Common use of Dealing with Assets Clause in Contracts

Dealing with Assets. 6.5.1. On expiry of the Project Period or earlier termination of this agreement We may require You to deal with Assets as We may, at Our sole discretion, direct in writing. 6.5.2. Subject to clause 6.5.3, if on expiry of the Project Period or earlier termination of the agreement, an Asset has not been fully Depreciated, We may, by written notice, require You to: a. pay to Us within 20 Business Days of the expiry of the Project Period or earlier termination of this 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 Us 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 You) 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 Agency. 6.5.3. We may in our sole discretion decide that amounts payable to Us under clause 6.5.2 form part of the Funding.

Dealing with Assets. 6.5.1. 5.1 On expiry of the Project Initiative Period or earlier termination of this agreement Agreement We may require You to deal with Assets as We may, at Our sole discretion, direct in writing. 6.5.2. 11.5.2 Subject to clause 6.5.311.5.3, if on expiry of the Project Initiative Period or earlier termination of the agreementAgreement, an Asset has not been fully Depreciated, We may, by written noticeNotice, require You to: a. pay to Us within 20 Business Days of the expiry of the Project Initiative Period or earlier termination of this agreementAgreement, 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 Us 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 You) 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 AgencyUs. 6.5.3. 11.5.3 We may in our sole discretion decide that amounts payable to Us under clause 6.5.2 11.5.2 form part of the Funding.