Acquisition of Asset. 9.1.1. The Recipient agrees not to use the Funding to acquire or create any Asset, apart from those detailed in the Item E, without obtaining the Commonwealth’s prior written approval. Approval may be given subject to any conditions the Commonwealth may impose.
Acquisition of Asset. The Recipient agrees not to use the Funding to acquire or create any Asset, apart from those detailed in the Item E, without obtaining the Commonwealth’s prior written approval. Approval may be given subject to any conditions the Commonwealth may impose. Unless it is specified in Item E that the Commonwealth or a third party owns the Asset or the Commonwealth provides written consent to a third party owning the Asset, then the Recipient must ensure that it owns any Asset acquired with the Funding. Terms applicable to Asset If the Commonwealth owns the Asset clauses 9.4 and 9.6.2 do not apply. If the Asset is owned by a third party then the Recipient agrees to ensure that the terms of the lease, hire or finance arrangement are consistent with clause 9.3, and clauses 9.4, 9.5 and 9.6 do not apply. Recipient’s responsibilities for Asset Throughout the Term, the Recipient agrees to: use any Asset in accordance with this Agreement and for the purposes of the Activity; not encumber or Dispose of any Asset, or deal with or use any Asset other than in accordance with this clause 9 without the Commonwealth’s prior written approval; hold all Assets securely and safeguard them against theft, loss, damage, or unauthorised use; maintain all Assets in good working order; maintain all appropriate insurances for all Assets to their full replacement cost noting the Commonwealth’s interest, if any, in the Asset under the Agreement; if required by law, maintain registration and licensing of all Assets; be fully responsible for, and bear all risks relating to, the use or Disposal of all Assets; and if specified in Item E, maintain an Assets register in the form and containing the details as described in Item E and as and when requested by the Commonwealth, provide copies of the Assets register to the Commonwealth.
Acquisition of Asset. 7.1.1. The Recipient agrees not to use the Funding to acquire or create any Asset, apart from those detailed at Item 10 of Schedule 1 without obtaining the Department’s prior written approval. Approval may be given subject to any conditions the Department may impose.
Acquisition of Asset. The Vendors hereby agree to sell, assign and transfer to the Purchaser, and the Purchaser hereby agrees to purchase and acquire from the Vendors, an undivided 100% right, title and interest in the Asset, subject to the NSR and Success Payments, in consideration of the Purchaser paying to the Vendors A$30,000 in cash upon successful completion of the Due Diligence Period outlined in Section 5 and renewal of the Exploration Licences.
