Salvage Fund definition

Salvage Fund. As used herein shall have the meaning set forth in Section 9.7.
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Salvage Fund means that separate interest-bearing account that has a portion of the Fund’s net revenue, if any, that the Fund may receive from the production and sale of oil or natural gas from each Project in which the Fund has invested until such time as such account contains an amount equal to the Fund’s anticipated salvage value of dismantling production platforms, plugging and abandoning the platform xxxxx, and removing the platforms and platform xxxxx in respect of each such Project after its useful life, in accordance with applicable federal and state law and regulations.
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Salvage Fund. As used herein shall have the meaning set forth in Section 9.6. "Shareholder" --- The Investors and the owner of the Management Share. The Shareholders are the members of the Fund. "Share"--- A Shareholder's interest as a member of the Fund. "Subscription Agreement"--- The form of subscription agreement (contained in Exhibit D to the Memorandum, which is separately bound) which
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Examples of Salvage Fund in a sentence

  • Any portion of the Salvage Fund that remains after the Fund pays its share of the salvage costs will be distributed to the Investors in accordance with the provisions of Section 8.1.

  • Payments to each Salvage Fund will reduce the amount of cash distributions that may be made to Shareholders by the Fund.

  • Any portion of a Salvage Fund that remains after the Fund pays its share of the actual salvage cost will be distributed to the Shareholders.

  • There is no assurance that the Salvage Fund will have sufficient assets to meet these requirements, and any unfunded expenses will be a liability of the Fund; therefore, the Fund will deposit up to $1 million from Capital Contributions, in the aggregate, into the Salvage Fund which the Fund estimates to be sufficient to meet its potential requirements.

  • Salvage Fund ------------ As to Projects in which the Fund owns a Working Interest, the Fund will (and may be required by the Operating Agreement to) reserve and set aside each month in a separate interest-bearing account ("Salvage Fund"), a portion of the Fund's share of net revenue, if any, that the Fund may receive from the production and sale of natural gas from each such Project.

  • The purpose of the Salvage Fund, which is in the nature of a sinking fund, is to provide for the Fund's proportionate share of the anticipated gross cost net of anticipated salvage value ("Anticipated Salvage Cost") of dismantling production platforms and facilities, plugging and abandoning the xxxxx, and removing the platforms, facilities and xxxxx in respect of each of such Projects after the end of their useful life, in accordance with applicable federal and state laws and regulations.

  • Salvage Fund may be Insufficient -------------------------------- As indicated above, the Fund may be required to create a Salvage Fund to cover certain Anticipated Salvage Costs.

  • The Salvage Fund may be Insufficient to Cover Salvage Costs and the Fund may be Liable for the excess As indicated above, the Fund may be required to create a Salvage Fund to cover certain Anticipated Salvage Costs.

  • The purpose of the Salvage Fund, which is in the nature of a sinking fund, is to provide for the Fund's proportionate share of the anticipated gross cost net of anticipated salvage value ("Anticipated Salvage Cost") of dismantling production platforms and facilities, plugging and abandoning the wells, and removing the platforms, facilities and wells in respect of each of such Projects after the end of their useful life, in accordance with applicable federal and state laws and regulations.

  • Payments to the Salvage Fund will reduce the amount of cash distributions that may be made to Members by the Fund.


