Common use of Dealing with Asset Clause in Contracts

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.