Adjustments to Remaining Tranches. 21.1 If Homes England becomes aware (whether prior to or following receipt of the Grant Recipient's application for payment of the Final Tranche pursuant to Clause 17 (Capital Grant Claim Procedures)) that the Grant Recipient has failed to deliver the relevant Capital Firm Scheme in accordance with the agreed Capital Firm Scheme Details (including the SHAP Standards), Homes England shall be entitled (at its discretion) either: 21.1.1 unless such Firm Scheme is a Single Claim Scheme, to recalculate the Capital Firm Scheme Grant allocated to the Capital Firm Scheme by reference to the Capital Firm Scheme that has actually been delivered; or 21.1.2 to: (a) withhold and cancel the Final Tranche payment in relation to the relevant Capital Firm Scheme; (b) reallocate or redirect an amount equivalent to such Final Tranche 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 Capital Firm Scheme Grant already paid to it in relation to the relevant Capital Firm Scheme. 21.2 If Homes England exercises its right under Clause 21.1.1 (Adjustments to Remaining Tranches), 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 Capital Firm Scheme from this Agreement or to proceed with the Capital Firm Scheme on the basis of the recalculated Capital Firm Scheme Grant figure. If: 21.2.1 the Grant Recipient wishes to withdraw the Capital Firm Scheme, Homes England will permanently withdraw the Remaining Tranches allocated to such scheme and the Grant Recipient must repay Homes England a sum equivalent to such part of the Capital 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; 21.2.2 the Grant Recipient wishes to proceed with the Capital Firm Scheme: (a) it must immediately amend the Capital Firm Scheme Details in IMS to the recalculated Capital Firm Scheme Grant figure and any Tranche already received. The amended Capital Firm Scheme Details will be deemed to be effective from the date of their acceptance by Homes England (through IMS); and (b) the Final Tranche figure will be deemed to have been adjusted to take account of the recalculated Capital Firm Scheme Grant figure and of any change to the sum and percentage amount necessitated by the recalculated Capital Firm Scheme Grant figure being lower than the original Capital Firm Scheme Grant figure. If such adjustment would result in the Final Tranche being a negative figure, the Grant Recipient must pay Homes England the Deficit Sum 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 Final Tranche 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 Capital Firm Scheme Details referred to in Clause 21.2.2(a) (Adjustments to Remaining Tranches). 21.3 If the Grant Recipient fails to provide a definitive response to Homes England within the period prescribed in Clause 21.2 (Adjustments to Remaining Tranches), Homes England shall be entitled (but not obliged) to treat such failure as a decision by the Grant Recipient to withdraw the Capital Firm Scheme from this Agreement and the provisions of Clause 21.2.1 (Adjustments to Remaining Tranches) shall take effect. 21.4 Under no circumstances will Homes England be required to accept or implement any recalculation pursuant to Clause 21.2 (Adjustments to Remaining Tranches) which would have the result of increasing the amount of the Allocated Capital Grant or the Capital Firm Scheme Grant in relation to the relevant Capital Firm Scheme as reflected in the Capital Firm Scheme Details ante the amendments referred to in Clause 21.2.2(a) (Adjustments to Remaining Tranches). 21.5 If Homes England exercises its rights under Clause 21.1.2 (Adjustments to Remaining Tranches), the Grant Recipient must repay Homes England all sums due thereunder in accordance with the provisions of Clause 23.5 (Repayment of Grant).
Appears in 5 contracts
Samples: Grant Agreement, Grant Agreement, Grant Agreement
Adjustments to Remaining Tranches.
21.1 If Homes England becomes aware (whether prior to or following receipt of the Grant Recipient's application for payment of the Final Tranche pursuant to Clause 17 14.2 (Capital Grant Claim Procedures)) that the Grant Recipient has failed to deliver the relevant Capital Firm Scheme in accordance with the agreed Capital Firm Scheme Details (including the SHAP Standards), Homes England shall be entitled (at its discretion) either:
21.1.1 unless such Firm Scheme is a Single Claim Scheme, to recalculate the Capital Firm Scheme Grant allocated to the Capital Firm Scheme by reference to the Capital Firm Scheme that has actually been delivered; or
21.1.2 to:Claim
(a) withhold and cancel the Final Tranche payment due in relation to the relevant Capital 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 Capital Firm Scheme Grant already paid to it in relation to the relevant Capital Firm Scheme.
