Dealing with Asset Clause Samples
Dealing with Asset. 9.6.1. On expiry of the Activity Period or earlier termination of the Agreement, the Commonwealth may require the Recipient to deal with an Asset as the Commonwealth may, at the sole discretion of the Commonwealth, notify the Recipient.
9.6.2. Subject to clause 9.6.1, if on expiry of the Activity Period or the earlier termination of this Agreement, an Asset has not been fully Depreciated, the Commonwealth may, by written notice, require the Recipient to:
a. pay to the Commonwealth within 20 Business Days of the expiry of the Activity Period or earlier termination of the Agreement, an amount equal to the proportion of the Undepreciated value of the Asset that is equivalent to the proportion of the cost of the Asset that was funded from the Funding;
b. sell the Asset for the best price reasonably obtainable and pay to the Commonwealth within 20 Business Days of the sale the proportion of the proceeds of the sale that is equivalent to the proportion of the cost of the Asset (less an amount equal to the reasonable Disposal costs incurred by the Recipient) that was funded from the Funding; or
c. continue to use the Asset for the purposes, and in accordance with any conditions, notified by the Commonwealth.
Dealing with Asset. (a) If, as at the date which is the end of the Term (Relevant Date), an Asset has not been fully Depreciated, GBRF may, by written notice, require the Funding Recipient to:
(i) pay GBRF within 10 Business Days after the Relevant Date, an amount equal to the proportion of the Undepreciated value of the Asset that is equivalent to the proportion of the cost of the Asset that was funded from the Project Funds;
(ii) sell the Asset for the best market price reasonably obtainable and pay to the GBRF, within 20 Business Days after the sale, the proportion of the proceeds of the sale that is equivalent to the proportion of the cost of the Asset (less an amount equal to the reasonable Disposal costs incurred by the Funding Recipient) that was funded from the Project Funds; or
(iii) continue to use the Asset for the purposes, and in accordance with any conditions, notified by GBRF.
(b) Amounts payable to GBRF under clause 5.5(a) form part of the Project Funds and are recoverable as such.
Dealing with Asset. 7.8.1. On expiry of the Activity Period or earlier termination of the Term, the Department may require the Recipient to deal with an Asset as the Department may, at the sole discretion of the Department, notify the Recipient.
7.8.2. Subject to clause 7.8.1, if on expiry of the Activity Period or the earlier termination of this Agreement, an Asset has not been fully Depreciated, the Department may, by written notice, require the Recipient to:
a. pay to the Department within 20 Business Days of the expiry of the Activity Period or earlier termination of the Agreement, an amount equal to the proportion of the Undepreciated value of the Asset that is equivalent to the proportion of the cost of the Asset that was funded from the Funding;
b. sell the Asset for the best price reasonably obtainable and pay to the Department within 20 Business Days of the sale the proportion of the proceeds of the sale that is equivalent to the proportion of the cost of the Asset (less an amount equal to the reasonable Disposal costs incurred by the Recipient) that was funded from the Funding; or
c. continue to use the Asset for the purposes, and in accordance with any conditions, notified by the Department.