Common use of Assets Generally Clause in Contracts

Assets Generally. (a) During the term of this agreement, the Recipient must, and must ensure that any Project Company does (unless otherwise agreed with the Department in writing): (1) use any Asset only for the purposes of the Pre-investment Activity or other purposes consistent with the Outcomes; For information only (2) obtain and maintain good title to all Assets (other than Assets which the Recipient leases); (3) subject to clause 16.1(b), not encumber or dispose of any Asset without the Department’s prior approval; (4) hold all Assets securely and safeguard them against theft, loss, damage, or unauthorised use; (5) use all reasonable endeavours to maintain all Assets in good working order; (6) maintain all appropriate insurances in respect of any Assets; (7) if required by Law, maintain registration and licensing of all Assets; (8) not dispose of any Asset without the prior written consent of the Department which must not be unreasonably withheld or delayed if the transferee assumes the obligations under this agreement and commits to continue the development of the Project; (9) assume full responsibility for, and bear all risks relating to, the use or disposal of all Assets; and (10) if requested by the Department, maintain an Assets register as specified by the Department, and provide a copy of the register to the Department on request. (b) Notwithstanding clause 16.1, the Recipient or any Project Company may, at any time, dispose of any Asset without the Department’s prior approval where it relates to the disposal of obsolete or redundant vehicles, plant and equipment, a disposal of an Asset for the purposes of replacing that Asset, or where that disposal is necessary for the maintenance of other Assets.

Assets Generally. (a) During the term of this agreement, the Recipient must, and must ensure that any Project Company does (unless otherwise agreed with the Department in writing): (1) use any Asset only for the purposes of the Pre-investment Activity or other purposes consistent with the Outcomes; For information only; (2) obtain and maintain good title to all Assets (other than Assets which the Recipient leases); (3) subject to clause 16.1(b), not encumber or dispose of any Asset without the Department’s prior approval; (4) hold all Assets securely and safeguard them against theft, loss, damage, or unauthorised use; (5) use all reasonable endeavours to maintain all Assets in good working order; (6) maintain all appropriate insurances in respect of any Assets; (7) if required by Law, maintain registration and licensing of all Assets; (8) not dispose of any Asset without the prior written consent of the Department which must not be unreasonably withheld or delayed if the transferee assumes the obligations under this agreement and commits to continue the development of the Project; (9) assume full responsibility for, and bear all risks relating to, the use or disposal of all Assets; and (10) if requested by the Department, maintain an Assets register as specified by the Department, and provide a copy of the register to the Department on request. (b) Notwithstanding clause 16.1, the Recipient or any Project Company may, at any time, dispose of any Asset without the Department’s prior approval where it relates to the disposal of obsolete or redundant vehicles, plant and equipment, a disposal of an Asset for the purposes of replacing that Asset, or where that disposal is necessary for the maintenance of other Assets.

