Property, Plant and Equipment. (a) None of the Sellers owns, or is obligated to purchase, any real property.
(b) Part 3.28 (b) of the Disclosure Letter, lists and briefly describes all real property leased or subleased by any Seller. The Sellers have delivered to the Buyer correct and complete copies of the leases and subleases listed in Section 3.28(b), which have not been amended or modified since the date thereof, of the Disclosure Letter. With respect to each lease and sublease listed in Section 3.28(b) of the Disclosure Letter:
(i) the lease or sublease is legal, valid, binding, enforceable, and in full force and effect;
(ii) except as set forth in Section 3.28 (b) of the Disclosure Letter, the lease or sublease is assignable to the Buyer without the consent or approval of or any payment to any party, does not require any permission or consent upon a change of control of such Seller, will continue to be legal, valid, binding, enforceable, and in full force and effect on identical terms following the consummation of the transactions contemplated hereby (including the assignments and assumptions referred to in Section 2 above);
(iii) to the Sellers' Knowledge no party to the lease or sublease is in material breach or default, and no event has occurred which, with notice or lapse of time, could constitute a material breach or default or permit termination, modification, or acceleration thereunder;
(iv) no party to the lease or sublease has repudiated any provision thereof;
(v) there are no disputes, oral agreements, or forbearance programs in effect as to the lease or sublease;
(vi) with respect to each sublease, the representations and warranties set forth in subsections (i) through (v) above are true and correct with respect to the underlying lease;
(vii) no Seller has assigned, transferred, conveyed, mortgaged, deeded in trust, or encumbered any interest in the leasehold or subleasehold;
(viii) all facilities leased or subleased thereunder have received all approvals of Governmental Bodies (including Governmental Authorizations) required in connection with the operation thereof and have been operated and maintained in accordance with applicable Legal Requirements; and
(ix) all facilities leased or subleased thereunder are supplied with utilities and other services necessary for the operation of said facilities.
Property, Plant and Equipment. Based on the net book value of property, plant and equipment, excluding natural gas and nuclear fuel.
Property, Plant and Equipment. Assets that have physical substance and are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes and that are expected to be used during more than one financial year are classified as Property, Plant and Equipment. Expenditure on the acquisition, creation or enhancement of Property, Plant and Equipment is capitalised on an accruals basis, provided that it is probable that the future economic benefits or service potential associated with the item will flow to the Council and the cost of the item can be measured reliably. Expenditure that maintains but does not add to an asset’s potential to deliver future economic benefits or service potential (i.e. repairs and maintenance) is charged as an expense when it is incurred. Assets are initially measured at cost, comprising: • the purchase price; • any costs attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management; • the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. The Council does not capitalise borrowing costs incurred whilst assets are under construction. The cost of assets acquired other than by purchase is deemed to be its fair value, unless the acquisition does not have commercial substance (i.e. it will not lead to a variation in the cash flows of the Council). In the latter case, where an asset is acquired via an exchange, the cost of the acquisition is the carrying amount of the asset given up by the Council. Donated assets are measured initially at fair value. The difference between fair value and any consideration paid is credited to the Taxation and Non- Specific Grant Income line of the Comprehensive Income and Expenditure Statement, unless the donation has been made conditionally. Until conditions are satisfied, the gain is held in the Donated Assets Account. Where gains are credited to the Comprehensive Income and Expenditure Statement, they are reversed out of the General Fund Balance to the Capital Adjustment Account in the Movement in Reserves Statement. Assets are then carried in the Balance Sheet using the following measurement bases: • Infrastructure, community assets and assets under construction – depreciated historical cost. • Council offices – current value, determined as the amount that would be paid for the asset in its existing use (existing use value – EUV), except fo...
Property, Plant and Equipment. Movements of the property, plant and equipment account for the nine-month period ended September 30, 2021, are summarized as follows: Balance as at December 31, 2020 304,376 272,100 Add Acquisitions during the period 18,180 4,531 Less Disposals and write-off during the period (1,549) (1,549) Less Transfer assets out, during the period - - Balance as at September 30, 2021 321,007 275,082 Balance as at December 31, 2020 (202,160) (193,069) Add Depreciation for the period (12,167) (7,851) Less Accumulated depreciation on disposals and write-off 1,529 1,529 Less Accumulated depreciation, transfer - out - - Balance as at September 30, 2021 (212,798) (199,391) Balance as at December 31, 2020 Add Allowance for impairment for the period Balance as at September 30, 2021 (2,036) - (2,036) (1,755) - (1,755) Net book value Balance as at December 31, 2020 100,180 77,276 Balance as at September 30, 2021 106,173 73,936 As at September 30, 2021 and December 31, 2020, some part of land and the clubhouse building in the total amount of Baht 100.52 million (net book value amount of Baht 30.54 million and Baht 33.53 million, respectively) are mortgaged as collateral against the overdrafts from a commercial bank in the credit limit amount of Baht 25 million, as discussed in Note 17.
