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.
(b) Annual Decommissioning costs provisions shall be calculated based on the total estimated abandonment costs and charged as Recoverable Costs in beginning in the Calendar Year immediately following the Calendar Year in which Commercial Production first occurs. The amount of annual Decommissioning costs provision in each Calendar Year shall be calculated as follows:
(i) the total Decommissioning costs at the expected date of Decommissioning must be first calculated;
(ii) the calculated annual Decommissioning costs shall be deducted from such total Decommissioning costs of which the additions made to the Decommissioning Costs Reserve, eligible 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 Articles 6.5(b)(i) and 6.5(b)(ii) above, shall then be discounted to the relevant Calendar Year at the forecast rate of Uplift applicable in each Calendar Year remaining until the Calendar Year of Decommissioning;
(iv) the discounted total amount of residual Decommissioning costs shall then be divided by the total number of Calendar Years remaining prior to the Calendar Year in which Decommissioning must occur, including the relevant Calendar Year;
(v) the resultant amount shall be the addition to the Decommissioning Costs Reserve for the relevant Calendar Year;
(vi) it is the intention of the provisions of this Article 6.5 that the total accumulated provision allowed, including interest calculated to the Calendar Year of Decommissioning at the rate of Uplift, shall equal the total Decommissioning costs; and
(vii) if the amount in Article 6.5(b)(v) is nega...
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. 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. 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. 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. 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 pursuant to Section 3 under clause (x) of the definition of "Total Decommissioning Costs".
J. Section 10 of the Additional Power Contract is amended to read as follows:
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.
Decommissioning Fund. (a) Between the date hereof and the Closing Date, Seller shall make any additional cash deposits to the Qualified Decommissioning Fund or the Non-Qualified Decommissioning Fund in accordance with the ratemaking decisions of the CPUC, but Seller shall not withdraw any funds (except for expenses described in Code Section 468A(e)(4)(b)) from the Qualified Decommissioning Fund or the Non-Qualified Decommissioning Fund.
(b) Subject to Section 6.1(a), as promptly as practicable after the date of this Agreement, Purchaser and Seller shall jointly submit a ruling request to the IRS as described in Schedule 6.8(b). All proceedings in connection with such ruling request shall be subject to Section 6.1(a), and without limiting the generality of the foregoing, all appearances, presentations, briefs, and proposals made or submitted by or on behalf of either Party before the IRS in connection with such ruling request and ruling shall be subject to the joint approval or disapproval in advance and the joint control of Purchaser and Seller, it being the intent that the parties will consult and cooperate with one another, and consider in good faith the views of one another, in connection with any such appearance, presentation, brief, and proposal. Subject to Section 6.1(a), the Parties shall respond reasonably promptly to any requests for additional information made by the IRS and use their respective Commercially Reasonable Efforts to cause the IRS to issue the ruling request at the earliest possible date after the date of request. Each Party will bear its own costs in connection with the ruling request, except that Purchaser and Seller will share equally the cost of all joint attorney, expert and IRS fees and costs with respect thereto.
