Acquisition and Replacement of Assets Sample Clauses

Acquisition and Replacement of Assets. Fire Department agrees to maintain a fixed asset acquisition program and a five-year comprehensive plan approved by the City for the replacement of fixed assets to include non-motor vehicle capital assets and further agrees to participate in planning for the City's Capital Improvement Plans. These plans and programs shall be approved by the City. In the event Fire Department loses or relinquishes its nonprofit corporate status, all assets being used and operated by the Fire Department pursuant to this Agreement at the time of such loss or relinquishment shall become property of the City. At such time as any equipment or apparatus consisting of motor vehicles previously received by the City from the Overland Park Fire District Board are due for replacement, the City shall, upon request, transfer title to such motor vehicles to the Fire Department in order that the Fire Department may receive the residual value of such motor vehicles as a trade- in credit towards the purchase of replacement motor vehicles. Said replacement vehicles shall be titled in the name of and become the property of the City. The Fire Department shall adhere to asset replacement standards and procedures approved by the City. These procedures shall include advertising of assets to be disposed of and use of standard asset replacement forms. In addition, the Fire Department shall notify the City when any asset is acquired or disposed of. All revenues from the sale of assets shall be paid directly to the City.
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Related to Acquisition and Replacement of Assets

  • TREATMENT OF ASSETS Title to all property furnished by COMMERCE shall remain in COMMERCE. Title to all property furnished by the Contractor, for the cost of which the Contractor is entitled to be reimbursed as a direct item of cost under this contract, shall pass to and vest in COMMERCE upon delivery of such property by the Contractor. Title to other property, the cost of which is reimbursable to the Contractor under this contract, shall pass to and vest in COMMERCE upon (i) issuance for use of such property in the performance of this contract, or (ii) commencement of use of such property in the performance of this contract, or (iii) reimbursement of the cost thereof by COMMERCE in whole or in part, whichever first occurs.

  • Use and Reversion of Assets The use and disposition of real property and equipment under this Agreement shall be in compliance with the requirements of 24 CFR Part 84 and 24 CFR 570.502, 570.503, and 570.504, as applicable, which include but are not limited to the following:

  • Disposition of Assets To sell, exchange, lend, pledge, mortgage, hypothecate, write options on and lease any or all of the assets of the Trust;

  • Acquisition of Property The Contractor shall document that all property was acquired consistent with its engineering, production planning, and property control operations.

  • Liquidation of Assets We have the right to liquidate assets in your Xxxx XXX if necessary to make distributions or to pay fees, expenses, taxes, penalties, or surrender charges properly chargeable against your Xxxx XXX. If you fail to direct us as to which assets to liquidate, we will decide, in our complete and sole discretion, and you agree to not hold us liable for any adverse consequences that result from our decision.

  • Sale of Assets The Company or the Bank sells to a third party all or substantially all of its assets.

  • REVERSION OF ASSETS (a) Upon expiration of the term of this Agreement, or upon any prior termination, Subrecipient shall transfer to City any funds provided hereunder which are on hand at the time of expiration or termination.

  • Removal of Existing Obligations Notwithstanding anything in this Agreement to the contrary, if, as a result of any legislative, judicial, regulatory or other governmental decision, order, determination or action, or any change in Applicable Law subsequent to the Effective Date, CenturyLink is no longer required by Applicable Law to continue to provide any service, facility, arrangement, payment or benefit [“Discontinued Arrangements”] otherwise required to be provided to CLEC under this Agreement, then CenturyLink may discontinue the provision of any such service, facility, arrangement, payment or benefit. CenturyLink will provide thirty (30) Days prior written notice to CLEC of any such discontinuation, unless a different notice period or different conditions are specified by Applicable Law, in which event such specified period and/or conditions shall apply. Such right to discontinue shall apply to any Discontinued Arrangement that CLEC might order during such thirty (30) Day notice period. The Parties may amend this Agreement pursuant to the Amendment Section following to reflect such change in Applicable Law. If CLEC disputes CenturyLink’s discontinuance of such service, facility, arrangement, payment or benefit, the dispute resolution procedures of this Agreement shall apply, provided however, that the Parties shall not be required to wait sixty (60) Days before submitting the dispute to a court, commission or agency, for resolution under Section 16.2, and any consequent changes to the terms of this Agreement (including billing terms) as a result of such change in Applicable Law shall be retroactive to the discontinuation date set forth in CenturyLink’s written notice to CLEC unless a definitive effective date is specified by Applicable Law.

  • Purchase of Assets 11 3.1 Assets Purchased by Assuming Institution 11

  • Related Provisions in Bidding Documents and Works Contracts 10. The Borrower shall ensure that all bidding documents and contracts for Works contain provisions that require contractors to:

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