Decommissioning Liabilities means any Obligations incurred in relation to abandonment and/or decommissioning and/or removing and making safe all property (whether or not in existence as at the date of this Agreement) related to the Interests (including platforms, pipelines, plant, machinery, xxxxx, facilities and all other offshore and onshore installations and structures and drill cuttings) whether such Obligations are incurred under or pursuant to any of the Interests Documents or under statutory, common law or other obligation (whether or not in existence as at the date of this Agreement) and including any residual liability for anticipated and/or necessary continuing insurance, maintenance and monitoring costs;
Decommissioning Liabilities means, with respect to a Person, its liabilities for plugging and abandonment as reflected in the corresponding line item on its balance sheet, or if such Person is the Borrower or any of its Subsidiaries, as disclosed to the Administrative Agent.
Decommissioning Liabilities means any and all claims, costs, charges, expenses, liabilities or obligations incurred in relation to decommissioning, abandonment, removing, or making safe all of the Asset Property (including platforms, pipelines, plant, machinery, xxxxx (including well cuttings), facilities and all other offshore and onshore installations and structures) whether such claims, costs, charges, expenses, liabilities or obligations are incurred under or pursuant to any of the Asset Documents or under statutory obligation, common law, international law, international convention or any other obligation including any decommissioning plans or IMO Guidelines and Standards or regulations under OSPAR Decision 98/3 or any subsequent decisions of OSPAR and including any residual liability for anticipated or necessary continuing insurance, maintenance and monitoring costs;
Examples of Decommissioning Liabilities in a sentence
Decommissioning Liabilities Decommissioning liabilities include legal and constructive obligations related to owned and leased facilities.
Decommissioning Liabilities for decommissioning costs are recognised as a result of the constructive obligation of past practice in the oil and gas industry, when it is probable that an outflow of economic resources will be required to settle the liability and a reliable estimate can be made.
Decommissioning Liabilities) Under IFRS, a liability must be recognized at the time when the entity becomes legally or constructively obliged to rehabilitate a disturbance resulting from mining activities, while under Canadian GAAP, a liability is only recognized when the entity is legally bound.
As a result of these developments and applicable Third Circuit precedent, many key Creditors holding Claims for Decommissioning Liabilities have expressed their support for the treatment of these Claims as General Unsecured Claims, as described in more detail below, only in certain circumstances, which may or may not exist at the time of Confirmation.
In the first instance, as discussed above, the Debtors believe the Combined Disclosure Statement and Plan, which is predicated on treatment of Decommissioning Liabilities as General Unsecured Claims, is in the best interests of Decommissioning Claimants (versus a chapter 7 liquidation) because the Debtors strongly believe such Claims are properly treated as unsecured obligations that do not trigger the narrow Midlantic Exception and will permit a recovery on account of such Claims.
More Definitions of Decommissioning Liabilities
Decommissioning Liabilities means various performance-based and/or financial obligations of the Debtors required by Laws, permits, licenses, or other government approvals to perform certain activities associated with the shut-in, retirement or discontinuation of oil and gas properties or related assets upon a determination by the owner, operator, or applicable regulatory entity with jurisdictional authority that there is no longer a present or future ability to engage in operations or use of such properties or assets, for reasons such as termination, surrender, relinquishment or expiration of the associated lease(s), abandonment of the associated properties, or a lack of future production potential.