21.2 . If Homes England exercises its right under Clause 21.1.1 16.1.1 (Adjustments to Remaining Tranches), 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 Capital Firm Scheme from this Agreement or to proceed with the Capital Firm Scheme on the basis of the recalculated Capital Firm Scheme Grant figure. If:
21.2.1 the Grant Recipient wishes to withdraw the Capital Firm Scheme, Homes England will permanently withdraw the Remaining Tranches allocated to such scheme and the Grant Recipient must repay Homes England a sum equivalent to such part of the Capital 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;
21.2.2 : the Grant Recipient wishes to proceed with the Capital Firm Scheme:
(a) it must immediately amend the Capital Firm Scheme Details in IMS to reflect the recalculated Capital Firm Scheme Grant figure and any Tranche already received. The amended Capital Firm Scheme Details will be deemed to be effective from the date of their acceptance by Homes England (through IMS); and;
(b) the Final Tranche figure will be deemed to have been adjusted to take account of the recalculated Capital Firm Scheme Grant figure and of any change to the sum and percentage amount necessitated by the recalculated Capital Firm Scheme Grant figure being lower than the original Capital Firm Scheme Grant figure. If such adjustment would result in the Final Tranche being a negative figureamount (and being therefore an overpayment of Firm Scheme Grant), the Grant Recipient must pay Homes England a sum equivalent to the Deficit Sum difference (expressed as a positive sum) between the negative amount and zero within fifteen (15) 15 Business Days of receipt of Homes England's written demand for the same; and
(c) Homes England will (resources permitting) pay the adjusted Final Tranche due (subject to it being a positive amount) to the Grant Recipient within fifteen (15) 15 Business Days of the date of Homes England's acceptance of the Grant Recipient's amendments to the Capital Firm Scheme Details referred to in Clause 21.2.2(a) (Adjustments to Remaining Tranches16.2.2(a).
21.3 If the Grant Recipient fails to provide a definitive response to Homes England within the period prescribed in Clause 21.2 (Adjustments to Remaining Tranches), Homes England shall be entitled (but not obliged) to treat such failure as a decision by the Grant Recipient to withdraw the Capital Firm Scheme from this Agreement and the provisions of Clause 21.2.1 (Adjustments to Remaining Tranches) shall take effect.
21.4 Under no circumstances will Homes England be required to accept or implement any recalculation pursuant to Clause 21.2 (Adjustments to Remaining Tranches) which would have the result of increasing the amount of the Allocated Capital Grant or the Capital Firm Scheme Grant in relation to the relevant Capital Firm Scheme as reflected in the Capital Firm Scheme Details ante the amendments referred to in Clause 21.2.2(a) (Adjustments to Remaining Tranches).
21.5 If Homes England exercises its rights under Clause 21.1.2 (Adjustments to Remaining Tranches), the Grant Recipient must repay Homes England all sums due thereunder in accordance with the provisions of Clause 23.5 (Repayment of Grant).
Appears in 1 contract
Samples: Grant Agreement
Adjustments to Remaining Tranches.
21.1 13.1 If Homes England becomes aware (whether prior to or following receipt of the Grant RecipientDeveloper's application for payment of the Final Practical Completion Tranche pursuant to Clause 17 (Capital Grant Claim Procedures)Grant) that the Grant Recipient Developer has failed to deliver Deliver the relevant Capital Firm Scheme in accordance with the agreed Capital Firm Scheme Details (including the SHAP StandardsSubmitted Standards and the Strategic Objectives), Homes England shall be entitled (at its discretion) either:
21.1.1 unless such Firm Scheme is a Single Claim Scheme, 13.1.1 to recalculate the Capital Firm Scheme Grant allocated to the Capital Firm Scheme by reference to the Capital Firm Scheme that has actually been deliveredDelivered; or
21.1.2 13.1.2 to:
(a) withhold and cancel the Final Practical Completion Tranche Grant payment due in relation to the relevant Capital Firm Scheme;
(b) reallocate or redirect an amount equivalent to such Final Practical Completion Tranche Grant due to such other person or purpose as Homes England in its discretion considers appropriate; and
(c) save in respect of a Single Claim Scheme, recover from the Grant Recipient Developer a sum equivalent to any Capital Firm Scheme Grant already paid to it in relation to the relevant Capital Firm Scheme.
