Default Events and Termination Sample Clauses
The Default Events and Termination clause defines the circumstances under which a party's failure to fulfill contractual obligations constitutes a default, and outlines the rights of the non-defaulting party to terminate the agreement. Typically, this clause lists specific events—such as non-payment, insolvency, or breach of material terms—that trigger default, and may require notice and an opportunity to cure before termination can occur. Its core function is to provide a clear mechanism for ending the contract when serious issues arise, thereby protecting parties from ongoing harm and clarifying the consequences of significant breaches.
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Default Events and Termination. On the occurrence of a Scheme Default, Homes England shall (subject to Clause 19.2 (Default Events and Termination)) be entitled (without any liability to the Grant Recipient) immediately upon serving written notice to: terminate this Agreement insofar as it relates to the Firm Scheme to which the Scheme Default relates; withhold and cancel any further payment of Firm Scheme Grant due to the Grant Recipient in relation to the Firm Scheme; and reallocate or redirect such part of the Firm Scheme Grant which has not yet been paid to the Grant Recipient to such other person or for such purpose as Homes England in its discretion considers appropriate. Where the Scheme Default is of a type described in limb (a), (c) or (e) of the definition of "Scheme Default", Homes England:
Default Events and Termination. On the occurrence of a Bid Default, Homes England shall (subject to Clause 19.6 (Default Events and Termination) and Clause 19.8 (Default Events and Termination)) be entitled and without any liability to the Grant Recipient to: terminate this Agreement in its entirety; withhold and cancel any further payment of Allocated Capital Grant due to the Grant Recipient under this Agreement (other than any payments payable in relation to Continuing Firm Schemes); and reallocate or redirect such part of the Allocated Capital Grant (which has not yet been paid to the Grant Recipient and which is not payable in relation to Continuing Firm Schemes) to such other person or for such purpose as Homes England in its discretion considers appropriate. Homes England's entitlement to exercise the rights set out in Clause 19.5 (Default Events and Termination) shall be suspended pending completion of the following procedure within the timescales prescribed below: Homes England must notify the Grant Recipient in writing of its intention to call a Bid Default and to exercise its rights under Clause 19.5 (Default Events and Termination); the parties (acting in good faith) shall meet within ten (10) Business Days of the date of the notice referred to in Clause 19.6.1 (Default Events and Termination) to seek to agree adjustments to the Approved Capital Bid and/or the Allocated Capital Grant to reflect any demonstrable underperformance by the Grant Recipient against its delivery projections as set out in the Approved Capital Bid; where adjustments are agreed, the Grant Recipient shall promptly (and in any event within fifteen (15) Business Days of the date of the above meeting) make all such amendments to the information contained in IMS in respect of the Approved Capital Bid as are necessary to reflect the agreement made pursuant to Clause 19.6.2 (Default Events and Termination) and in that case Homes England's rights under Clause 19.5 (Default Events and Termination) shall lapse in respect of that Bid Default which gave rise to the implementation of the procedure under this Clause 19.6 (Default Events and Termination); and if the parties are unable to agree adjustments to the Approved Capital Bid pursuant to Clause 19.6.2 (Default Events and Termination) within fifteen (15) Business Days of the date of the meeting or the Grant Recipient fails correctly to amend the information contained in IMS in accordance with Clause 19.6.3 (Default Events and Termination), Homes England shall be ...
Default Events and Termination. 18.1 Each of the following circumstances shall constitute a General Default:
18.1.1 the Grant Recipient is subject to a Section 15 Direction which has or will have a Material Adverse Effect;
18.1.2 a Prohibited Act has been committed by or on behalf of the Grant Recipient (in respect of which the Waiver Condition has not been satisfied);
18.1.3 the Grant Recipient ceases operating;
18.1.4 the Grant Recipient's status as a Registered Provider is lost or removed; or
18.1.5 the Grant Recipient's Investment Partner status is lost or removed.
18.2 Each of the following circumstances shall constitute a Project Default:
18.2.1 failure by the Grant Recipient to comply with its obligations in Conditions 11 or 12.2 and/or any information supplied in connection with its obligations in Conditions 11 or 12.2, whether in relation to the Open Book Obligations or otherwise, is materially deficient, misleading or inaccurate;
18.2.2 a breach of the Open Book Obligations;
18.2.3 the Grant Recipient is unable to make the representations and give the warranties set out in Schedule 1 (in any case in whole or in part) and there is a resulting Material Adverse Effect;
18.2.4 the Regulator directs or recommends that grant is not to be paid to the Grant Recipient;
18.2.5 a breach of the Grant Recipient's obligations under Condition 12;
18.2.6 not used;
18.2.7 the Grant Recipient (either by its own actions or omissions, or those of its contractors or agents) ▇▇▇▇▇ the GLA's, the AHP 2016/21's or the Mayor of London's reputation or brings the GLA, the AHP 2016/21's or the Mayor of London into disrepute;
18.2.8 failure by the Grant Recipient to comply with any repayment obligation under this Agreement;
18.2.9 failure or inability of the Grant Recipient to comply with the requirements of Conditions 13.1 to 13.4 (inclusive);
18.2.10 a breach of Condition 9 or 10;
18.2.11 failure by the parties to agree the matter referred to in Condition 17.3.4(d);
18.2.12 any other breach of or failure to comply with the Agreement which has a Material Adverse Effect;
18.2.13 any of the following event or circumstances occur:
(a) a breach of the Estate Regeneration Requirement;
(b) the Grant Recipient has failed to comply with the Estate Regeneration Requirement in circumstances where in the GLA's reasonable opinion the Estate Regeneration Requirement ought to have been complied with (having regard to section 8 of the Affordable Housing Capital Funding Guide);
(c) having regard to any Planning Permissio...
