Common use of Restructuring cost Clause in Contracts

Restructuring cost. Before the Operator may make any charge to the Joint Account for restructuring cost, including cost for retirement before the Pensionable Age (“early retirement”) and severance pay, such charge shall be approved by the management committee pursuant to the provisions of the Joint Operations Agreement. For the discussion in the management committee, the Operator shall show the probable cost effect of the measures for the Joint Operation. To the extent the Operator makes probable that the cost will entail savings for the Parties, the Parties shall be obligated to approve the charge to the Joint Account. For those cases where the Operator makes probable that the activity shall cease or be substantially reduced, and the Operator proposes a necessary restructuring as the consequence of this, the Parties shall be obligated to approve the charge to the Joint Account in the management committee. Restructuring cost shall be charged to the Joint Account as a discounted non-recurring amount. Charging may take place when a binding agreement (s) has/have been entered into or when the employment of the relevant employee(s) with the Operator ceases. The cost shall be charged to the Joint Operation concerned. If the restructuring concerns several of the Operator’s Joint Operations, the cost shall be apportioned pro rata between the relevant Joint Operations’ Joint Accounts based on their relative share of the last three years hourly charges.

Restructuring cost. Before the Operator may make any charge to the Joint Account for restructuring cost, including cost for retirement before the Pensionable Age (“early retirement”) and severance pay, such charge shall be approved by the management committee pursuant to the provisions of the Joint Operations Agreement. For the discussion in the management committee, the Operator shall show the probable cost effect of the measures for the Joint Operation. To the extent the Operator makes probable that the cost will entail savings for the Parties, the Parties shall be obligated to approve the charge to the Joint Account. For those cases where the Operator makes probable that the activity shall cease or be substantially reduced, and the Operator proposes a necessary restructuring as the consequence of this, the Parties shall be obligated to approve the charge to the Joint Account in the management committee. Restructuring cost shall be charged to the Joint Account as a discounted non-recurring amount. Charging may take place when a binding agreement (s) has/have been entered into or when the employment of the relevant employee(s) with the Operator ceases. The cost shall be charged to the Joint Operation concerned. If the restructuring concerns several of the Operator’s 's Joint Operations, the cost shall be apportioned pro rata between the relevant Joint Operations’ ' Joint Accounts based on their relative share of the last three years hourly charges.

Restructuring cost. Before the Operator may make any charge to the Joint Account for restructuring cost, including cost for retirement before the Pensionable Age (“early retirement”) and severance pay, such charge shall be approved by the management committee pursuant to the provisions of the Joint Unit Operations Agreement. For the discussion in the management committee, the Operator shall show the probable cost effect of the measures for the Joint Operation. To the extent the Operator makes probable that the cost will entail savings for the Parties, the Parties shall be obligated to approve the charge to the Joint Account. For those cases where the Operator makes probable that the activity shall cease or be substantially reduced, and the Operator proposes a necessary restructuring as the consequence of this, the Parties shall be obligated to approve the charge to the Joint Account in the management committee. Restructuring cost shall be charged to the Joint Account as a discounted non-recurring amount. Charging may take place when a binding agreement (s) has/have been entered into or when the employment of the relevant employee(s) with the Operator ceases. The cost shall be charged to the Joint Unit Operation concerned. If the restructuring concerns several of the Operator’s Joint Unit Operations, the cost shall be apportioned pro rata between the relevant Joint Unit Operations’ Joint Accounts based on their relative share of the last three years hourly charges.