21.2 13.2 If Homes England exercises its right under Clause 21.1.1 13.1.1 (Adjustments to Remaining Tranches), Homes England will notify the Grant Recipient Developer and the Grant Recipient Developer 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 Capital Firm Scheme from this Agreement or to proceed with the Capital Firm Scheme on the basis of the recalculated Capital Firm Scheme Grant figure. If:
21.2.1 13.2.1 the Grant Recipient Developer wishes to withdraw the Capital Firm Scheme, Homes England will permanently withdraw the any Remaining Tranches Tranche allocated to such scheme and the Grant Recipient Developer must repay Homes England a sum equivalent to such part of the Capital Firm Scheme Grant as has then been received by it, if any, such repayment to be made within fifteen (15) Business Days of receipt of Homes England's written demand for the same;
21.2.2 13.2.2 the Grant Recipient Developer wishes to proceed with the Capital Firm Scheme:
(a) it must immediately amend the Capital Firm Scheme Details in IMS to reflect the recalculated Capital Firm Scheme Grant figure and any Tranche already received. The amended Capital Firm Scheme Details will be deemed to be effective from the date of their acceptance by Homes England (through IMS); and
(b) the Final Practical Completion Tranche Grant figure will be deemed to have been adjusted to take account of the recalculated Capital Firm Scheme Grant figure and of any change to the sum and percentage amount necessitated by the recalculated Capital Firm Scheme Grant figure being lower than the original Capital Firm Scheme Grant figure. If such adjustment would result in the Final Practical Completion Tranche Grant being a negative figureamount (and being therefore an overpayment of Firm Scheme Grant), the Grant Recipient Developer must pay Homes England a sum equivalent to the Deficit Sum 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 Final Practical Completion Tranche due Grant (subject to it being a positive amount) to the Grant Recipient Developer within fifteen (15) Business Days of the date of Homes England's acceptance of the Grant RecipientDeveloper's amendments to the Capital Firm Scheme Details referred to in Clause 21.2.2(a13.2.2(a) (Adjustments to Remaining Tranches).;
21.3 13.3 If the Grant Recipient Developer fails to provide a definitive response to Homes England within the period prescribed in Clause 21.2 13.2 (Adjustments to Remaining Tranches), Homes England shall be entitled (but not obliged) to treat such failure as a decision by the Grant Recipient Developer to withdraw the Capital Firm Scheme from this Agreement and the provisions of Clause 21.2.1 13.2.1 (Adjustments to Remaining Tranches) shall take effect.
21.4 13.4 Under no circumstances will Homes England be required to accept or implement any recalculation pursuant to Clause 21.2 13.2 (Adjustments to Remaining Tranches) which would have the result of increasing the amount of the Allocated Capital Grant or the Capital Firm Scheme Grant in relation to the relevant Capital Firm Scheme as reflected in the Capital Firm Scheme Details ante the amendments referred to in Clause 21.2.2(a13.2.2(a) (Adjustments to Remaining Tranches).
21.5 13.5 If Homes England exercises its rights under Clause 21.1.2 13.1.2 (Adjustments to Remaining Tranches), the Grant Recipient Developer must repay Homes England all sums due thereunder in accordance with the provisions of Clause 23.5 15.5 (Repayment of GrantXxxxx).
Appears in 1 contract
Samples: Grant Agreement
Adjustments to Remaining Tranches.
