Common use of Option to purchase or use Outgoing Administering Authority Assets Clause in Contracts

Option to purchase or use Outgoing Administering Authority Assets. 3.2.1 The Outgoing Administering Authority shall prepare a list of the Outgoing Administrating Authority Assets and the Board Assets as part of the Exit Plan. 3.2.2 Upon the Handover Date, at the direction and discretion of the Replacement Administering Authority in consultation with the Board: (a) the Replacement Administering Authority shall have the option to acquire through purchase all or any of the Outgoing Administering Authority Assets excluding land and buildings and software in consideration of the payment by the Replacement Administering Authority of the net book value of these assets; or (b) the Replacement Administering Authority shall have the option where possible to continue to use such assets. 3.2.3 The Outgoing Administering Authority shall immediately transfer any Board Assets to the Replacement Administering Authority and the provisions of paragraph 3.2.6 shall apply to such assets as if they were transferring Outgoing Administering Authority Assets. 3.2.4 Either option set out in paragraph 3.2.2 above shall be exercisable by the Replacement Administering Authority by service of notice upon the Outgoing Administering Authority as soon as possible and no later than 20 Business Days prior to the Handover Date, and the option shall take effect on the Handover Date. 3.2.5 Within five Business Days of receipt of notice from the Replacement Administering Authority that it shall exercise an option set out in paragraph 3.2.2 above, the Outgoing Administering Authority shall appoint an independent expert agreed by the Replacement Administering Authority to review and report on the condition and proposed value of the Outgoing Administering Authority Assets. The Outgoing Administering Authority shall provide a copy of the report to the Replacement Administering Authority and the Board and the costs of the expert will be borne by the Outgoing Administering Authority. 3.2.6 Whenever, pursuant to this paragraph 3.2, the Outgoing Administering Authority transfers Outgoing Administering Authority Assets to the Replacement Administering Authority, the Outgoing Administering Authority shall ensure that: (a) the Replacement Administering Authority is provided with all relevant and available documentation, user manuals and other such information; and (b) the Replacement Administering Authority is provided with full and unencumbered title (with full title guarantee) to the Outgoing Administering Authority Assets.

Option to purchase or use Outgoing Administering Authority Assets. 3.2.1 The Outgoing Administering Authority shall prepare a list of the Outgoing Administrating Authority Assets and the Board Assets as part of the Exit Plan. 3.2.2 Upon the Handover Date, at the direction and discretion of the Replacement Administering Authority in consultation with the Board: : (a) the Replacement Administering Authority shall have the option to acquire through purchase all or any of the Outgoing Administering Authority Assets excluding land and buildings and software in consideration of the payment by the Replacement Administering Authority of the net book value of these assets; or or (b) the Replacement Administering Authority shall have the option where possible to continue to use such assets. 3.2.3 The Outgoing Administering Authority shall immediately transfer any Board Assets to the Replacement Administering Authority and the provisions of paragraph 3.2.6 shall apply to such assets as if they were transferring Outgoing Administering Authority Assets. 3.2.4 Either option set out in paragraph 3.2.2 above shall be exercisable by the Replacement Administering Authority by service of notice upon the Outgoing Administering Authority as soon as possible and no later than 20 Business Days prior to the Handover Date, and the option shall take effect on the Handover Date. 3.2.5 Within five Business Days of receipt of notice from the Replacement Administering Authority that it shall exercise an option set out in paragraph 3.2.2 above, the Outgoing Administering Authority shall appoint an independent expert agreed by the Replacement Administering Authority to review and report on the condition and proposed value of the Outgoing Administering Authority Assets. The Outgoing Administering Authority shall provide a copy of the report to the Replacement Administering Authority and the Board and the costs of the expert will be borne by the Outgoing Administering Authority. 3.2.6 Whenever, pursuant to this paragraph 3.2, the Outgoing Administering Authority transfers Outgoing Administering Authority Assets to the Replacement Administering Authority, the Outgoing Administering Authority shall ensure that: : (a) the Replacement Administering Authority is provided with all relevant and available documentation, user manuals and other such information; and and (b) the Replacement Administering Authority is provided with full and unencumbered title (with full title guarantee) to the Outgoing Administering Authority Assets.