Common use of Inventory of the Assets Clause in Contracts

Inventory of the Assets. The Grant Recipient must keep and maintain a register of all Assets: (i) improved wholly or partly using the Grant; and (ii) purchased using the Grant, provided under the Grant Funding Agreement (“Asset Register”). Where the Grant Recipient wishes to improve any Fixed Assets, other than as set out in Schedule 2, this must be agreed with the Authority in advance and recorded and notified through the UKFSS. The Grant Recipient covenants with the Authority that it will not use any Assets purchased with Grant funding for any purpose other than the Approved Use. During the Useful Economic Life of each Fixed Asset, the Grant Recipient shall not cease to use the Fixed Asset, or any part of the Asset for the Approved Use without the prior written consent of the Authority. If consent is given, it may be subject to any conditions which the Authority may wish to impose. Such conditions may include repayment by the Grant Recipient to the Authority of all or part of the Grant paid to the Grant Recipient under this Grant Funding Agreement. For each entry in the Asset Register the following particulars must be shown where appropriate: date of acquisition or improvement; description of the Asset; cost, net of recoverable VAT; location of the Asset; serial or identification numbers; the title number (if applicable); location of the title deeds (if applicable); date of any Disposal; depreciation/amortisation policy applied; proceeds of any Disposal net of VAT; and the identity of any person to whom the Asset has been transferred or sold. The Authority reserves the right to require the Grant Recipient to maintain the above particulars as set out in conditions 19.5.1-19.5.11 for any additional items which the Authority considers material to the overall Grant. Where the Grant Recipient uses any of the Grant to develop, improve or purchase any Assets, the Grant Recipient must ensure that the Assets are maintained in good condition over the Asset Owning Period. In respect of Property Assets, the Grant Recipient will apply to the Land Registry to register the restriction set out below on the registers of title to the Property Asset and the Grant Recipient shall supply, within 5 Working Days of completion of registration of the application, a copy of the updated registered title to the Property Asset to the Authority and to any other party nominated by the Authority: No disposition of the registered estate (other than a charge) by the proprietor of the registered estate is to be registered without written consent signed for and on behalf of the Secretary of State for Environment, Food and Rural Affairs or a certificate signed for and on behalf of the Secretary of State for Environment, Food and Rural Affairs that the provisions of condition 19.14 of the Funding Agreement dated [to be added] have been complied with. Disposal of Assets other than Property Assets In respect of any Disposal, the Grant Recipient must not, during the Useful Economic Life of any Asset, Dispose of any Assets that have been totally or partly bought, restored, conserved (maintained or protected from damage) or improved with the Grant without the prior written consent of the Authority. If the Authority grants consent to the Disposal, such consent may be subject to satisfaction of certain conditions, to be determined by the Authority. If the Grant Recipient Disposes of any Asset without the prior written consent of the Authority, the Grant Recipient must use all reasonable endeavours to achieve the market price for the Assets and must pay to the Authority a proportion of the proceeds of such sale, equivalent to the proportion of the purchase or development costs of the Assets that was funded by the Grant, provided that the Authority may at its discretion allow the Grant Recipient to keep all or a part of the relevant proceeds where: the sale of the Assets takes place after the end of the Asset Owning Period; the proceeds of sale are to be applied directly to the purchase by the Grant Recipient of assets that are equivalent to or replacements for the Assets; or the Authority is otherwise satisfied that the Recipient will apply those proceeds for purposes related to the Funded Activities. The liability under condition 19.10 is separate from the liability to comply with any decision of the Authority under condition 27 to require repayment of the whole or any part of the amount paid of the Grant, to the Grant Recipient. The Grant Recipient shall provide to the Authority as part of the progress report referred to in condition 7.4 information in relation to any Disposals which it either intends to make or has made with the prior written consent of the Authority at the date of such progress report.

Inventory of the Assets. The Grant Recipient must keep and maintain a register of all Assets: (i) improved wholly or partly using the Grant; and (ii) purchased using the Grant, provided under the Grant Funding Agreement (“Asset Register”). Where the Grant Recipient wishes to improve any Fixed Assets, other than as set out in Schedule 2, this must be agreed with the Authority in advance and recorded and notified through the UKFSS. The Grant Recipient covenants with the Authority that it will not use any Assets purchased with Grant funding for any purpose other than the Approved Use. During the Useful Economic Life of each Fixed Asset, the Grant Recipient shall not cease to use the Fixed Asset, or any part of the Asset for the Approved Use without the prior written consent of the Authority. If consent is given, it may be subject to any conditions which the Authority may wish to impose. Such conditions may include repayment by the Grant Recipient to the Authority of all or part of the Grant paid to the Grant Recipient under this Grant Funding Agreement. For each entry in the Asset Register the following particulars must be shown where appropriate: date of acquisition or improvement; description of the Asset; cost, net of recoverable VAT; location of the Asset; serial or identification numbers; the title number (if applicable); location of the title deeds (if applicable); date of any Disposal; depreciation/amortisation policy applied; proceeds of any Disposal net of VAT; and the identity of any person to whom the Asset has been transferred or sold. The Authority reserves the right to require the Grant Recipient to maintain the above particulars as set out in conditions 19.5.1-19.5.11 for any additional items which the Authority considers material to the overall Grant. Where the Grant Recipient uses any of the Grant to develop, improve or purchase any Assets, the Grant Recipient must ensure that the Assets are maintained in good condition over the Asset Owning Period. In respect of Property Assets, the Grant Recipient will apply to the Land Registry to register the restriction set out below on the registers of title to the Property Asset and the Grant Recipient shall supply, within 5 Working Days of completion of registration of the application, a copy of the updated registered title to the Property Asset to the Authority and to any other party nominated by the Authority: No disposition of the registered estate (other than a charge) by the proprietor of the registered estate is to be registered without written consent signed for and on behalf of the Secretary of State for Environment, Food and Rural Affairs or a certificate signed for and on behalf of the Secretary of State for Environment, Food and Rural Affairs that the provisions of condition 19.14 of the Funding Agreement dated [to be added] have been complied with. Disposal of Assets other than Property Assets In respect of any Disposal, the Grant Recipient must not, during the Useful Economic Life of any Asset, Dispose of any Assets that have been totally or partly bought, restored, conserved (maintained or protected from damage) or improved with the Grant without the prior written consent of the Authority. If the Authority grants consent to the Disposal, such consent may be subject to satisfaction of certain conditions, to be determined by the Authority. If the Grant Recipient Disposes of any Asset without the prior written consent of the Authority, the Grant Recipient must use all reasonable endeavours to achieve the market price for the Assets and must pay to the Authority a proportion of the proceeds of such sale, equivalent to the proportion of the purchase or development costs of the Assets that was funded by the Grant, provided that the Authority may at its discretion allow the Grant Recipient to keep all or a part of the relevant proceeds where: the sale of the Assets takes place after the end of the Asset Owning Period; the proceeds of sale are to be applied directly to the purchase by the Grant Recipient of assets that are equivalent to or replacements for the Assets; or the Authority is otherwise satisfied that the Recipient will apply those proceeds for purposes related to the Funded Activities. The liability under condition 19.10 19.9 is separate from the liability to comply with any decision of the Authority under condition 27 to require repayment of the whole or any part of the amount paid of the Grant, to the Grant Recipient. The Grant Recipient shall provide to the Authority as part of the progress report referred to in condition 7.4 7.3 information in relation to any Disposals which it either intends to make or has made with the prior written consent of the Authority at the date of such progress report.