Decommissioning Liabilities means any and all claims, costs, charges, expenses, liabilities, duties and/or obligations arising from, under or in respect of the ownership or use of the Interests and/or the Blocks and relating to the decommissioning and/or removing and/or making safe of all of the property held in connection with the Interests whether such claims, costs, charges, expenses, liabilities, duties and/or obligations are incurred under or pursuant to any of the Licensed Interest Documents or under statutory law, common law or otherwise and including the reinstatement and/or making good of the area covered by the Licence(s) in accordance with good oil and gas field industry practice and applicable law at the time of such decommissioning and/or removal and any residual liability or obligation for anticipated and/or necessary continuing insurance, maintenance and monitoring costs regardless in each case of any acts, omissions, negligence or breach of duty (statutory or otherwise), conduct or statements of the Seller or the condition of the Interests;
Decommissioning Liabilities means any costs, charges, expenses, liabilities and obligations incurred in abandoning and/or decommissioning any Asset Property (including but not limited to xxxxx and facilities) whether such loss, charges, expenses, liabilities and obligations are incurred pursuant to any statutory, common law or other obligation [and regardless of negligence on the part of the Seller];
Decommissioning Liabilities means any and all Liabilities and Costs howsoever arising (whether under Environmental Law, any Environmental Licence, the PSCs, the JOAs, the UUOAs, public, common, civil or international law or otherwise) directly or indirectly from, or in connection with, abandoning, dismantling, decommissioning, removing, disposing, recovering and/ or making safe any or all of the Joint Property or any other property previously or currently owned, held, used, leased, operated or controlled under or in connection with the PSCs, the JOAs or the UUOAs (including any platforms, vessels, rigs, pipelines, wells, subsea equipment, drill cuttings, transportation facilities and all other plant, equipment, facilities , waste and other offshore and onshore installations and structures) and all associated equipment, infrastructure or installations and/or any part of the Environment associated with, connected to or impacted by the Joint Property (or any other property previously or currently owned, held, used, leased, operated or controlled under or in connection with the PSCs, the JOAs or the UUOAs) or otherwise impacted by the carrying on of activities at or with the Joint Property and/or pursuant to the PSCs including any liability for anticipated and/or necessary continuing insurance, maintenance and/or monitoring Costs or Liabilities and, in all cases, irrespective of when such Liabilities or Costs arose or were suffered or incurred and/or when the relevant action was taken;
Decommissioning Liabilities with respect to a Person, its liabilities for plugging and abandonment of oil and gas xxxxx. Debt: as applied to any Person, without duplication, (a) all Borrowed Money; (b) all performance, warranty, decommissioning, importation and surety bonds for the benefit of such Person; (c) in the case of an Obligor, the Obligations; (d) all obligations to pay the deferred purchase price of property or services (other than (x) trade payables and accrued expenses in the Ordinary Course of Business, (y) earn out obligations and deferred compensation until such obligations become a liability on the balance sheet of such Person in accordance with GAAP, and (z) agreements providing for indemnification, purchase price adjustments or similar obligations in connection with acquisitions and dispositions); (e) all obligations created or arising under any conditional sale or other title retention agreement, regardless of whether the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property; (f) all obligations, whether or not contingent, in respect of Disqualified Equity Interests valued at, in the case of redeemable preferred Equity Interests, the greater of the voluntary liquidation preference and the involuntary liquidation preference of such Equity Interests plus accrued and unpaid dividends; (g) all payments that would be required to be made in respect of any Swap after giving effect to any netting agreement with respect thereto in the event of a termination (including an early termination) on the date of determination; and (h) all Contingent Obligations of such Person in respect of any of the foregoing; provided, that Debt shall not include (i) deferred or prepaid revenue, (ii) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller, and (iii) endorsements of instruments for deposit or collection in the Ordinary Course of Business. The Debt of a Person shall include any recourse Debt of any partnership in which such Person is a general partner or joint venturer. Default: an event or condition that, with the lapse of time or giving of notice, would constitute an Event of Default. Default Rate: for any Obligation (including, to the extent permitted by law, interest not paid when due), 2% plus the interest rate or fee (including margin) otherwise applicable thereto.
Decommissioning Liabilities means any and all liabilities and costs incurred in relation to decommissioning, removing, disposing, recovering or making safe any Generation Assets following the Closing (including any liabilities and costs incurred in connection with environmental matters or under Environmental Law, whether known or unknown by PG&E at the Closing). Decommissioning Liabilities shall not be impacted by any amounts that have been, or are expected to be, recovered by PG&E from customers in rates.
Decommissioning Liabilities means any Liability to decommission all or any part of any property of the Corporations or any other area that was used in connection with the activities conducted in respect of such properties and any such other Liability as may be required under Applicable Law pertaining to such properties including Liabilities for the clean-up thereof or in respect of any Release.