Common use of Adjustments to Final Tranche Clause in Contracts

Adjustments to Final Tranche. ‌ 14.1 If Homes England becomes aware prior to or following receipt of the Grant Recipient's application for payment of the Final Tranche pursuant to Clause 12.2 (Grant Claim Procedures) that the Grant Recipient has failed to Deliver the relevant Firm Scheme in accordance with the agreed Firm Scheme Details (including the Submitted Standards and the Strategic Objectives), Homes England shall be entitled (at its discretion) either: 14.1.1 unless such Firm Scheme is a Single Claim Scheme, to recalculate the Firm Scheme Grant allocated to the Firm Scheme by reference to the Firm Scheme that has actually been Delivered; or 14.1.2 to: (a) withhold and cancel the Final Tranche payment due in relation to the relevant Firm Scheme; (b) reallocate or redirect an amount equivalent to such Final Tranche payment due to such other person or purpose as Homes England in its discretion considers appropriate; and (c) recover from the Grant Recipient a sum equivalent to any Firm Scheme Grant already paid to it in relation to the relevant Firm Scheme. 14.2 If Homes England exercises its right under Clause 14.1.1 (Adjustments to Final Tranche), Homes England will notify the Grant Recipient and the Grant Recipient will have ten (10) Business Days from the date of receipt of Homes England's notification to advise Homes England as to whether it wishes to withdraw the Firm Scheme from this Agreement or to proceed with the Firm Scheme on the basis of the recalculated Firm Scheme Grant figure. If: 14.2.1 the Grant Recipient wishes to withdraw the Firm Scheme, Homes England will permanently withdraw the Practical Completion Tranche Grant allocated to such scheme and the Grant Recipient must repay Homes England a sum equivalent to such part of the Firm Scheme Grant as has then been received by it, such repayment to be made within fifteen (15) Business Days of receipt of Homes England's written demand for the same; 14.2.2 the Grant Recipient wishes to proceed with the Firm Scheme: (a) it must immediately amend the Firm Scheme Details in IMS to reflect the recalculated Firm Scheme Grant figure and any Tranche already received. The amended Firm Scheme Details will be deemed to be effective from the date of their acceptance by Homes England (through IMS); (b) the Practical Completion Tranche Grant figure will be adjusted to take account of the recalculated Firm Scheme Grant figure and of any change to the sum and percentage amount necessitated by the recalculated Firm Scheme Grant figure being lower than the original Firm Scheme Grant figure. If such adjustment would result in the Practical Completion Tranche Grant being a negative amount (and being therefore an overpayment of Firm Scheme Grant), the Grant Recipient must pay Homes England a sum equivalent to the difference (expressed as a positive sum) between the negative amount and zero within fifteen (15) Business Days of receipt of Homes England's written demand for the same; and (c) Homes England will (resources permitting) pay the adjusted Practical Completion Tranche Grant due (subject to it being a positive amount) to the Grant Recipient within fifteen (15) Business Days of the date of Homes England's acceptance of the Grant Recipient's amendments to the Firm Scheme Details referred to in Clause 14.2.2(a) (Adjustments to Final Tranche). 14.3 If the Grant Recipient fails to provide a definitive response to Homes England within the period prescribed in Clause 14.2 (Adjustments to Final Tranche), Homes England shall be entitled (but not obliged) to treat such failure as a decision by the Grant Recipient to withdraw the Firm Scheme from this Agreement and the provisions of Clause 14.2.1 (Adjustments to Final Tranche) shall take effect. 14.4 Under no circumstances will Homes England be required to accept or implement any recalculation pursuant to Clause 14.2 (Adjustments to Final Tranche) which would have the result of increasing the amount of the Allocated Capital Grant or the Firm Scheme Grant in relation to the relevant Firm Scheme as reflected in the Firm Scheme Details ante the amendments referred to in Clause 14.2.2(a) (Adjustments to Final Tranche). 14.5 If Homes England exercises its rights under Clause 14.1.2 (Adjustments to Final Tranche), the Grant Recipient must repay Homes England all sums due thereunder in accordance with the provisions of Clause 16.5 (Repayment of Xxxxx).