Property, Plant and Equipment. Property, plant and equipment is initially recorded at cost. Cost includes all direct attributable costs of bringing the asset to working condition for its intended use. The Company capitalises borrowing costs which are directly attributable to the acquisition of an asset and which are incurred in respect of the period of time before an asset is introduced in to use or service. Property, plant and equipment and other long lived, non-current assets, are reviewed annually at each balance sheet date for impairment losses whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets whose carrying values exceed their recoverable amount are written down to the recoverable amount being the higher of market value or value in use (on a discounted cash flow basis) and the resulting impairment loss recorded in the statement of operations. To the extent that a previously recognised impairment loss no longer exists or decreases, the carrying amount of the asset will be increased to the lower of recoverable amount or depreciated cost and the resulting reversal of impairment loss will be recorded in the statements of operations.
Property, Plant and Equipment. Movements of the property, plant and equipment account for the nine-month period ended September 30, 2019 are summarized as follows: In Thousand Baht Consolidated Financial Statements Separate Financial Statements Balance as at December 31, 2018 309,460 301,823 Acquisitions during the period 1,976 1,947 Transfer assets in, during the period - - Disposals and write-off during the period (25,547) (25,547) Transfer assets out, during the period - - Balance as at September 30, 2019 285,889 278,223 Balance as at December 31, 2018 (199,271) (191,921) Depreciation for the period (7,912) (7,904) Accumulated depreciation on disposals and write-off 10,414 10,414 Accumulated depreciation, transfer - out - - Balance as at September 30, 2019 (196,769) (189,411) Balance as at December 31, 2018 (3,484) (3,204) Allowance for impairment for the period 1,449 1,449 Balance as at September 30, 2019 (2,035) (1,755) Balance as at December 31, 2018 106,705 106,698 Balance as at September 30, 2019 87,085 87,057 As at September 30, 2019 and December 31, 2018, some part of land and the clubhouse building in the total amount of Baht 100.52 million (net book value amount of Baht 38.54 million and Baht 41.53 million, respectively) are mortgaged as collateral against the overdrafts from a commercial bank in the credit limit amount of Baht 25.00 million, as discussed in Note 13.
Property, Plant and Equipment. (a) Section 3.10(a) of the Disclosure Schedule sets forth a true, correct and complete list of the addresses or locations of all real property and interests in real property used primarily in, or which are material or necessary to, the conduct of the Business as presently conducted and owned by Seller or PEPL (collectively, the “Owned Real Properties”). Seller and PEPL have, and at Closing Seller will transfer to Buyer, good and marketable title to all Owned Real Properties, free and clear of all Liens other than Permitted Liens.
(b) Section 3.10(b) of the Disclosure Schedule sets forth a true, correct and complete list of all leases, subleases and other agreements pursuant to which Seller or PEPL uses or occupies or has the right to use or occupy any real property (the “Real Property Leases,” and the real properties specified in such Real Property Leases, together with the Owned Real Properties, being referred to herein individually as a “Seller Property” and collectively as the “Seller Properties”), and Seller has provided to Buyer true, correct and complete copies of each such Real Property Lease, including all amendments and supplements thereto. Seller and PEPL have, and at Closing Seller will transfer to Buyer (with the exception of the Michigan Lease), a valid leasehold interest in all of the real properties subject to the Real Property Leases, free and clear of all Liens other than Permitted Liens. Seller and PEPL enjoy peaceful and undisturbed possession of all of the Seller Properties. The Seller Properties constitute all real property used primarily in, or material or necessary to, the conduct of the Business as presently conducted.
(c) Each of Seller and PEPL has complied in all material respects with the terms of the Real Property Leases under which it is in occupancy and such Real Property Leases are in full force and effect. No event has occurred which (with notice, lapse of time or both) would constitute a material breach or default under the Real Property Leases by Seller or PEPL or, to the Knowledge of Seller, by any other party thereto. None of Seller, PEPL and each of their Affiliates has received any written notice of cancellation or termination of, or any written expression or indication of an intention or desire to cancel or terminate, any of the Real Property Leases, nor will the sale, assignment or transfer of the PEPL Quotas constitute a cause for such termination.
(d) There are no leases, subleases, licenses, occupancy agreements,...