Assets Generally. (a) During the term of this agreementFunding Agreement, the Recipient must, and must ensure that any Project Company does (unless otherwise agreed with the Department in writing): (1) use any Asset only for the purposes of the Pre-investment Activity Project or other purposes consistent with the Outcomes; For information only; (2) obtain and maintain good title to all Assets (other than Assets which the Recipient leases); (3) subject to clause 16.1(b17.1(b), not encumber or dispose of any Asset without the Department’s prior written approval; (4) hold all Assets securely and safeguard them against theft, loss, damage, or unauthorised use; (5) use all reasonable endeavours to maintain all Assets in good working order; (6) maintain all appropriate insurances in respect of any Assets; (7) if required by Law, maintain registration and licensing of all Assets; (8) not dispose of any Asset without the prior written consent of the Department which must not be unreasonably withheld or delayed if the transferee assumes the obligations under this agreement and commits to continue the development of the Project; (9) assume full responsibility fully responsible for, and bear all risks relating to, the use or disposal of all Assets; and (109) if requested by the Department, maintain an Assets register as specified by the Department, and provide a copy of the register to the Department on request. (b) Notwithstanding clause 16.117.1(a), the Recipient or any Project Company may, at any time, dispose of any Asset without the Department’s prior approval but with prior written notice to the Department, where it relates to to: (1) the disposal of obsolete or redundant vehicles, plant and equipment, ; (2) a disposal of an Asset for the purposes of replacing that Asset, or ; or (3) where that disposal is necessary for the maintenance of other Assets. (c) If the Recipient sells or otherwise disposes of an Asset during the term of this Funding Agreement, the Department may, at its discretion, recover from the Recipient: (1) the proportion of the value of the Asset following depreciation calculated as at the date of sale or disposal which is equivalent to the proportion of the purchase price of the Asset that was funded from the Funds; or (2) the proportion of the market value of the Asset which is equivalent to the proportion of the purchase price of the Asset that was funded from the Funds. (d) On termination of this Funding Agreement (other than, to avoid doubt, the expiry of this Funding Agreement in accordance with clause 3), the Department may: (1) recover from the Recipient the proportion of the value of the Asset following depreciation calculated as at the date of termination which is equivalent to the proportion of the purchase price of the Asset that was funded from the Funds; (2) recover from the Recipient the proportion of the market value of any Asset which is equivalent to the proportion of the purchase price of the Asset that was funded from the Funds; or (3) require the Recipient to use, deal with or transfer any Asset as the Department directs in writing. (e) If any Asset is lost, damaged or destroyed, the Recipient must reinstate or replace the Asset (including by using the proceeds of insurance) without using any of the Funds and this clause 17.1 continues to apply to the reinstated or replaced Asset.

Assets Generally. (a) During the term of this agreementFunding Agreement, the Recipient must, and must ensure that any Project Company does (unless otherwise agreed with the Department in writing): (1) use any Asset only for the purposes of the Pre-investment Activity Project or other purposes consistent with the Outcomes; For information only; (2) obtain and maintain good title to all Assets (other than Assets which the Recipient leases); (3) subject to clause 16.1(b17.1(b), not encumber or dispose of any Asset without the Department’s prior written approval; (4) hold all Assets securely and safeguard them against theft, loss, damage, or unauthorised use; (5) use all reasonable endeavours to maintain all Assets in good working order; (6) maintain all appropriate insurances in respect of any Assets; (7) if required by Law, maintain registration and licensing of all Assets; (8) not dispose of any Asset without the prior written consent of the Department which must not be unreasonably withheld or delayed if the transferee assumes the obligations under this agreement and commits to continue the development of the Project; (9) assume full responsibility fully responsible for, and bear all risks relating to, the use or disposal of all Assets; and (109) if requested by the Department, maintain an Assets register as specified by the Department, and provide a copy of the register to the Department on request. (b) Notwithstanding clause 16.117.1(a), the Recipient or any Project Company may, at any time, dispose of any Asset without the Department’s prior approval but with prior written notice to the Department, where it relates to to: (1) the disposal of obsolete or redundant vehicles, plant and equipment, ; (2) a disposal of an Asset for the purposes of replacing that Asset, or ; or (3) where that disposal is necessary for the maintenance of other Assets. (c) If the Recipient sells or otherwise disposes of an Asset during the term of this Funding Agreement, the Department may, at its discretion, recover from the Recipient: (1) the proportion of the value of the Asset following depreciation calculated as at the date of sale or disposal which is equivalent to the proportion of the purchase price of the Asset that was funded from the Funds; or (2) the proportion of the market value of the Asset which is equivalent to the proportion of the purchase price of the Asset that was funded from the Funds. (d) On termination of this Funding Agreement (other than, to avoid doubt, the expiry of this Funding Agreement in accordance with clause 3), the Department may: (1) recover from the Recipient the proportion of the value of the Asset following depreciation calculated as at the date of termination which is equivalent to the proportion of the purchase price of the Asset that was funded from the Funds; (2) recover from the Recipient the proportion of the market value of any Asset which is equivalent to the proportion of the purchase price of the Asset that was funded from the Funds; or (3) require the Recipient to use, deal with or transfer any Asset as the Department directs in writing. (e) If any Asset is lost, damaged or destroyed, the Recipient must reinstate or replace the Asset (including by using the proceeds of insurance) without using any of the Funds and this clause 17.1 continues to apply to the reinstated or replaced ▇▇▇▇▇.