Adjustments to Final Tranche. ‌ 14.1 ‌ If Homes England becomes aware prior to or following receipt of the Grant Recipient's application for payment of the Final Tranche pursuant to Clause 12.2 14.2 (Grant Claim Procedures) that the Grant Recipient has failed to Deliver the relevant Firm Scheme in accordance with the agreed Firm Scheme Details (including the Submitted Standards and the Strategic Objectives), Homes England shall be entitled (at its discretion) either: 14.1.1 : unless such Firm Scheme is a Single Claim Scheme, to recalculate the Firm Scheme Grant allocated to the Firm Scheme by reference to the Firm Scheme that has actually been Delivered; or 14.1.2 or to: (a) withhold and cancel the Final Tranche payment due in relation to the relevant Firm Scheme; (b) reallocate or redirect an amount equivalent to such Final Tranche payment due to such other person or purpose as Homes England in its discretion considers appropriate; and (c) recover from the Grant Recipient a sum equivalent to any Firm Scheme Grant already paid to it in relation to the relevant Firm Scheme. 14.2 . If Homes England exercises its right under Clause 14.1.1 16.1.1 (Adjustments to Final Tranche), Homes England will notify the Grant Recipient and the Grant Recipient will have ten (10) Business Days from the date of receipt of Homes England's notification to advise Homes England as to whether it wishes to withdraw the Firm Scheme from this Agreement or to proceed with the Firm Scheme on the basis of the recalculated Firm Scheme Grant figure. If: 14.2.1 : the Grant Recipient wishes to withdraw the Firm Scheme, Homes England will permanently withdraw the Practical Completion Tranche Grant allocated to such scheme and the Grant Recipient must repay Homes England a sum equivalent to such part of the Firm Scheme Grant as has then been received by it, such repayment to be made within fifteen (15) Business Days of receipt of Homes England's written demand for the same; 14.2.2 ; the Grant Recipient wishes to proceed with the Firm Scheme: (a) it must immediately amend the Firm Scheme Details in IMS to reflect the recalculated Firm Scheme Grant figure and any Tranche already received. The amended Firm Scheme Details will be deemed to be effective from the date of their acceptance by Homes England (through IMS); (b) the Practical Completion Tranche Grant figure will be adjusted to take account of the recalculated Firm Scheme Grant figure and of any change to the sum and percentage amount necessitated by the recalculated Firm Scheme Grant figure being lower than the original Firm Scheme Grant figure. If such adjustment would result in the Practical Completion Tranche Grant being a negative amount (and being therefore an overpayment of Firm Scheme Grant), the Grant Recipient must pay Homes England a sum equivalent to the difference (expressed as a positive sum) between the negative amount and zero within fifteen (15) Business Days of receipt of Homes England's written demand for the same; and (c) Homes England will (resources permitting) pay the adjusted Practical Completion Tranche Grant due (subject to it being a positive amount) to the Grant Recipient within fifteen (15) Business Days of the date of Homes England's acceptance of the Grant Recipient's amendments to the Firm Scheme Details referred to in Clause 14.2.2(a16.2.2(a) (Adjustments to Final Tranche). 14.3 . If the Grant Recipient fails to provide a definitive response to Homes England within the period prescribed in Clause 14.2 16.2 (Adjustments to Final Tranche), Homes England shall be entitled (but not obliged) to treat such failure as a decision by the Grant Recipient to withdraw the Firm Scheme from this Agreement and the provisions of Clause 14.2.1 16.2.1 (Adjustments to Final Tranche) shall take effect. 14.4 Under no circumstances will Homes England be required to accept or implement any recalculation pursuant to Clause 14.2 (Adjustments to Final Tranche) which would have the result of increasing the amount of the Allocated Capital Grant or the Firm Scheme Grant in relation to the relevant Firm Scheme as reflected in the Firm Scheme Details ante the amendments referred to in Clause 14.2.2(a) (Adjustments to Final Tranche). 14.5 If Homes England exercises its rights under Clause 14.1.2 (Adjustments to Final Tranche), the Grant Recipient must repay Homes England all sums due thereunder in accordance with the provisions of Clause 16.5 (Repayment of Xxxxx).

