Common use of Clause 16 Clause in Contracts

Clause 16. 2.5 (Repayment of Grant), subject always to Clause 16.4 (Repayment of Grant) the Recoverable Amount shall be determined in accordance with the following procedure: (a) the parties (acting in good faith) shall seek to agree within fifteen (15) Business Days of the Non Compliance Notification Date, a revised figure for the Firm Scheme Grant figure reflecting the changed nature of the delivered Firm Scheme as against that described in the Firm Scheme Details; (b) where a revised figure for Firm Scheme Grant is agreed, the Recoverable Amount shall be the product of the following calculation: (c) the Grant Recipient shall immediately amend the relevant information on IMS to reflect any agreement reached made pursuant to Clause 16.3.3(a) (Repayment of Xxxxx); and (d) where the parties are unable to agree a revised Firm Scheme Grant figure in accordance with Clause 16.3.3(a) (Repayment of Grant) Homes England shall be entitled to terminate this Agreement in part in accordance with Clause 17.1 (Default Events and Termination) and the Recoverable Amount shall be an amount equal to the Firm Scheme Grant paid pursuant to Clause 13.1 (Payment of Grant) in respect of the relevant Firm Scheme. Under no circumstances will Homes England be required to make any payment to the Grant Recipient if the application of the calculation in Clause 16.3.3(b) (Repayment of Grant) results in RA being a negative figure.

Clause 16. 2.5 (Repayment of Grant), subject always to Clause 16.4 (Repayment of Grant) the Recoverable Amount shall be determined in accordance with the following procedure: (a) the parties (acting in good faith) shall seek to agree within fifteen (15) Business Days of the Non Compliance Notification Date, a revised figure for the Firm Scheme Grant figure reflecting the changed nature of the delivered Firm Scheme as against that described in the Firm Scheme Details; (b) where a revised figure for Firm Scheme Grant is agreed, the Recoverable Amount shall be the product of the following calculation:: RA = FSG – RFSG where RA is the Recoverable Amount; FSG is the Firm Scheme Grant paid pursuant to Clause 13.1 (Payment of Grant) in respect of the relevant Firm Scheme; and RFSG is the revised Firm Scheme Grant figure agreed pursuant to Clause 16.3.3(a) (Repayment of Xxxxx); (c) the Grant Recipient shall immediately amend the relevant information on IMS to reflect any agreement reached made pursuant to Clause 16.3.3(a) (Repayment of Xxxxx); and (d) where the parties are unable to agree a revised Firm Scheme Grant figure in accordance with Clause 16.3.3(a) (Repayment of Grant) Homes England shall be entitled to terminate this Agreement in part in accordance with Clause 17.1 (Default Events and Termination) and the Recoverable Amount shall be an amount equal to the Firm Scheme Grant paid pursuant to Clause 13.1 (Payment of Grant) in respect of the relevant Firm Scheme. Under no circumstances will Homes England be required to make any payment to the Grant Recipient if the application of the calculation in Clause 16.3.3(b) (Repayment of Grant) results in RA being a negative figure.