31.  SIGNIFICANT COMMITMENTS AND CONTINGENCIES As of December 31, 2011, in addition to those disclosed in other notes, the Company’s remaining commitments under non- cancelable contracts with various parties were as follows: Trust assets are as follow: F-53 h. A commitment to contribute NT$2,000 million to a Piping Fund administered by the Taipei City Government, of which  NT$1,000 million was contributed by Chunghwa on August 15, 1996 (classified as long-term investment - other monetary  assets). If the fund is not sufficient, Chunghwa will contribute the remaining NT$1,000 million upon notification from the  Taipei City Government. Based on Chunghwa’s understanding of the Piping Fund terms, if the project is considered to be  no longer necessary by the ROC government, Chunghwa will receive back its proportionate share of the net equity of the  Piping Fund upon its dissolution. The Company does not know when its contribution to the Piping Fund will be returned;  therefore, the Company did not discount the face amount of its contribution to the Piping Fund. g. The Company also has non-cancelable operating leases covering certain buildings, computers, computer peripheral  equipment and operation system software under contracts that expire in various years. Future lease payments are as  follows: f.  For the purpose of completing the construction, acquisition of the building construction license and registration ownerships  of all buildings for LightEra Covent Garden Project, LED signed the trust deeds with Land Bank and China Real Estate  Management Co., Ltd. for the fund management, property rights and related development to the extent of authority they are  given. e.  LED has already contracted to advance sale of lands and buildings for NT$1,111 million, and collected NT$239 million in  advance according to the contracts. d. Contract to print billing, envelopes and marketing gifts of NT$35 million. c.  Unused letters of credit of NT$300 million. b. Acquisition of telecommunications equipment of NT$19,993 million. a.  Acquisition of land and buildings of NT$52 million. December 31, 2011 NT$ (In Millions) Restricted assets bank deposits $  56 Land held under development 211 $  267 Year Amount NT$ (In Millions) 2012 $  1,891 2013 1,505 2014 1,222 2015 898 2016 and thereafter 682 PART III