Adjustments to Final Tranche. ‌ 14.1 16.1 If Homes England becomes aware prior to or following receipt of the Grant Recipient's application for payment of the Final Tranche pursuant to Clause 12.2 14.2 (Grant Claim Procedures) that the Grant Recipient has failed to Deliver the relevant Firm Scheme in accordance with the agreed Firm Scheme Details (including the Submitted Standards and the Strategic Objectives), Homes England shall be entitled (at its discretion) either: 14.1.1 16.1.1 unless such Firm Scheme is a Single Claim Scheme, to recalculate the Firm Scheme Grant allocated to the Firm Scheme by reference to the Firm Scheme that has actually been Delivered; or 14.1.2 16.1.2 to: (a) withhold and cancel the Final Tranche payment due in relation to the relevant Firm Scheme; (b) reallocate or redirect an amount equivalent to such Final Tranche payment due to such other person or purpose as Homes England in its discretion considers appropriate; and (c) recover from the Grant Recipient a sum equivalent to any Firm Scheme Grant already paid to it in relation to the relevant Firm Scheme. 14.2 16.2 If Homes England exercises its right under Clause 14.1.1 16.1.1 (Adjustments to Final Tranche), Homes England will notify the Grant Recipient and the Grant Recipient will have ten (10) Business Days from the date of receipt of Homes England's notification to advise Homes England as to whether it wishes to withdraw the Firm Scheme from this Agreement or to proceed with the Firm Scheme on the basis of the recalculated Firm Scheme Grant figure. If: 14.2.1 16.2.1 the Grant Recipient wishes to withdraw the Firm Scheme, Homes England will permanently withdraw the Practical Completion Tranche Grant allocated to such scheme and the Grant Recipient must repay Homes England a sum equivalent to such part of the Firm Scheme Grant as has then been received by it, such repayment to be made within fifteen (15) Business Days of receipt of Homes England's written demand for the same; 14.2.2 16.2.2 the Grant Recipient wishes to proceed with the Firm Scheme: (a) it must immediately amend the Firm Scheme Details in IMS to reflect the recalculated Firm Scheme Grant figure and any Tranche already received. The amended Firm Scheme Details will be deemed to be effective from the date of their acceptance by Homes England (through IMS); (b) the Practical Completion Tranche Grant figure will be adjusted to take account of the recalculated Firm Scheme Grant figure and of any change to the sum and percentage amount necessitated by the recalculated Firm Scheme Grant figure being lower than the original Firm Scheme Grant figure. If such adjustment would result in the Practical Completion Tranche Grant being a negative amount (and being therefore an overpayment of Firm Scheme Grant), the Grant Recipient must pay Homes England a sum equivalent to the difference (expressed as a positive sum) between the negative amount and zero within fifteen (15) Business Days of receipt of Homes England's written demand for the same; and (c) Homes England will (resources permitting) pay the adjusted Practical Completion Tranche Grant due (subject to it being a positive amount) to the Grant Recipient within fifteen (15) Business Days of the date of Homes England's acceptance of the Grant Recipient's amendments to the Firm Scheme Details referred to in Clause 14.2.2(a16.2.2(a) (Adjustments to Final Tranche). 14.3 If the Grant Recipient fails to provide a definitive response to Homes England within the period prescribed in Clause 14.2 (Adjustments to Final Tranche), Homes England shall be entitled (but not obliged) to treat such failure as a decision by the Grant Recipient to withdraw the Firm Scheme from this Agreement and the provisions of Clause 14.2.1 (Adjustments to Final Tranche) shall take effect. 14.4 Under no circumstances will Homes England be required to accept or implement any recalculation pursuant to Clause 14.2 (Adjustments to Final Tranche) which would have the result of increasing the amount of the Allocated Capital Grant or the Firm Scheme Grant in relation to the relevant Firm Scheme as reflected in the Firm Scheme Details ante the amendments referred to in Clause 14.2.2(a) (Adjustments to Final Tranche). 14.5 If Homes England exercises its rights under Clause 14.1.2 (Adjustments to Final Tranche), the Grant Recipient must repay Homes England all sums due thereunder in accordance with the provisions of Clause 16.5 (Repayment of Xxxxx).