More Definitions of Salvage Fund

Salvage Fund. As used herein shall have the meaning set forth in Section 9.6. "Shareholder" --- The Investors and the owner of the Management Share. The Shareholders are the members of the Fund. "Share"---A Shareholder's interest as a member of the Fund. "Subscription Agreement"---The form of subscription agreement (contained in Exhibit D to the Memorandum, which is separately bound) which each prospective Investor must complete and execute in order to subscribe for an interest in the Fund. "Supplemental Offering" --- A supplemental offering of a class or series of Shares by the Fund at a date to be determined and as further described in Section 9.8. "Temporary Investments" --- The investments by the Company in: (a) securities that are obligations of or guaranteed by the U.S. government or an instrumentality thereof; (b) domestic, corporate or governmental indebtedness rated Aa or Prime-1 (or the equivalent thereof) or better by Moody's Investors Service Inc. or A-I (or its equivalent) or better bx Xxxxxard & Poor's Corporation; (c) certificates of deposit, money market accounts, savings accounts, checking accounts or any combination thereof in banks which have total assets of $100,000,000 or more (or in banks insured by the Federal Deposit Insurance Corporation (the "FDIC") which have total assets of less than $100,000,000 if the amount of the Company's funds deposited in such bank is fully insured by the FDIC); or (d) any other securities that the Manager determines are appropriate for short term investments. "Termination Date" --- The date on which the initial offering of Investor Shares is ended, as set or extended from time to time by the Fund in its sole discretion, provided that the Termination Date may not occur before the Escrow Date, and that if the Offering is withdrawn, the Termination Date is the date the Fund elects to do so. In no event shall the Termination Date extend beyond ninety (90) days beyond July 31, 2006. "Working Interest" --- For purposes of this Agreement, a Working Interest is an interest under a natural gas well, which carries with it the obligation to pay the costs of the operation of such well. The holders of the entire Working Interest bear 100% of the costs of exploring, drilling, developing and operating the well and are entitled to receive revenues derived from the natural gas production of the well which remain after deduction of the cost of processing, transporting and marketing such natural gas, including royalty payments.
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Salvage Fund. As used herein shall have the meaning set forth in Section 9.7. "Shareholder" --- The Investors and the owner of the Management Share. The Shareholders are the members of the Fund. "Share"---A Shareholder's interest as a member of the Fund. "Subscription Agreement"---The form of subscription agreement (contained in Exhibit D to the Memorandum, which is separately bound) which each prospective Investor must complete and execute in order to subscribe for an interest in the Fund. "Supplemental Offering" --- A supplemental offering by the Fund at a date to be determined and as further described in Section 9.6. "Termination Date" --- The date on which the initial offering of Investor Shares is ended, as set or extended from time to time by the Fund in its sole discretion, provided that the Termination Date may not occur before the Escrow Date, and that if the Offering is withdrawn, the Termination Date is the date the Fund elects to do so. In no event shall the Termination Date extend beyond ninety (90) days beyond December 31, 2005. "Working Interest" --- For purposes of this Agreement, a Working Interest is an interest under a natural gas well, which carries with it the obligation to pay the costs of the operation of such well. The holders of the entire Working Interest bear 100% of the costs of exploring, drilling, developing and operating the well and are entitled to receive revenues derived from the natural gas production of the well which remain after deduction of the cost of processing, transporting and marketing such natural gas, including royalty payments.
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Related to Salvage Fund

  • Expense Fund has the meaning set forth in Section 10.1(e).

  • Indemnity Escrow Account means the escrow account established by the Escrow Agent pursuant to the terms of the Escrow Agreement for purposes of holding the Indemnity Escrow Amount.

  • Indemnity Escrow Amount means $3,000,000.

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

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

  • Indemnity Escrow Fund means the Indemnity Escrow Amount deposited with the Escrow Agent, as such sum may be increased or decreased as provided in this Agreement and the Escrow Agreement, including any remaining interest or other amounts earned thereon.

  • Escrow Fund means the escrow fund established pursuant to the Escrow Agreement.

  • Salvage means the controlled removal of materials from a covered project, for the purpose of reuse or storage for later reuse;

  • Professional Fee Escrow Amount means the aggregate amount of Professional Fee Claims and other unpaid fees and expenses Professionals estimate they have incurred or will incur in rendering services to the Debtors prior to and as of the Confirmation Date, which estimates Professionals shall deliver to the Debtors as set forth in Article II.C of the Plan.

  • Escrow Amount has the meaning set forth in Section 2.1(c).

  • Expense Account The account established pursuant to Section 10.3(c).

  • Hedge Fund means an Alternative Investment Fund which employs diverse or complex trading strategies and invests and trades in securities having diverse risks or complex products including listed and unlisted derivatives;

  • Escrow Account The Eligible Account or Accounts established and maintained pursuant to Section 3.09(b).

  • Professional Fee Escrow Account means an interest-bearing account funded by the Debtors with Cash on the Effective Date in an amount equal to the Professional Fee Amount.

  • Escrow Cash is defined in Section 4.1(a).

  • Project Fund means the fund required to be established by this Resolution for the deposit of the proceeds of the Bonds.

  • Salvage vehicle means any vehicle which is within the last ten (10) model years and which has been damaged by collision or other occurrence to the extent that the cost of repairing the vehicle for safe operation on the highway exceeds sixty percent (60%) of its fair market value, as defined by Section 1111 of this title, immediately prior to the damage. For purposes of this section, actual repair costs shall only include labor and parts for actual damage to the suspension, motor, transmission, frame or unibody and designated structural components;

  • Share Premium Account means the share premium account established in accordance with these Articles and the Companies Act.

  • Administrative fund means that Fund established by Section 6.1 and administered pursuant to Section 6.9.

  • Operating Account means a demand deposit account maintained at the Funding Bank in Borrower's name and designated for funding that portion of each Eligible Loan not funded by a Warehousing Advance made against that Eligible Loan and for returning any excess payment from an Investor for a Pledged Loan or Pledged Security.

  • Reserve Fund means the account designated as such, and established and maintained pursuant to Section 4.01.

  • Holdback Amount has the meaning set forth in Section 2.06(a).

  • Excess Funds shall have the meaning set forth in Section 2(l) of this Agreement.

  • Revenue Fund means the fund so designated in, and created pursuant to, Section 502 hereof.