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) Unless otherwise instructed by ANPM, in the first Calendar Year upon commencement of Commercial Production Contractor shall establish a Decommissioning Fund in accordance with the Applicable Law in Timor-Leste and this Contract, which shall be in the form of an interest bearing escrow account, which is a bank account that, when possible, must yield a maximum of one (1) percentage point margin above the annual yield on long-term United States Treasury Bonds (thirty-year (30) bonds), in ANPM’s name, at a first class financial institution previously approved by ANPM. The interest accumulated in the Decommissioning Fund is neither Recoverable Costs nor tax deductible.
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 to 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 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 the Purchaser.
Decommissioning Fund. Vermont Yankee agrees to cause an appropriate decommissioning reserve to be maintained in accordance with applicable regulatory requirements. As of the date hereof, FERC has required an independent trust or other separate fund to be created which has 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 has 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 credit to, or cause to be credited to, the appropriate decommissioning reserve 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.
Decommissioning Fund. The Operator shall establish the Decommissioning Fund pursuant to applicable Petroleum law and the EPCC. The Operator shall, with due consideration of the time limits stipulated by applicable Petroleum law for the establishment of a Decommissioning Fund, prepare and submit to the Operating Committee for approval, the outline of alternatives and the preferred decommissioning solution and appurtenant Documentation required pursuant to applicable Petroleum law related to the selection of a preliminary Decommissioning solution on which the calculation of estimated cost of Decommissioning to be covered by the Decommissioning Fund shall be based. The Operator shall upon the approval by the Operating Committee submit the prepared Documentation of alternatives proposed and preferred decommissioning solutions and appurtenant Documentation to MIREME pursuant to applicable Petroleum law. The Operator shall, based on the selection by MIREME of the preliminary Decommissioning solution or an approved Decommissioning Plan, prepare and submit to the Operating Committee for approval a schedule for amounts payable to the Decommissioning Fund by each Concessionaire pursuant to applicable Petroleum law and the EPCC. Such schedule shall be updated annually, and approved by the Operating Committee as part of the annual budget. Each Concessionaire shall be obliged to pay into the Decommissioning Fund its share of the estimated future cost of Decommissioning based on its Participating Interest in the EPCC pursuant to the approved schedule for such payments and the Accounting Procedure enclosed as Exhibit A to this Agreement
Decommissioning Fund. DRS will create a decommissioning fund to guarantee that monies are available to perform the facility decommissioning. Although DRS intends to perform the decommissioning, unforeseen circumstances such DRS selling the project to another party or DRS going out of business are possible. The funds will be held in a 3rd party escrow account, and they will remain available to any party performing the decommissioning such as a municipality or a landowner. During project construction, DRS will deposit $60,000 into the fund (prorated for the actual facility size). After every year of operation, DRS will deposit an additional 2.5% of the previous balance to keep up with inflation and expected decommissioning costs. Decommissioning Fund (Deposits) Timeframe Amount Cumulative Construction 60,000 60,000 Year 1 1,500 61,500 Year 2 1,538 63,038 Year 3 1,576 64,613 Year 4 1,615 66,229 Year 5 1,656 67,884 Year 6 1,697 69,582 Year 7 1,740 71,321 Year 8 1,783 73,104 Year 9 1,828 74,932 Year 10 1,873 76,805 Year 11 1,920 78,725 Year 12 1,968 80,693 Year 13 2,017 82,711 Year 14 2,068 84,778 Year 15 2,119 86,898 Year 16 2,172 89,070 Year 17 2,227 91,297 Year 18 2,282 93,580 Year 19 2,339 95,919 Year 20 2,398 98,317 Assumed 2MWac Facility DECOMMISSIONING AGREEMENT This DECOMMISSIONING AGREEMENT (this “Agreement”) dated as of , 20 (the “Effective Date”) is made by and among the Town of Xxxxxx (the “Town”) and [NY Xxxxxx I, LLC] (“Owner”, together with the Town, the “Parties”).
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”).
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. DECOMMISSIONING FUND" means the Seller's Qualified Decommissioning Fund and the Seller's Non-Qualified Decommissioning Fund, in each case relating to the Facilities.