Adjustments to Final Tranche. ‌ 14.1 If Homes England becomes aware prior to or following receipt of the Grant Recipient's application for payment of the Final Tranche pursuant to Clause 12.2 (Grant Claim Procedures) that the Grant Recipient has failed to Deliver the relevant Firm Scheme in accordance with the agreed Firm Scheme Details (including the Submitted Standards and the Strategic Objectives), Homes England shall be entitled (at its discretion) either: 14.1.1 ‌ unless such Firm Scheme is a Single Claim Scheme, to recalculate the Firm Scheme Grant allocated to the Firm Scheme by reference to the Firm Scheme that has actually been Delivered; or 14.1.2 or to: (a) withhold and cancel the Final Tranche payment due in relation to the relevant Firm Scheme; (b) reallocate or redirect an amount equivalent to such Final Tranche payment due to such other person or purpose as Homes England in its discretion considers appropriate; and (c) recover from the Grant Recipient a sum equivalent to any Firm Scheme Grant already paid to it in relation to the relevant Firm Scheme. 14.2 . If Homes England exercises its right under Clause 14.1.1 16.1.1 (Adjustments to Final Tranche), Homes England will notify the Grant Recipient and the Grant Recipient will have ten (10) Business Days from the date of receipt of Homes England's notification to advise Homes England as to whether it wishes to withdraw the Firm Scheme from this Agreement or to proceed with the Firm Scheme on the basis of the recalculated Firm Scheme Grant figure. If: 14.2.1 the Grant Recipient wishes to withdraw the Firm Scheme, Homes England will permanently withdraw the Practical Completion Tranche Grant allocated to such scheme and the Grant Recipient must repay Homes England a sum equivalent to such part of the Firm Scheme Grant as has then been received by it, such repayment to be made within fifteen (15) Business Days of receipt of Homes England's written demand for the same; 14.2.2 the Grant Recipient wishes to proceed with the Firm Scheme: (a) it must immediately amend the Firm Scheme Details in IMS to reflect the recalculated Firm Scheme Grant figure and any Tranche already received. The amended Firm Scheme Details will be deemed to be effective from the date of their acceptance by Homes England (through IMS); (b) the Practical Completion Tranche Grant figure will be adjusted to take account of the recalculated Firm Scheme Grant figure and of any change to the sum and percentage amount necessitated by the recalculated Firm Scheme Grant figure being lower than the original Firm Scheme Grant figure. If such adjustment would result in the Practical Completion Tranche Grant being a negative amount (and being therefore an overpayment of Firm Scheme Grant), the Grant Recipient must pay Homes England a sum equivalent to the difference (expressed as a positive sum) between the negative amount and zero within fifteen (15) Business Days of receipt of Homes England's written demand for the same; and (c) Homes England will (resources permitting) pay the adjusted Practical Completion Tranche Grant due (subject to it being a positive amount) to the Grant Recipient within fifteen (15) Business Days of the date of Homes England's acceptance of the Grant Recipient's amendments to the Firm Scheme Details referred to in Clause 14.2.2(a16.2.2(a) (Adjustments to Final Tranche). 14.3 . If the Grant Recipient fails to provide a definitive response to Homes England within the period prescribed in Clause 14.2 16.2 (Adjustments to Final Tranche), Homes England shall be entitled (but not obliged) to treat such failure as a decision by the Grant Recipient to withdraw the Firm Scheme from this Agreement and the provisions of Clause 14.2.1 16.2.1 (Adjustments to Final Tranche) shall take effect. 14.4 Under no circumstances will Homes England be required to accept or implement any recalculation pursuant to Clause 14.2 (Adjustments to Final Tranche) which would have the result of increasing the amount of the Allocated Capital Grant or the Firm Scheme Grant in relation to the relevant Firm Scheme as reflected in the Firm Scheme Details ante the amendments referred to in Clause 14.2.2(a) (Adjustments to Final Tranche). 14.5 If Homes England exercises its rights under Clause 14.1.2 (Adjustments to Final Tranche), the Grant Recipient must repay Homes England all sums due thereunder in accordance with the provisions of Clause 16.5 (Repayment of Xxxxx).

