Abandonment Fund definition

Abandonment Fund means any account or fund established by agreement of the Licensee and the Commissioner, including any revision or alteration thereof agreed by the Licensee and the Commissioner, for which the Licensee shall be required to make periodic contributions to fund some or all future Abandonment obligations arising in connection with Petroleum Operations.
Sample 1Sample 2Sample 3
Abandonment Fund is an escrow account set up to finance abandonment activities, in US Dollars at a bank of good international repute to be agreed between Staatsolie and Contractor.
Sample 1Sample 2Sample 3
Abandonment Fund shall have the meaning given to it in Article 14.2(a).
Sample 1Sample 2Sample 3

Examples of Abandonment Fund in a sentence

  • At such time as the Abandonment Fund equals these estimated costs, the overriding royalty shall be assigned to the PARTICIPATING PARTIES by the Assignee.

  • If a platform is not constructed within one year of the date of overriding royalty interest is assigned, the overriding royalty shall terminate and the Assignee shall reassign the interest and properly disburse the Abandonment Fund to the appropriate Parties.

  • The Assignee, who shall have no interest in the overriding royalty interest, shall receive the proceeds and place same in an interest bearing account or in insured certificates of deposit (the "Abandonment Fund").

  • A PARTICIPATING PARTY's interest in the Abandonment Fund may only be assigned or transferred in conjunction with an assignment or transfer of the subject Lease(s).

  • Staatsolie shall be responsible for abandoning the remaining facilities, assets or xxxxx without further cost to Contractor and shall be entitled to the funds in the Abandonment Fund equal to the estimated abandonment cost for such facilities accrued at the time of termination of the contract.

  • In either case the terms and conditions of the instrument agreed upon shall be determined by the Parties within the year immediately preceding the date on which the Abandonment Fund is to be established.

  • Upon the expiration of the first calendar Year from the Month in which THE CONTRACTOR began commercial and regular production of Hydrocarbons in a Production Area, and uninterruptedly from thereon THE CONTRACTOR will keep a special accounting record called Abandonment Fund, in order to implement the Abandonment Program.

  • The structure of the Abandonment Fund and the terms for the administration of the Abandonment Fund shall be mutually agreed between Staatsolie and Contractor.

  • The amount of the Abandonment Fund at the end of each Calendar Year will be the one resulting from applying the following formula: AMA = (PAH / RIH)2 x CAB where: AMA is the value of the Abandonment Fund that THE CONTRACTOR must register for each Production Area, at the end of the Calendar Year.

  • AFB the Abandonment Fund balance at the end of the previous Calendar Quarter.


More Definitions of Abandonment Fund

Abandonment Fund means the fund formed by the subsoil user in accordance with the Article XVIII hereof to eliminate consequences of subsoil use operations in the Republic.
Sample 1Sample 2
Abandonment Fund is a fund as set out in Sub-Article 30.2.
Sample 1
Abandonment Fund means a fund formed by a subsoil user for eliminating the consequences of subsoil operations in the Republic of Kazakhstan;
Sample 1
Abandonment Fund means the fund established pursuant to Article 31.6
Sample 1
Abandonment Fund has the meaning given in Article 9.2.
Sample 1

Related to Abandonment Fund

  • Abandonment means action or inaction by a person or entity with a duty of care for a vulnerable adult that leaves the vulnerable person without the means or ability to obtain necessary food, clothing, shelter, or health care.

  • Payment Fund has the meaning set forth in Section 2.02(a).

  • Abandoned well means a well whose use has been permanently discontinued or which is in a state of disrepair such that it cannot be used for its intended purpose or for observation purposes.

  • Endowment fund means an institutional fund or part thereof that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. The term does not include assets that an institution designates as an endowment fund for its own use.

  • Settlement Fund means the Settlement Amount plus any and all interest earned thereon.

  • Abandoned vehicle means any of the following:

  • Restoration means the repair and restoration of an Individual Property after a Casualty or Condemnation as nearly as possible to the condition the Individual Property was in immediately prior to such Casualty or Condemnation, with such alterations as may be reasonably approved by Lender.

  • Government-furnished property means property in the possession of, or directly acquired by, the Government and subsequently furnished to the Contractor for performance of a contract. Government-furnished property includes, but is not limited to, spares and property furnished for repair, maintenance, overhaul, or modification. Government-furnished property also includes contractor-acquired property if the contractor-acquired property is a deliverable under a cost contract when accepted by the Government for continued use under the contract.

  • Abandon means the vacating of all or a substantial portion of the leased premises by Lessee, whether or not Lessee is in default of the rental payments due under this Lease.

  • Restore means accomplish a Restoration.

  • Settlement Funds means moneys allocated to this state from the environmental mitigation trust specified in par. (d) and received by the state from the trustee.

  • Exchange Fund shall have the meaning set forth in Section 3.2(a).

  • default fund means a fund established by a CCP in accordance with Article 42 of Regulation (EU) No 648/2012 and used in accordance with Article 45 of that Regulation;

  • Client Funds means money deposited by the Client in his/her Trading Account, plus or minus any unrealized or realized profit or loss, plus or minus any amount that is due by the Client to the Company and vice versa.

  • Provident Fund means any fund (other than a pension fund, benefit fund or retirement annuity fund) which is approved by the Minister in respect of the year of assessment in question: Provided that the Minister may approve a fund subject to such limitations or conditions as he or she may determine, and shall not approve a fund in respect of any year of assessment unless he or she is in respect of that year of assessment satisfied -

  • Investment Fund has the same meaning as in National Instrument 81-106 Investment Fund Continuous Disclosure;

  • Government Property means all property owned or leased by the Government. Government property includes both Government-furnished and Contractor-acquired property. Government property includes material, equipment, special tooling, special test equipment, and real property. Government property does not include intellectual property and software.