Funding of the Abandonment Trust Sample Clauses

Funding of the Abandonment Trust. From the beginning of the Year in which the accumulated production of Net Hydrocarbons from the start of Regular Commercial Production and until the end of the previous Year is equated to the remaining proved Reserves (1P) estimated for such Year, or after a period of twenty-five (25) years from the Effective Date, whichever occurs first, the Contractor shall deposit in the Abandonment Trust one-fourth (1/4) of the Annual Contribution at the end of each Trimester. The Annual Contribution for Abandonment activities in the Contract Area shall be determined based on the following formula: AAt=Maximum[0,(PAEt/RR)*CAE-IAt] Where: AAt = Annual Contribution. PAEt = Estimated Production in the Field for the Year of Calculation. RR = Remaining proved Reserves (1P) at the beginning of the Year of calculation, as determined by the Contractor quantified based on the methodology established by the CNH in the Applicable Laws. These remaining reserves shall be consistent with the volume of Hydrocarbons to be recovered from the beginning of the Year of calculation and the earlier to occur between: (i) the natural termination of the Contract or (ii) the Year in which it is estimated that Abandonment activities will be completed in the Field. CAE = Remaining amount of the Costs of Abandonment at the beginning of the Year of calculation, estimated pursuant to the approved Development Plan, as it may be modified. Such remaining amount will be calculated as the difference between the global amount of the Costs of Abandonment estimated on the basis of the future Costs of Abandonment from the beginning of the Year of calculation and the earlier to occur between: (i) the natural termination of the Contract or (ii) the Year in which it is estimated that Abandonment activities will be completed in the Field, according to technical studies conducted by the Contractor and approved by the CNH, minus the aggregate balance in the Abandonment Trust at the beginning of the Year of Calculation (AAA t-1). IAt = The interest generated in the Abandonment Trust in the Year of calculation, using the following formula: IAt = rt * AAAt-1 Where: rt = Interest rate applicable to the balance in the Abandonment Trust. AAAt = The aggregate balance in the Abandonment Trust at the end of the Year of calculation, defined as follows: AAAt = AAAt-1+AAt+IAt-St-1. Where: St-1 = The total amount withdrawn from the Abandonment Trust during the Year of calculation to finance the Abandonment activities performed...
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Related to Funding of the Abandonment Trust

  • Change of Control of the Academy Trust 102A) The Secretary of State may at any time by notice in writing, subject to clause 102C) below, terminate this Agreement forthwith (or on such other date as he may in his absolute discretion determine) in the event that there is a change:

  • Posting of the Agreement A copy of this Agreement shall be displayed in a conspicuous and convenient place at the workplace so as to be easily read by all employees.

  • Where the Academy Trust is seeking a specific EAG for any Academy Financial Year, it must send a letter outlining its proposals and the reasons for the request to the DfE. Arrangements for paying GAG and EAG

  • PRINTING OF THE AGREEMENT The Union and the Employer desire every employee to be familiar with the provisions of this Agreement, and his/her obligations under it. For the term of this Collective Agreement, the Union shall print sufficient copies of the Agreement and the costs shall be shared equally between the parties. In this Agreement including the printed form thereof, titles shall be descriptive only and shall form no part of the interpretation of the Agreement by the parties or an Arbitration Board.

  • RUNNING OF THE ACADEMY Teachers and staff

  • TESTING OF THE BCDR PLAN The Service Provider shall test the BCDR Plan on a regular basis (and in any event not less than once in every Contract Year). Subject to paragraph 6.2, the Purchaser may require the Service Provider to conduct additional tests of some or all aspects of the BCDR Plan at any time where the Purchaser considers it necessary, including where there has been any change to the Services or any underlying business processes, or on the occurrence of any event which may increase the likelihood of the need to implement the BCDR Plan. If the Purchaser requires an additional test of the BCDR Plan, it shall give the Service Provider written notice and the Service Provider shall conduct the test in accordance with the Purchaser's requirements and the relevant provisions of the BCDR Plan. The Service Provider's costs of the additional test shall be borne by the Purchaser unless the BCDR Plan fails the additional test in which case the Service Provider's costs of that failed test shall be borne by the Service Provider. The Service Provider shall undertake and manage testing of the BCDR Plan in full consultation with the Purchaser and shall liaise with the Purchaser in respect of the planning, performance, and review, of each test, and shall comply with the reasonable requirements of the Purchaser in this regard. Each test shall be carried out under the supervision of the Purchaser or its nominee. The Service Provider shall ensure that any use by it or any Sub-contractor of “live” data in such testing is first approved with the Purchaser. Copies of live test data used in any such testing shall be (if so required by the Purchaser) destroyed or returned to the Purchaser on completion of the test. The Service Provider shall, within twenty (20) Working Days of the conclusion of each test, provide to the Purchaser a report setting out: the outcome of the test; any failures in the BCDR Plan (including the BCDR Plan's procedures) revealed by the test; and the Service Provider's proposals for remedying any such failures. Following each test, the Service Provider shall take all measures requested by the Purchaser, (including requests for the re-testing of the BCDR Plan) to remedy any failures in the BCDR Plan and such remedial activity and re-testing shall be completed by the Service Provider, at no additional cost to the Purchaser, by the date reasonably required by the Purchaser and set out in such notice. For the avoidance of doubt, the carrying out of a test of the BCDR Plan (including a test of the BCDR Plan’s procedures) shall not relieve the Service Provider of any of its obligations under this Contract. The Service Provider shall also perform a test of the BCDR Plan in the event of any major reconfiguration of the Services or as otherwise reasonably requested by the Purchaser.

  • PRINTING OF THE COLLECTIVE AGREEMENT 33.01 Provided the parties execute the Collective Agreement within sixty (60) days of the ratification of the Memorandum of Agreement, the parties shall share on a 50/50 basis the cost of printing and distributing of such agreements to the appropriate bargaining unit and management staff. The sixty (60) day time period may be extended by mutual agreement.

  • Qualified HSA Funding Distribution If you are eligible to contribute to a health savings account (HSA), you may be eligible to take a one-time tax-free HSA funding distribution from your IRA and directly deposit it to your HSA. The amount of the qualified HSA funding distribution may not exceed the maximum HSA contribution limit in effect for the type of high deductible health plan coverage (i.e., single or family coverage) that you have at the time of the deposit, and counts toward your HSA contribution limit for that year. For further detailed information, you may wish to obtain IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans.

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