Adjustments to Final Tranche. ‌ 14.1 16.1 If Homes England becomes aware prior to or following receipt of the Grant RecipientLead Partner's application for payment of the Final Tranche pursuant to Clause 12.2 clause 14.2 (Grant Claim Procedures) that the Grant Recipient Relevant Consortium Member has failed to Deliver the relevant Firm Scheme in accordance with the agreed Firm Scheme Details (including the Submitted Standards and the Strategic Objectives), Homes England shall be entitled (at its discretion) either: 14.1.1 16.1.1 unless such Firm Scheme is a Single Claim Scheme, to recalculate the Firm Scheme Grant allocated to the Firm Scheme by reference to the Firm Scheme that has actually been Delivered; or 14.1.2 16.1.2 to: (a) withhold and cancel the Final Tranche payment due in relation to the relevant Firm Scheme; (b) reallocate or redirect an amount equivalent to such Final Tranche payment due to such other person or purpose as Homes England in its discretion considers appropriate; and (c) recover from the Grant Recipient Relevant Consortium Member a sum equivalent to any Firm Scheme Grant already paid to it in relation to the relevant Firm Scheme. 14.2 16.2 If Homes England exercises its right under Clause 14.1.1 clause 16.1.1 (Adjustments to Final Tranche), Homes England will notify the Grant Recipient Lead Partner and the Grant Recipient Lead Partner will have ten (10) Business Days from the date of receipt of Homes England's notification to advise Homes England as to whether it the Relevant Consortium Member wishes to withdraw the Firm Scheme from this Agreement or to proceed with the Firm Scheme on the basis of the recalculated Firm Scheme Grant figure. If: 14.2.1 16.2.1 the Grant Recipient Relevant Consortium Member wishes to withdraw the Firm Scheme, Homes England will permanently withdraw the Practical Completion Tranche Grant allocated to such scheme and the Grant Recipient Relevant Consortium Member must repay Homes England a sum equivalent to such part of the Firm Scheme Grant as has then been received by it, such repayment to be made within fifteen (15) Business Days of receipt of Homes England's written demand for the same; 14.2.2 16.2.2 the Grant Recipient Relevant Consortium Member wishes to proceed with the Firm Scheme: (a) it must immediately amend the Firm Scheme Details in IMS to reflect the recalculated Firm Scheme Grant figure and any Tranche already received. The amended Firm Scheme Details will be deemed to be effective from the date of their acceptance by Homes England (through IMS); (b) the Practical Completion Tranche Grant figure will be adjusted to take account of the recalculated Firm Scheme Grant figure and of any change to the sum and percentage amount necessitated by the recalculated Firm Scheme Grant figure being lower than the original Firm Scheme Grant figure. If such adjustment would result in the Practical Completion Tranche Grant being a negative amount (and being therefore an overpayment of Firm Scheme Grant), the Grant Recipient Relevant Consortium Member must pay Homes England a sum equivalent to the difference (expressed as a positive sum) between the negative amount and zero within fifteen (15) Business Days of receipt of Homes England's written demand for the same; and (c) Homes England will (resources permitting) pay the adjusted Practical Completion Tranche Grant due (subject to it being a positive amount) to the Grant Recipient Lead Partner within fifteen (15) Business Days of the date of Homes England's acceptance of the Grant RecipientLead Partner's amendments to the Firm Scheme Details referred to in Clause 14.2.2(aclause 16.2.2(a) (Adjustments to Final Tranche). 14.3 16.3 If the Grant Recipient Lead Partner fails to provide a definitive response to Homes England within the period prescribed in Clause 14.2 clause 16.2 (Adjustments to Final Tranche), Homes England shall be entitled (but not obliged) to treat such failure as a decision by the Grant Recipient Relevant Consortium Member to withdraw the Firm Scheme from this Agreement and the provisions of Clause 14.2.1 clause 16.2.1 (Adjustments to Final Tranche) shall take effect. 14.4 16.4 Under no circumstances will Homes England be required to accept or implement any recalculation pursuant to Clause 14.2 clause 16.2 (Adjustments to Final Tranche) which would have the result of increasing the amount of the Allocated Capital Grant or the Firm Scheme Grant in relation to the relevant Firm Scheme as reflected in the Firm Scheme Details ante the amendments referred to in Clause 14.2.2(aclause 16.2.2(a) (Adjustments to Final Tranche). 14.5 If Homes England exercises its rights under Clause 14.1.2 (Adjustments to Final Tranche), the Grant Recipient must repay Homes England all sums due thereunder in accordance with the provisions of Clause 16.5 (Repayment of Xxxxx).

