Common use of Disposal of any Asset Clause in Contracts

Disposal of any Asset. The conditions of this clause 8.3 shall apply throughout the Useful Economic Life of any Asset: (a) In respect of any Planned Disposal, the Grant Recipient need not seek the prior written consent of the Secretary of State to such Planned Disposal, provided the Grant Recipient can demonstrate that the disposal meets the definition of a Planned Disposal as agreed in accordance with this Funding Agreement [and provided that the Grant Recipient has procured from the disponee a deed of covenant in favour of the Secretary of State in similar terms to the Deed of Covenant in accordance with clause 8.4(b) below]. (b) Further to clause 8.3(a) above, where the Grant Recipient intends to make a Planned Disposal the Grant Recipient shall notify to the principal contact listed at paragraph 2 of the Project Specific Conditions at Schedule 1 of the Funding Agreement and any other party nominated by the Secretary of State in good time prior to such Planned Disposal, supplying evidence that such disposal meets the definition of a Planned Disposal as set out herein, and the Secretary of State shall promptly supply to the Grant Recipient a letter addressed to the relevant Land Registry consenting to the disposal. (c) [In respect of any Disposal which is not a Planned Disposal (including any Lease Disposal which is not a Planned Disposal), the Grant Recipient must not, during the Useful Economic Life of an Asset, dispose of any interest in any Asset without the prior written consent of the Secretary of State.] [The Grant Recipient must not Dispose of any interest in any Asset without the prior written consent of the Secretary of State.] If the Secretary of State grants consent to a Disposal, such consent may be subject to satisfaction of certain conditions, to be determined by the Secretary of State. (d) Where the Grant Recipient Disposes of any interest in any Asset without the prior written consent of the Secretary of State, then the proceeds of the Disposal (limited to the total amount paid by the Secretary of State to the Grant Recipient under this Funding Agreement) shall be held on trust by the Grant Recipient for the benefit of the Secretary of State.‌ (e) The liability under clause 0 is separate from the liability to comply with any decision of the Secretary of State under clause 12 to require repayment of the whole or any part of the amount paid of the Grant, to the Grant Recipient (but subject to clause 27.12 below). (f) The Grant Recipient shall provide to the Secretary of State as part of the progress report referred to in clause 0 information in relation to any Disposals which it either intends to make or has made with the prior written consent of the Secretary of State at the date of such progress report.

Disposal of any Asset. The conditions of this clause 8.3 shall apply throughout the Useful Economic Life of any Asset: (a) In respect of any Planned Disposal, the Grant Recipient need not seek the prior written consent of the Secretary of State to such Planned Disposal, provided the Grant Recipient can demonstrate that the disposal meets the definition of a Planned Disposal as agreed in accordance with this Funding Agreement [and provided that the Grant Recipient has procured from the disponee a deed of covenant in favour of the Secretary of State in similar terms to the Deed of Covenant in accordance with clause 8.4(b) below]. (b) Further to clause 8.3(a) above, where the Grant Recipient intends to make a Planned Disposal the Grant Recipient shall notify to the principal contact listed at paragraph 2 of the Project Specific Conditions at Schedule 1 of the Funding Agreement and any other party nominated by the Secretary of State in good time prior to such Planned Disposal, supplying evidence that such disposal meets the definition of a Planned Disposal as set out herein, and the Secretary of State shall promptly supply to the Grant Recipient a letter addressed to the relevant Land Registry consenting to the disposal. (c) [In respect of any Disposal which is not a Planned Disposal (including any Lease Disposal which is not a Planned Disposal), the Grant Recipient must not, during the Useful Economic Life of an Asset, dispose of any interest in any Asset without the prior written consent of the Secretary of State.] [The Grant Recipient must not Dispose of any interest in any Asset without the prior written consent of the Secretary of State.] If the Secretary of State grants consent to a Disposal, such consent may be subject to satisfaction of certain conditions, to be determined by the Secretary of State. (d) Where the Grant Recipient Disposes of any interest in any Asset without the prior written consent of the Secretary of State, then the proceeds of the Disposal (limited to the total amount paid by the Secretary of State to the Grant Recipient under this Funding Agreement) shall be held on trust by the Grant Recipient for the benefit of the Secretary of State.‌State. (e) The liability under clause 0 is separate from the liability to comply with any decision of the Secretary of State under clause 12 to require repayment of the whole or any part of the amount paid of the Grant, to the Grant Recipient (but subject to clause 27.12 below). (f) The Grant Recipient shall provide to the Secretary of State as part of the progress report referred to in clause 0 information in relation to any Disposals which it either intends to make or has made with the prior written consent of the Secretary of State at the date of such progress report.