Property, Plant and Equipment. Property, plant and equipment are recorded at cost. Expenditures that extend the useful lives of assets are capitalized. Repairs, maintenance and renewals that do not extend the useful lives of the assets are expensed as incurred. Interest costs for the construction or development of long-lived assets are capitalized and amortized over the related asset’s estimated useful life. Leasehold improvements are amortized over the shorter of the useful life or lease term. When items of property, plant and equipment are sold or otherwise disposed of, any gains or losses are reported in the Consolidated Statements of Income. Gains on the disposal of property, plant and equipment are recognized when they occur, which is generally at the time of closing. If a loss on disposal is expected, such losses are recognized when the assets are classified as held for sale. The Partnership evaluates transactions involving the sale of property, plant and equipment to determine if they are, in-substance, the sale of real estate. Tangible assets may be considered real estate if the costs to relocate them for use in a different location exceed 10 percent of the asset’s fair value. Financial assets, primarily in the form of ownership interests in an entity, may be in-substance real estate based on the significance of the real estate in the entity. Sales of real estate are not considered consummated if the Partnership maintains an interest in the asset after it is sold or has certain other forms of continuing involvement. Significant judgment is required to determine if a transaction is a sale of real estate and if a transaction has been consummated. If a sale of real estate is not considered consummated, the Partnership cannot record the transaction as a sale and must account for the transaction under an alternative method of accounting such as a financing or leasing arrangement. The Partnership’s policy is to evaluate whether there has been an impairment in the value of long-lived assets when certain events indicate that the remaining balance may not be recoverable. The Partnership evaluates the carrying value of its property, plant and equipment on at least a segment level and at lower levels where the cash flows for specific assets can be identified, which generally is the business unit level for our G&P segment and the pipeline system level for our L&S segment, and are largely independent from other asset groups. A long-lived asset group is considered impaired when the estimated ...
Property, Plant and Equipment. The Company does not own any real property. Section 3.16 of the Disclosure Schedule lists all real property leased or subleased to the Company. The Company has delivered to Clariti correct and complete copies of the leases and subleases listed in Section 3.16 of the Disclosure Schedule (as amended to date) which such leases and subleases have not been amended or modified since the date thereof. No action has been taken or omitted by the Company or the Sellers, and, to the knowledge of the Sellers, no other event has occurred or condition exists, that constitutes, or after notice or lapse of time or both would constitute, a default under any Lease or that may reasonably be expected to result in a loss of rights or the creation of any Lien thereunder or pursuant thereto. The leasehold interests of the Company are not subject to any Lien, and the Company is in quiet possession of the properties covered by the Leases.
Property, Plant and Equipment. DC- Crude Oil Transportation Agreement - 009 - 2013 109 ▪ Significant differences in the reconciliation between the physical inventory and the one registered in the system ▪ Inventory that cannot be easily inspected ▪ Transfer of property of the assets ▪ Assets used by employees for their personal gain ▪ Falsification or irregular preparation of reconciliations between the detailed records (kardex) and the accounting balances ▪ Frequent or unusual adjustments to the Fixed Assets’ account (obsolescence, sales, thefts, among other) ▪ The fixed assets in the accounting records that apparently are not related to the Company’s business ▪ Lack of adequate policies and procedures to determine whether or not the property and the equipment have been adequately received and registered. ▪ Lack of procedures to control fixed assets that are transferred from one facility to another. ▪ Existence of warehouses or places to store fixed assets that still have useful life but that for whatever reason are not being utilized Liabilities ▪ Recurring payments to suppliers for the same amount ▪ Multiple vendors with the same name or similar names, the same phone number, the same electronic mail or the same bank account in the vendors’ master ▪ Multiple addresses for one same vendor ▪ Differences between the invoicing address or the address for the remittance of payments to a supplier and its address in the vendors’ master ▪ Non documented changes in the vendors’ master ▪ Several invoices with consecutive numbers from one same vendor ▪ Significant increase in the amounts of the payments to a vendor without a justified reason DC- Crude Oil Transportation Agreement - 009 - 2013 110 ▪ Non – segregated functions in the preparation and registration of payments to suppliers ▪ Frequent adjustments to the balances of a vendor for reasons such as the return of inventories ▪ Manual drafting of checks ▪ Payments directly registered as expenses and not as accounts payable The liabilities from the acquisitions in some occasions are presented in different quantities, in general, below the actual figures, which means that not all the obligations or credits are registered, as well as the accruals or accumulated liabilities, and therefore the required provisions. In the payments of works’ contracts, it is common to have the undue appropriation of cash, inserting in the supporting documents or works’ minutes quantities of works and workings higher than those actually done, which leads to the issua...