Adjustments to Final Tranche. ‌ 14.1 16.1 If Homes England becomes aware prior to or following receipt of the Grant Recipient's application for payment of the Final Tranche pursuant to Clause 12.2 14.2 (Grant Claim Procedures) that the Grant Recipient has failed to Deliver the relevant Firm Scheme in accordance with the agreed Firm Scheme Details (including the Submitted Standards and the Strategic Objectives), Homes England shall be entitled (at its discretion) either: 14.1.1 16.1.1 unless such Firm Scheme is a Single Claim Scheme, to recalculate the Firm Scheme Grant allocated to the Firm Scheme by reference to the Firm Scheme that has actually been Delivered; or 14.1.2 16.1.2 to: (a) withhold and cancel the Final Tranche payment due in relation to the relevant Firm Scheme; (b) reallocate or redirect an amount equivalent to such Final Tranche payment due to such other person or purpose as Homes England in its discretion considers appropriate; and (c) recover from the Grant Recipient a sum equivalent to any Firm Scheme Grant already paid to it in relation to the relevant Firm Scheme. 14.2 16.2 If Homes England exercises its right under Clause 14.1.1 16.1.1 (Adjustments to Final Tranche), Homes England will notify the Grant Recipient and the Grant Recipient will have ten (10) Business Days from the date of receipt of Homes England's notification to advise Homes England as to whether it wishes to withdraw the Firm Scheme from this Agreement or to proceed with the Firm Scheme on the basis of the recalculated Firm Scheme Grant figure. If: 14.2.1 16.2.1 the Grant Recipient wishes to withdraw the Firm Scheme, Homes England will permanently withdraw the Practical Completion Tranche Grant allocated to such scheme and the Grant Recipient must repay Homes England a sum equivalent to such part of the Firm Scheme Grant as has then been received by it, such repayment to be made within fifteen (15) Business Days of receipt of Homes England's written demand for the same; 14.2.2 16.2.2 the Grant Recipient wishes to proceed with the Firm Scheme: (a) it must immediately amend the Firm Scheme Details in IMS to reflect the recalculated Firm Scheme Grant figure and any Tranche already received. The amended Firm Scheme Details will be deemed to be effective from the date of their acceptance by Homes England (through IMS); (b) the Practical Completion Tranche Grant figure will be adjusted to take account of the recalculated Firm Scheme Grant figure and of any change to the sum and percentage amount necessitated by the recalculated Firm Scheme Grant figure being lower than the original Firm Scheme Grant figure. If such adjustment would result in the Practical Completion Tranche Grant being a negative amount (and being therefore an overpayment of Firm Scheme Grant), the Grant Recipient must pay Homes England a sum equivalent to the difference (expressed as a positive sum) between the negative amount and zero within fifteen (15) Business Days of receipt of Homes England's written demand for the same; and (c) Homes England will (resources permitting) pay the adjusted Practical Completion Tranche Grant due (subject to it being a positive amount) to the Grant Recipient within fifteen (15) Business Days of the date of Homes England's acceptance of the Grant Recipient's amendments to the Firm Scheme Details referred to in Clause 14.2.2(a16.2.2(a) (Adjustments to Final Tranche). 14.3 16.3 If the Grant Recipient fails to provide a definitive response to Homes England within the period prescribed in Clause 14.2 16.2 (Adjustments to Final Tranche), Homes England shall be entitled (but not obliged) to treat such failure as a decision by the Grant Recipient to withdraw the Firm Scheme from this Agreement and the provisions of Clause 14.2.1 16.2.1 (Adjustments to Final Tranche) shall take effect. 14.4 16.4 Under no circumstances will Homes England be required to accept or implement any recalculation pursuant to Clause 14.2 16.2 (Adjustments to Final Tranche) which would have the result of increasing the amount of the Allocated Capital Grant or the Firm Scheme Grant in relation to the relevant Firm Scheme as reflected in the Firm Scheme Details ante the amendments referred to in Clause 14.2.2(a) (Adjustments to Final Tranche16.2.2(a). 14.5 If Homes England exercises its rights under Clause 14.1.2 (Adjustments to Final Tranche), the Grant Recipient must repay Homes England all sums due thereunder in accordance with the provisions of Clause 16.5 (Repayment of Xxxxx).

