Long Term SUMF definition

Long Term SUMF has the meaning given to this term in Article 4.3;
Sample 1Sample 2Sample 3
Long Term SUMF has the meaning given to this term in Article 4; “Loss or Damage” means any loss, damage or injury of whatever nature, including without limitation, personal injury, disease and death; “Maintenance Capital” means the cost of acquiring intangible assets and PPE by purchase, construction or other means. In order for an item to be qualified as Maintenance Capital, criteria include: ◦ item will be installed permanently (not removed after a specific use). ◦ item will last longer than 1 year. ◦ meets or exceeds the "Capitalization Threshold" which is USD 50,000. For clarity, just meeting Capital Threshold alone is not a sufficient criterion for capitalization. ◦ replacements and renewals of assets: Costs incurred in the replacement or renewal of an existing asset in its entirety are capitalized. Parts of an asset may require replacement. To meet the capital criteria, partial replacement must carry a clear and measurable future economic benefit in that there is expected to be a material increase in the asset’s useful economic life or functionality/performance (for example, capacity, throughput/output or reduction in running cost). ◦ spare parts, spare capacity and stand-by equipment: are usually carried as inventory and charged to P&L when consumed. However, there are the following exceptions:
Sample 1

Examples of Long Term SUMF in a sentence

  • Article 10 provides specific termination provisions for Long Term SUMF Items.

  • Upon the termination of a Long Term SUMF Item, the Purchaser shall physically disconnect from that SUMF Item’s delivery system in the time and manner instructed by the Supplier.

  • Conversely, the Purchaser shall pay the reasonable costs, including personnel termination costs (including those actuarially determined) determined in accordance with Article 10.8, which result from the Supplier’s fixed cost reduction efforts in response to a permanent or long-term reduction by the Purchaser of a Sole Supplier SUMF Item or a Long Term SUMF Item.

  • The Supplier shall pay the costs associated with the physical disconnection of the Long Term SUMF Item that are not required to be paid by the Purchaser as provided in the preceding sentence.

  • The Purchaser shall pay the costs associated with the physical disconnection, if a Long Term SUMF Item is terminated (i) by Purchaser pursuant to Article 10.2(A) or 10.3(C) or (ii) by Supplier pursuant to Article 10.4(A) or 10.5(A).

  • Article 10 provides specific termination clauses for Long Term SUMF Items.

  • At the end of the initial or any extension term of a Long Term SUMF Item or a Sole Supplier Item, all costs associated with the physical disconnection shall be paid 50% by Purchaser and 50% by Supplier.

  • The Purchaser shall pay the costs associated with the physical disconnection, if a Long Term SUMF Item was terminated (i) by Purchaser pursuant to Article 10.2(B) or 10.3(D) or (ii) by Supplier pursuant to Article 10.4(A), 10.4(B), 10.5(A) or 10.5(B).

  • Upon the termination, in advance of the end of the initial or any extension term of a Long Term SUMF Item, the Party terminating the SUMF Item shall physically disconnect from that SUMF Item's delivery system in the time and manner instructed by Shell and the terminating party shall pay the costs associated with the physical disconnection.

  • Depending on the classification of the schedule (Sole Supplier SUMF, Long Term SUMF or Short Term SUMF), the schedules can be reviewed each year during the Annual Budgeting Plan and Budget and approved for the following calender year.

Related to Long Term SUMF

  • Long-term care means those activities taken by a host state after a compact facility is permanently closed to ensure the protection of air, land, and water resources and the health and safety of all people who may be affected by the compact facility.

  • Long-term lease means a lease term of at least 27.5 years for a residential resource or at least 31.5 years for a nonresidential resource.