Default Events and Termination. On the occurrence of a Specified Default, Homes England shall (subject to clause 19.4 and clause 19.8 (Default Events and Termination)) be entitled and without any liability to the Consortium to:
Default Events and Termination. 18.1 Each of the following circumstances shall constitute a General Default:
18.1.1 an Insolvency Event has occurred in relation to the Grant Recipient;
18.1.2 a Prohibited Act has been committed by or on behalf of the Grant Recipient (in respect of which the Waiver Condition has not been satisfied);
Default Events and Termination. On the occurrence of a Specified Default, Homes England shall (subject to Clause 19.4 and Clause 19.8 (Default Events and Termination)) be entitled and without any liability to the Grant Recipient to: terminate this Agreement in its entirety; withhold and cancel any further payment of Allocated Capital Grant due to the Grant Recipient under this Agreement (other than any payments payable in relation to Continuing Firm Schemes); and reallocate or redirect such part of the Allocated Capital Grant (which has not yet been paid to the Grant Recipient and which is not payable in relation to Continuing Firm Schemes) to such other person or for such purpose as Homes England in its discretion considers appropriate. Homes England's entitlement to exercise the rights set out in Clause 19.3 (Default Events and Termination) shall be suspended pending completion of the following procedure within the timescales prescribed below: Homes England must serve written notice on the Grant Recipient requiring the Grant Recipient to remedy the Specified Default; If within a period of thirty (30) Business Days following service of such notice:
Default Events and Termination. 19.1 On the occurrence of a Scheme Default, Homes England shall (subject to clause 19.2 (Default Events and Termination)) be entitled (without any liability to the Relevant Consortium Member) immediately upon serving written notice to:
19.1.1 terminate this Agreement insofar as it relates to the Firm Scheme to which the Scheme Default relates;
19.1.2 withhold and cancel any further payment of Firm Scheme Grant due to the Lead Partner in relation to the Firm Scheme; and
19.1.3 reallocate or redirect such part of the Firm Scheme Grant which has not yet been paid to the Lead Partner to such other person or for such purpose as Homes England in its discretion considers appropriate.
19.2 Where the Scheme Default is of a type described in limb (a), (c) or (e) of the definition of "Scheme Default", Homes England:
19.2.1 must notify the Lead Partner of the Scheme Default and of the period within which it (acting reasonably) requires the Scheme Default to be remedied; and
19.2.2 shall be entitled, if the Scheme Default has not been remedied within the period prescribed pursuant to clause 19.2.1 (Default Events and Termination) or it is or becomes apparent that the Scheme Default is incapable of remedy either within such period or at all, to exercise the rights set out in clause 19.1 (
Default Events and Termination. 17.1 On the occurrence of a Scheme Default, Homes England shall (subject to Clause 17.2 (Default Events and Termination)) be entitled (without any liability to the Grant Recipient) immediately upon serving written notice to:
17.1.1 terminate this Agreement insofar as it relates to the Firm Scheme to which the Scheme Default relates;
17.1.2 withhold and cancel any further payment of Firm Scheme Grant due to the Grant Recipient in relation to the Firm Scheme; and
17.1.3 reallocate or redirect such part of the Firm Scheme Grant which has not yet been paid to the Grant Recipient to such other person or for such purpose as Homes England in its discretion considers appropriate.
17.2 Where the Scheme Default is of a type described in limb (a), (c) or (e) of the definition of "Scheme Default", Homes England:
17.2.1 must notify the Grant Recipient of the Scheme Default and of the period within which it (acting reasonably) requires the Scheme Default to be remedied; and
17.2.2 shall be entitled, if the Scheme Default has not been remedied within the period prescribed pursuant to Clause 17.2.1 (Default Events and Termination) or it is or becomes apparent that the Scheme Default is incapable of remedy either within such period or at all, to exercise the rights set out in Clause 17.1 (Default Events and Termination).
17.3 On the occurrence of a Specified Default, Homes England shall (subject to Clause 17.4 and Clause 17.8 (Default Events and Termination)) be entitled and without any liability to the Grant Recipient to:
17.3.1 terminate this Agreement in its entirety;
17.3.2 withhold and cancel any further payment of Allocated Capital Grant due to the Grant Recipient under this Agreement (other than any payments payable in relation to Continuing Firm Schemes); and
17.3.3 reallocate or redirect such part of the Allocated Capital Grant (which has not yet been paid to the Grant Recipient and which is not payable in relation to Continuing Firm Schemes) to such other person or for such purpose as Homes England in its discretion considers appropriate.
17.4 Homes England's entitlement to exercise the rights set out in Clause 17.3 (Default Events and Termination) shall be suspended pending completion of the following procedure within the timescales prescribed below:
17.4.1 Homes England must serve written notice on the Grant Recipient requiring the Grant Recipient to remedy the Specified Default;
17.4.2 If within a period of thirty (30) Business Days following service of such n...
Default Events and Termination. Homes England shall be entitled immediately and without any liability to any Consortium Member to exercise its rights under clause 19.5 (Default Events and Termination).
Default Events and Termination to seek to agree adjustments to the Approved Capital Bid and/or the Allocated Capital Grant to reflect any demonstrable underperformance by the Consortium Members against their delivery projections as set out in the Approved Capital Bid;