Adjustments to Final Tranche. ‌ 14.1 If Homes England becomes aware prior to or following receipt of the Grant Recipient's application for payment of the Final Tranche pursuant to Clause 12.2 14.2 (Grant Claim Procedures) that the Grant Recipient has failed to Deliver the relevant Firm Scheme in accordance with the agreed Firm Scheme Details (including the Submitted Standards and the Strategic Objectives), Homes England shall be entitled (at its discretion) either: 14.1.1 : unless such Firm Scheme is a Single Claim Scheme, to recalculate the Firm Scheme Grant allocated to the Firm Scheme by reference to the Firm Scheme that has actually been Delivered; or 14.1.2 or to: (a) withhold and cancel the Final Tranche payment due in relation to the relevant Firm Scheme; (b) reallocate or redirect an amount equivalent to such Final Tranche payment due to such other person or purpose as Homes England in its discretion considers appropriate; and (c) recover from the Grant Recipient a sum equivalent to any Firm Scheme Grant already paid to it in relation to the relevant Firm Scheme. 14.2 . If Homes England exercises its right under Clause 14.1.1 16.1.1 (Adjustments to Final Tranche), Homes England will notify the Grant Recipient and the Grant Recipient will have ten (10) Business Days from the date of receipt of Homes England's notification to advise Homes England as to whether it wishes to withdraw the Firm Scheme from this Agreement or to proceed with the Firm Scheme on the basis of the recalculated Firm Scheme Grant figure. If: 14.2.1 : the Grant Recipient wishes to withdraw the Firm Scheme, Homes England will permanently withdraw the Practical Completion Tranche Grant allocated to such scheme and the Grant Recipient must repay Homes England a sum equivalent to such part of the Firm Scheme Grant as has then been received by it, such repayment to be made within fifteen (15) Business Days of receipt of Homes England's written demand for the same; 14.2.2 ; the Grant Recipient wishes to proceed with the Firm Scheme: (a) it must immediately amend the Firm Scheme Details in IMS to reflect the recalculated Firm Scheme Grant figure and any Tranche already received. The amended Firm Scheme Details will be deemed to be effective from the date of their acceptance by Homes England (through IMS); (b) the Practical Completion Tranche Grant figure will be adjusted to take account of the recalculated Firm Scheme Grant figure and of any change to the sum and percentage amount necessitated by the recalculated Firm Scheme Grant figure being lower than the original Firm Scheme Grant figure. If such adjustment would result in the Practical Completion Tranche Grant being a negative amount (and being therefore an overpayment of Firm Scheme Grant), the Grant Recipient must pay Homes England a sum equivalent to the difference (expressed as a positive sum) between the negative amount and zero within fifteen (15) Business Days of receipt of Homes England's written demand for the same; and (c) Homes England will (resources permitting) pay the adjusted Practical Completion Tranche Grant due (subject to it being a positive amount) to the Grant Recipient within fifteen (15) Business Days of the date of Homes England's acceptance of the Grant Recipient's amendments to the Firm Scheme Details referred to in Clause 14.2.2(a) (Adjustments to Final Tranche16.2.2(a). 14.3 If the Grant Recipient fails to provide a definitive response to Homes England within the period prescribed in Clause 14.2 (Adjustments to Final Tranche), Homes England shall be entitled (but not obliged) to treat such failure as a decision by the Grant Recipient to withdraw the Firm Scheme from this Agreement and the provisions of Clause 14.2.1 (Adjustments to Final Tranche) shall take effect. 14.4 Under no circumstances will Homes England be required to accept or implement any recalculation pursuant to Clause 14.2 (Adjustments to Final Tranche) which would have the result of increasing the amount of the Allocated Capital Grant or the Firm Scheme Grant in relation to the relevant Firm Scheme as reflected in the Firm Scheme Details ante the amendments referred to in Clause 14.2.2(a) (Adjustments to Final Tranche). 14.5 If Homes England exercises its rights under Clause 14.1.2 (Adjustments to Final Tranche), the Grant Recipient must repay Homes England all sums due thereunder in accordance with the provisions of Clause 16.5 (Repayment of Xxxxx).

