FINANCIAL PRINCIPLES. 15.1 The following represent the key financial principles to be adhered to by the LHBs:
15.1.1 to achieve financial neutrality and stability, where possible, for LHBs;
15.1.2 to adopt a fair and practical approach to the challenges of establishing the Joint Committee and to the functioning of the Joint Committee;
15.1.3 to ensure that funds are to be blocked back to the Joint Committee;
15.1.4 to ensure that the status quo with England is maintained until further review;
FINANCIAL PRINCIPLES. (a) INTELSAT shall be the owner of the INTELSAT space segment and of all other property acquired by INTELSAT. The financial interest in INTELSAT of each Signatory shall be equal to the amount arrived at by the application of its investment share to the valuation effected pursuant to Article 7 of the Operating Agreement.
(b) Each Signatory shall have an investment share corresponding to its percentage of all utilization of the INTELSAT space segment by all Signatories as determined in accordance with the provisions of the Operating Agreement. However, no Signatory, even if its utilization of the INTELSAT space segment is nil, shall have an investment share less than the minimum established in the Operating Agreement.
(c) Each Signatory shall contribute to the capital requirements of INTELSAT, and shall receive capital repayment and compensation for use of capital in accordance with the provisions of the Operating Agreement.
(d) All users of the INTELSAT space segment shall pay utilization charges determined in accordance with the provisions of this Agreement and the Operating Agreement. The rates of space segment utilization charge for each type of utilization shall be the same for all applicants for space segment capacity for that type of utilization.
(e) The separate satellites and associated facilities referred to in paragraph (e) of Article III of this Agreement may be financed and owned by INTELSAT as part of the INTELSAT space segment upon the unanimous approval of all the Signatories. If such approval is withheld, they shall be separate from the INTELSAT space segment and shall be financed and owned by those requesting them. In this case the financial terms and conditions set by INTELSAT shall be such as to cover fully the costs directly resulting from the design, development, construction and provision of such separate satellites and associated facilities as well as an adequate part of the general and administrative costs of INTELSAT.
FINANCIAL PRINCIPLES. In preparing the Initial LTAMP Cost Estimates and the In-Service LTAMP Cost Estimates, the Parties shall adhere to and assist each other in adhering to the following principles:
(a) the Parties shall develop and agree upon a common cost estimating methodology for preparing the Initial LTAMP Cost Estimates and the In-Service LTAMP Cost Estimates, using the costing information available at the relevant time. Section 1.2(m)(i) applies to this Section 5.4(a);
(b) the common cost estimating methodology will produce, by year, estimates for the Initial LTAMP Cost Estimates and the In-Service LTAMP Cost Estimates, as applicable, in nominal dollars, adhering to the following principles:
(i) the base cost estimate will be prepared in constant dollars (i.e. if prepared in 2012, use 2012 dollars), inclusive of all owner’s costs, cost contingency, and other costs as appropriate; and
(ii) the base cost estimate will use common cost categories as appropriate and will be broken out by relevant cost categories to allow for the application of applicable producer price indices or cost escalators to derive the nominal dollar expenditures by year; and
(c) in addition to any other Taxes included in Operating and Maintenance Costs, the Initial LTAMP Cost Estimates and the In-Service LTAMP Cost Estimates shall include any federal Taxes, including carbon taxes, imposed with respect to the Defined Assets or the Nova Scotia Block which are enacted or, as of the date of either such cost estimate, reasonably anticipated to be enacted, and which will apply during the Term. For greater certainty, the following Taxes shall not be included in Operating and Maintenance Costs:
(i) Taxes imposed pursuant to the Income Tax Act other than carbon taxes;
(ii) Taxes imposed pursuant to the Income Tax Act (Nova Scotia) or the Income Tax Act (Newfoundland and Labrador); and
(iii) Taxes to the extent that they are refundable, rebateable or otherwise recoverable.
