Common use of Disposal of Asset and Payment Clause in Contracts

Disposal of Asset and Payment. If, at any time within the Asset Disposal Period, the Recipient sells, leases, encumbers, or otherwise disposes, directly or indirectly, of any Asset other than to Canada, the Province, or a municipal or regional government established by or under provincial statute, the Province may require the Recipient to reimburse the Province or Canada, via the Province, for any Funds received for the Project in accordance with the table below: 5 years All Assets 100% 100% 12 years Transit vehicles including, without limitation, 9 metre to 18 metre buses and double deck buses, regardless of propulsion system 0% 100% 25 years Subway cars, light rail vehicles, and large infrastructure assets (e.g. a maintenance and storage facility) 0% 100%

Disposal of Asset and Payment. If, at any time within the Asset Disposal Period, the Recipient sells, leases, encumbers, or otherwise disposes, directly or indirectly, of any Asset other than to Canada, the Province, or a municipal or regional government established by or under provincial statute, the Province may require the Recipient to reimburse the Province or Canada, via the Province, for any Funds received for the Project in accordance with the table below: 5 years All Assets 100% 100% 12 years Transit vehicles including, without limitation, 9 metre to 18 metre buses and double deck buses, regardless of propulsion system 0% 100% 25 years Subway cars, light rail vehicles, and large infrastructure assets (e.g. a maintenance and storage facility) 0% 100%