Adjustments to Final Tranche. ‌ 14.1 16.1 If Homes England becomes aware prior to or following receipt of the Grant RecipientLead Partner's application for payment of the Final Tranche pursuant to Clause 12.2 clause 14.2 (Grant Claim Procedures) that the Grant Recipient Relevant Consortium Member has failed to Deliver the relevant Firm Scheme in accordance with the agreed Firm Scheme Details (including the Submitted Standards and the Strategic Objectives), Homes England shall be entitled (at its discretion) either: 14.1.1 16.1.1 unless such Firm Scheme is a Single Claim Scheme, to recalculate the Firm Scheme Grant allocated to the Firm Scheme by reference to the Firm Scheme that has actually been Delivered; or 14.1.2 16.1.2 to: (a) withhold and cancel the Final Tranche payment due in relation to the relevant Firm Scheme; (b) reallocate or redirect an amount equivalent to such Final Tranche payment due to such other person or purpose as Homes England in its discretion considers appropriate; and (c) recover from the Grant Recipient Relevant Consortium Member a sum equivalent to any Firm Scheme Grant already paid to it in relation to the relevant Firm Scheme. 14.2 16.2 If Homes England exercises its right under Clause 14.1.1 clause 16.1.1 (Adjustments to Final Tranche), Homes England will notify the Grant Recipient Lead Partner and the Grant Recipient Lead Partner will have ten (10) Business Days from the date of receipt of Homes England's notification to advise Homes England as to whether it the Relevant Consortium Member wishes to withdraw the Firm Scheme from this Agreement or to proceed with the Firm Scheme on the basis of the recalculated Firm Scheme Grant figure. If: 14.2.1 16.2.1 the Grant Recipient Relevant Consortium Member wishes to withdraw the Firm Scheme, Homes England will permanently withdraw the Practical Completion Tranche Grant allocated to such scheme and the Grant Recipient Relevant Consortium Member must repay Homes England a sum equivalent to such part of the Firm Scheme Grant as has then been received by it, such repayment to be made within fifteen (15) Business Days of receipt of Homes England's written demand for the same; 14.2.2 16.2.2 the Grant Recipient Relevant Consortium Member wishes to proceed with the Firm Scheme: (a) it must immediately amend the Firm Scheme Details in IMS to reflect the recalculated Firm Scheme Grant figure and any Tranche already received. The amended Firm Scheme Details will be deemed to be effective from the date of their acceptance by Homes England (through IMS); (b) the Practical Completion Tranche Grant figure will be adjusted to take account of the recalculated Firm Scheme Grant figure and of any change to the sum and percentage amount necessitated by the recalculated Firm Scheme Grant figure being lower than the original Firm Scheme Grant figure. If such adjustment would result in the Practical Completion Tranche Grant being a negative amount (and being therefore an overpayment of Firm Scheme Grant), the Grant Recipient Relevant Consortium Member must pay Homes England a sum equivalent to the difference (expressed as a positive sum) between the negative amount and zero within fifteen (15) Business Days of receipt of Homes England's written demand for the same; and (c) Homes England will (resources permitting) pay the adjusted Practical Completion Tranche Grant due (subject to it being a positive amount) to the Grant Recipient within fifteen (15) Business Days of the date of Homes England's acceptance of the Grant Recipient's amendments to the Firm Scheme Details referred to in Clause 14.2.2(a) (Adjustments to Final Tranche). 14.3 If the Grant Recipient fails to provide a definitive response to Homes England within the period prescribed in Clause 14.2 (Adjustments to Final Tranche), Homes England shall be entitled (but not obliged) to treat such failure as a decision by the Grant Recipient to withdraw the Firm Scheme from this Agreement and the provisions of Clause 14.2.1 (Adjustments to Final Tranche) shall take effect. 14.4 Under no circumstances will Homes England be required to accept or implement any recalculation pursuant to Clause 14.2 (Adjustments to Final Tranche) which would have the result of increasing the amount of the Allocated Capital Grant or the Firm Scheme Grant in relation to the relevant Firm Scheme as reflected in the Firm Scheme Details ante the amendments referred to in Clause 14.2.2(a) (Adjustments to Final Tranche). 14.5 If Homes England exercises its rights under Clause 14.1.2 (Adjustments to Final Tranche), the Grant Recipient must repay Homes England all sums due thereunder in accordance with the provisions of Clause 16.5 (Repayment of Xxxxx).fifteen