FINANCIAL PRINCIPLES. The two parties must comply with the financial and accounting principles as prescribed by the law on accounting of the Socialist Republic of Vietnam. All revenues and expenditures of running business and the maintenance must be clearly, fully and truthfully recorded.
FINANCIAL PRINCIPLES. (a) The General Manager of the company shall be responsible for the financial management of the Company.
(b) The Company shall prepare the Company's accounting system and procedures in accordance with the "Accounting System of the People's Republic of China for Foreign Investment Enterprises" and the "Financial Management System of the People's Republic of China for Foreign Investment Enterprises". The Company shall also conduct its accounting in accordance with such internationally recognized accounting standards as any foreign lender to the Company may require. The Company shall practice the accrual system and the debit and credit accounting system. The Company's accounting system and procedures shall be submitted to the Board for approval. Once approved by the Board, the accounting system and procedures shall be filed for the record with the higher competent authority and with the relevant local department of finance and tax authorities.
(c) The Company shall adopt RMB. as its bookkeeping base currency.
(d) All accounting records, vouchers and books of the Company shall be made and kept in Chinese. At the request of Party C, some part of the records and books will be provide to Party C in English. All Company accounting statements shall be made and kept in English and Chinese.
FINANCIAL PRINCIPLES. 1. LBR will pay “****” an agreed annual fee of (excl VAT) to carry out the works as confirmed in section 3.1 above. The fee is payable annually in advance.
2. For items not included within the annual fee as detailed in sections 3.2 and
FINANCIAL PRINCIPLES. (a) ITSO will be financed for the twelve year period established in Article XXI by the retention of certain financial assets at the time of transfer of ITSO’s space system to the Company.
(b) In the event ITSO continues beyond twelve years, ITSO shall obtain funding through the Public Services Agreement.
FINANCIAL PRINCIPLES. 3.1. The fairest, simplest and most pragmatic way of sharing costs is on a proportionate basis
3.2. Any costs and saving shall be calculated on the basis of “actual” costs and savings.
3.3. At the commencement of the Service the City Council and SCDC will each invest their Net service budget (their Initial Investment), based on ‘Actual Outturn’ for the financial year 2015/16.
3.4. In subsequent years, The City Council and SCDC will each pay the original Net cost of the Service, plus any inflationary uplift agreed as part of each Council’s MTFS, minus any savings delivered in the preceding financial year.
3.5. Additional reductions or increases in the Net cost of the Service resulting from a decision made by either the City Council or SCDC acting as individual authorities shall be attributable to the particular authority implementing the decision.
3.6. Where additional savings or costs are delivered only as a result of working together as the single, shared service and arising from changes to the Service agreed by both parties, these shall be shared equally, unless this is manifestly unfair or inequitable, in which case savings shall be divided such that each Council receives the an equal percentage saving against base cost.
3.7. The relevant officers from SCDC and the City Council shall meet no less than quarterly to assess the distribution of costs and shall report to the Board with their findings before those costs distributions are made
3.8. The financial principles will be reviewed no less than 2 years from the date of this agreement
FINANCIAL PRINCIPLES. 2.2.1. A Financial Budget, incorporating all expenditure to be incurred by the SSRP shall be agreed between the Partners at both the Operational Board and Strategic Board meetings annually prior to the commencement of the forthcoming financial year.
2.2.2. The Partners agree at all times to manage their operations to keep within the overall level of financial resource indicated in the Financial Budget.
2.2.3. Any identified requirement to exceed the overall level of resource will require the prior agreement of all Partners. It is accepted that there may be a need for retrospective approval following consideration of the financial outturn and the justification of any variances from budget.
2.2.4. Financial reports will be provided at the routine meetings of the Strategic and Operational Boards
FINANCIAL PRINCIPLES. In managing the System’s financial resources, D-HH GO will observe, and may require the System Members to observe as applicable, the financial principles set forth in Schedule 5.5.2(a) as they may be modified from time to time by D-HH GO (the “System Financial Principles”).