21.1 13.1 If Homes England becomes aware (whether prior to or following receipt of the Grant RecipientDeveloper's application for payment of the Final Practical Completion Tranche pursuant to Clause 17 (Capital Grant Claim Procedures)Grant) that the Grant Recipient Developer has failed to deliver Deliver the relevant Capital Firm Scheme in accordance with the agreed Capital Firm Scheme Details (including the SHAP StandardsSubmitted Standards and the Strategic Objectives), Homes England shall be entitled (at its discretion) either:
21.1.1 unless such Firm Scheme is a Single Claim Scheme, 13.1.1 to recalculate the Capital Firm Scheme Grant allocated to the Capital Firm Scheme by reference to the Capital Firm Scheme that has actually been deliveredDelivered; or
21.1.2 13.1.2 to:
(a) withhold and cancel the Final Practical Completion Tranche Grant payment due in relation to the relevant Capital Firm Scheme;
(b) reallocate or redirect an amount equivalent to such Final Practical Completion Tranche Grant due to such other person or purpose as Homes England in its discretion considers appropriate; and
(c) save in respect of a Single Claim Scheme, recover from the Grant Recipient Developer a sum equivalent to any Capital Firm Scheme Grant already paid to it in relation to the relevant Capital Firm Scheme.
21.2 13.2 If Homes England exercises its right under Clause 21.1.1 13.1.1 (Adjustments to Remaining Tranches), Homes England will notify the Grant Recipient Developer and the Grant Recipient Developer 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 Capital Firm Scheme from this Agreement or to proceed with the Capital Firm Scheme on the basis of the recalculated Capital Firm Scheme Grant figure. If:
21.2.1 13.2.1 the Grant Recipient Developer wishes to withdraw the Capital Firm Scheme, Homes England will permanently withdraw the any Remaining Tranches Tranche allocated to such scheme and the Grant Recipient Developer must repay Homes England a sum equivalent to such part of the Capital Firm Scheme Grant as has then been received by it, if any, such repayment to be made within fifteen (15) Business Days of receipt of Homes England's written demand for the same;
21.2.2 13.2.2 the Grant Recipient Developer wishes to proceed with the Capital Firm Scheme:
(a) it must immediately amend the Capital Firm Scheme Details in IMS to reflect the recalculated Capital Firm Scheme Grant figure and any Tranche already received. The amended Capital Firm Scheme Details will be deemed to be effective from the date of their acceptance by Homes England (through IMS); and
(b) the Final Practical Completion Tranche Grant figure will be deemed to have been adjusted to take account of the recalculated Capital Firm Scheme Grant figure and of any change to the sum and percentage amount necessitated by the recalculated Capital Firm Scheme Grant figure being lower than the original Capital Firm Scheme Grant figure. If such adjustment would result in the Final Practical Completion Tranche Grant being a negative figureamount (and being therefore an overpayment of Firm Scheme Grant), the Grant Recipient Developer must pay Homes England a sum equivalent to the Deficit Sum within fifteen difference (15) Business Days of receipt of Homes England's written demand for the same; and
(c) Homes England will (resources permitting) pay the adjusted Final Tranche due (subject to it being expressed as a positive amountsum) to between the Grant Recipient negative amount and zero within fifteen (15) Business Days of the date of Homes England's acceptance of the Grant Recipient's amendments to the Capital Firm Scheme Details referred to in Clause 21.2.2(a) (Adjustments to Remaining Tranches).
21.3 If the Grant Recipient fails to provide a definitive response to Homes England within the period prescribed in Clause 21.2 (Adjustments to Remaining Tranches), Homes England shall be entitled (but not obliged) to treat such failure as a decision by the Grant Recipient to withdraw the Capital Firm Scheme from this Agreement and the provisions of Clause 21.2.1 (Adjustments to Remaining Tranches) shall take effect.
21.4 Under no circumstances will Homes England be required to accept or implement any recalculation pursuant to Clause 21.2 (Adjustments to Remaining Tranches) which would have the result of increasing the amount of the Allocated Capital Grant or the Capital Firm Scheme Grant in relation to the relevant Capital Firm Scheme as reflected in the Capital Firm Scheme Details ante the amendments referred to in Clause 21.2.2(a) (Adjustments to Remaining Tranches).
21.5 If Homes England exercises its rights under Clause 21.1.2 (Adjustments to Remaining Tranches), the Grant Recipient must repay Homes England all sums due thereunder in accordance with the provisions of Clause 23.5 (Repayment of Grant).fifteen
Appears in 1 contract
Samples: Grant Agreement
