Change of use of any Asset. (a) The Grant Recipient covenants with the Secretary of State that it will not use any Asset for any purpose other than the Approved Use throughout the Useful Economic Life of the Asset. (b) During the Useful Economic Life of each Asset, the Grant Recipient shall not cease to use the Asset, or any part of the Asset for the Approved Use without the prior written consent of the Secretary of State. If consent is given, it may be subject to any conditions which the Secretary of State may wish to impose. Such conditions may include repayment by the Grant Recipient to the Secretary of State of all or part of the Grant paid to the Grant Recipient under this Funding Agreement.
Appears in 4 contracts
Samples: European Regional Development Fund Revenue Funding Agreement, European Regional Development Fund Revenue Funding Agreement, European Regional Development Fund Revenue Funding Agreement
Change of use of any Asset. (a) The Grant Recipient covenants with the Secretary of State that it will not use any Asset for any purpose other than the Approved Use throughout the Useful Economic Life of the Asset.
(b) During the Useful Economic Life of each Asset, the Grant Recipient shall not cease to use the Fixed Asset or the Major Asset, or any part of the Asset for the Approved Use without the prior written consent of the Secretary of State. If consent is given, it may be subject to any conditions which the Secretary of State may wish to impose. Such conditions may include repayment by the Grant Recipient to the Secretary of State of all or part of the Grant paid to the Grant Recipient under this Funding Agreement.
Appears in 4 contracts
Samples: European Regional Development Fund Capital Funding Agreement, European Regional Development Fund Capital Funding Agreement, Capital Funding Agreement
Change of use of any Asset. (a) The Grant Recipient covenants with the Secretary of State GLA that it will not use any Asset for any purpose other than the Approved Use throughout the Useful Economic Life of the Asset.
(b) During the Useful Economic Life of each Asset, the Grant Recipient shall not cease to use the Fixed Asset or the Major Asset, or any part of the Asset for the Approved Use without the prior written consent of the Secretary of StateGLA. If consent is given, it may be subject to any conditions which the Secretary of State GLA may wish to impose. Such conditions may include repayment by the Grant Recipient to the Secretary of State of all or part of the Grant paid to the Grant Recipient under this Funding Agreement.
Appears in 1 contract
Samples: Funding Agreement