  • Long-term contract means a contract with a duration period exceeding one year;

  • Long-term suspension means the removal of a student from the school premises and regular classroom activities for more than ten (10) consecutive school days, or for more than ten (10) school days cumulatively for multiple disciplinary offenses in any school year. A Principal/Designee may, in his or her discretion, allow a student to serve a long-term suspension in school. Removal solely from participation in extracurricular activities or school-sponsored events, or both, shall not count as removal in calculating school days. Except for students who are charged with a disciplinary offense set forth in subsections (a) or (b) of G.L. c. 71, §37 H, or in section 37H ½ of G.L. c. 71, no student may be placed on long-term suspension for one or more disciplinary offenses for more than ninety (90) school days in a school year beginning with the first day that the student is removed from school. No long-term suspension shall extend beyond the end of the school year in which such suspension is imposed.

  • Long-Term Debt means debt repayable over a period exceeding one year;

  • Long-Term Incentive Plan or “LTIP” means a plan providing compensation intended to motivate performance over a period greater than one financial year. LTIPs do not include option or SAR plans or plans for compensation through shares or units that are subject to restrictions on resale;

  • Long-term care services means services provided through the department of social and health services either in a hospital or skilled nursing facility, or in another setting under a home and community-based waiver authorized under 42 U.S.C. Sec. 1396n.

  • Long-term inpatient care means inpatient services for

  • Adjusted Term SOFR means, for purposes of any calculation, the rate per annum equal to (a) Term SOFR for such calculation plus (b) the Term SOFR Adjustment; provided that if Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term SOFR shall be deemed to be the Floor.

  • long term specified asset means any bond, redeemable after three years and issued on or after the 1st day of April 2006:

  • Three-Month Term SOFR means the rate for Term SOFR for a tenor of three months that is published by the Term SOFR Administrator at the Reference Time for any Floating Interest Period, as determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions.

  • long-term insurance business means the business of providing or undertaking to provide policy benefits under long-term policies, but does not include -

  • Long Term Supply Assignment means, in relation to an employee,

  • Long-term means that the effect of the impairment has lasted or is likely to last for at least twelve months (there are special rules covering recurring or fluctuating conditions)

  • Long-Term Rating has the meaning specified in the Intercreditor Agreement.

  • Long-Term Incentive Award means an Award described in Section 6(g) hereof that is based upon a period in excess of one year.

  • Qualified long-term care services means services that meet the requirements of Section 7702(c)(1) of the Internal Revenue Code of 1986, as amended, as follows: necessary diagnostic, preventive, therapeutic, curative, treatment, mitigation and rehabilitative services, and maintenance or personal care services which are required by a chronically ill individual, and are provided pursuant to a plan of care prescribed by a licensed health care practitioner.

  • Group long-term care insurance means a long-term care insurance policy which is delivered or issued for delivery in this State and issued to:

  • Long Term Occasional Teacher means an Occasional Teacher who is employed for more than ten (10) consecutive instructional days as a replacement for one teacher.

  • Adjusted Term SOFR Rate means, for any Interest Period, an interest rate per annum equal to (a) the Term SOFR Rate for such Interest Period, plus (b) 0.10%; provided that if the Adjusted Term SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

  • Long-Term Disability means the Grantee is receiving long-term disability benefits under the Employer’s long-term disability plan.

  • Long-term acute care facility (LTAC) means a facility or Hospital that provides care to people with complex medical needs requiring long-term Hospital stay in an acute or critical setting.

  • Restructuring Term Sheet means the term sheet attached as Exhibit A to the Restructuring Support Agreement.

  • Remaining Term Interest means, with respect to any Note, the aggregate amount of scheduled payment(s) of interest on such Note for the remaining term of such Note determined on the basis of the rate of interest applicable to such Note from and including the date on which such Note is to be redeemed by the Issuer pursuant to this Condition.

  • Long-term care insurance means group insurance that is authorized by the retirement system for retirants, retirement allowance beneficiaries, and health insurance dependents, as that term is defined in section 91, to cover the costs of services provided to retirants, retirement allowance beneficiaries, and health insurance dependents, from nursing homes, assisted living facilities, home health care providers, adult day care providers, and other similar service providers.

  • Existing Term Loan has the meaning specified in Section 2.01(b).