to, said decommissioning fund or trust all funds collected hereunder for the express purpose of decommissioning the Unit or removing the Unit from service and further agrees that, after the tax consequences of decommissioning collections have been resolved, any funds collected hereunder to meet Decommissioning Tax Liability which are not used for that purpose will be refunded to Purchaser.
8. Make-up Term and Option Term.
(a) The Purchaser may elect to extend the contract term by written notice to Vermont Yankee upon the following conditions and for the following period or periods:
(i) In the event that the Unit is not in commercial operation on the plant completion date, the contract term may be extended for a period equal to the number of consecutive days by which commercial operation is delayed beyond the plant completion date; and
(ii) if at any time after the commencement of commercial operation no deliveries are made under this contract for a period of at least 120 consecutive days, the contract may be extended for a period equal to the aggregate of such periods during which no deliveries were made. If the term of the contract is extended pursuant to the provisions of this subsection (a), all of the contract provisions shall remain in effect for the extended term.
(b) Upon expiration of the initial term of this contract or upon expiration of the term as extended in accordance with subsection (a) of this Section 8, the Purchaser shall continue to be e...
Decommissioning Fund. The assets comprising the Decommissioning Fund shall have been transferred at the Closing in accordance with the terms hereof and there shall have been no change inconsistent with historical practices between the Effective Date and Closing Date in the manner of allocating assets within the trusts in which such assets are held between the funds relating to the Palo Verde Nuclear Generating Station and the funds relating to the San O▇▇▇▇▇ Nuclear Generating Station that would have a material adverse impact on the value of the assets in the Decommissioning Fund and Seller shall provide evidence to Purchaser of the same in form and substance satisfactory to Purchaser.
Decommissioning Fund. At the Closing, Seller shall cause to be transferred to the Trustee under the Post-Closing Decommissioning Trust Agreement all of the assets of Seller's Nonqualified Decommissioning Fund, all of which assets, including those assets referred to in the following sentence, shall be comprised only of non-cash marketable securities reasonably acceptable to Buyer as listed on Schedule 6.12(a). To the extent necessary, Seller shall be required to make a deposit to its Nonqualified Decommissioning Fund prior to the Closing so that the aggregate value of the Nonqualified Decommissioning Fund, measured as of the Closing, is equal to the Decommissioning Target (as calculated as of the Closing Date) (such deposit, the "Nonqualified Decommissioning Fund Additional Deposit").
Decommissioning Fund. For the purpose of costs related to the implementation of a Decommissioning Plan a Decommissioning Fund shall be established for each Development and Production Area, commencing from the calendar quarter in whichever of the following situations first occur:
Decommissioning Fund. DECOMMISSIONING FUND" means the Seller's Qualified Decommissioning Fund and the Seller's Non-Qualified Decommissioning Fund, in each case relating to the Facilities.