Disposal of any Asset. The conditions of this clause 8.3 shall apply throughout the Useful Economic Life of any Asset: (a) In respect of any Planned Disposal, the Grant Recipient need not seek the prior written consent of the Secretary of State to such Planned Disposal, provided the Grant Recipient can demonstrate that the disposal meets the definition of a Planned Disposal as agreed in accordance with this Funding Agreement [and provided that the Grant Recipient has procured from the disponee a deed of covenant in favour of the Secretary of State in similar terms to the Deed of Covenant in accordance with clause 8.4(b) below]. (b) Further to clause 8.3(a) above, where the Grant Recipient intends to make a Planned Disposal the Grant Recipient shall notify to the principal contact listed at paragraph 2 of the Project Specific Conditions at Schedule 1 of the Funding Agreement and any other party nominated by the Secretary of State in good time prior to such Planned Disposal, supplying evidence that such disposal meets the definition of a Planned Disposal as set out herein, and the Secretary of State shall promptly supply to the Grant Recipient a letter addressed to the relevant Land Registry consenting to the disposal. (c) [In respect of any Disposal which is not a Planned Disposal (including any Lease Disposal which is not a Planned Disposal), the Grant Recipient must not, during the Useful Economic Life of an Asset, dispose of any interest in any Asset without the prior written consent of the Secretary of State.] [The Grant Recipient must not Dispose of any interest in any Asset without the prior written consent of the Secretary of State.] If the Secretary of State grants consent to a Disposal, such consent may be subject to satisfaction of certain conditions, to be determined by the Secretary of State. (d) Where the Grant Recipient Disposes of any interest in any Asset without the prior written consent of the Secretary of State, then the proceeds of the Disposal (limited to the total amount paid by the Secretary of State to the Grant Recipient under this Funding Agreement) shall be held on trust by the Grant Recipient for the benefit of the Secretary of State.‌State. (e) The liability under clause 0 8.3(d) is separate from the liability to comply with any decision of the Secretary of State under clause 12 to require repayment of the whole or any part of the amount paid of the Grant, to the Grant Recipient (but subject to clause 27.12 below). (f) The Grant Recipient shall provide to the Secretary of State as part of the progress report referred to in clause 0 5.4(i) information in relation to any Disposals which it either intends to make or has made with the prior written consent of the Secretary of State at the date of such progress report.

Disposal of any Asset. The conditions of this clause 8.3 shall apply throughout the Useful Economic Life of any Asset: (a) In respect of any Planned Disposal, the Grant Recipient need not seek the prior written consent of the Secretary of State to such Planned Disposal, provided the Grant Recipient can demonstrate that the disposal meets the definition of a Planned Disposal as agreed in accordance with this Funding Agreement [and provided that the Grant Recipient has procured from the disponee a deed of covenant in favour of the Secretary of State in similar terms to the Deed of Covenant in accordance with clause 8.4(b) below]. (b) Further to clause 8.3(a) above, where the Grant Recipient intends to make a Planned Disposal the Grant Recipient shall notify to the principal contact listed at paragraph 2 of the Project Specific Conditions at Schedule 1 of the Funding Agreement and any other party nominated by the Secretary of State in good time prior to such Planned Disposal, supplying evidence that such disposal meets the definition of a Planned Disposal as set out herein, and the Secretary of State shall promptly supply to the Grant Recipient a letter addressed to the relevant Land Registry consenting to the disposal. (c) [In respect of any Disposal which is not a Planned Disposal (including any Lease Disposal which is not a Planned Disposal), the Grant Recipient must not, during the Useful Economic Life of an Asset, dispose of any interest in any Asset without the prior written consent of the Secretary of State.] [The Grant Recipient must not Dispose of any interest in any Asset without the prior written consent of the Secretary of State.] If the Secretary of State grants consent to a Disposal, such consent may be subject to satisfaction of certain conditions, to be determined by the Secretary of State. (d) Where the Grant Recipient Disposes of any interest in any Asset without the prior written consent of the Secretary of State, then the proceeds of the Disposal (limited to the total amount paid by the Secretary of State to the Grant Recipient under this Funding Agreement) shall be held on trust by the Grant Recipient for the benefit of the Secretary of State.‌State. (e) The liability under clause 0 8.3(d) is separate from the liability to comply with any decision of the Secretary of State under clause 12 to require repayment of the whole or any part of the amount paid of the Grant, to the Grant Recipient (but subject to clause 27.12 below). (f) The Grant Recipient shall provide to the Secretary of State as part of the progress report referred to in clause 0 5.4(h) information in relation to any Disposals which it either intends to make or has made with the prior written consent of the Secretary of State at the date of such progress report.