Common use of Default Events and Termination Clause in Contracts

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 entitled immediately and without any liability to the Grant Recipient to exercise its rights under Clause

Default Events and Termination. ‌ 24.1 On the occurrence of a Bid Scheme Default, Homes England shall (subject to Clause 19.6 24.2 (Default Events and Termination)) be entitled (without any liability to the Grant Recipient) immediately upon serving written notice to: 24.1.1 terminate this Agreement insofar as it relates to the Firm Scheme to which the Scheme Default relates; 24.1.2 withhold and cancel any further payment of Capital Firm Scheme Grant or Revenue Grant (as applicable) due to the Grant Recipient in relation to the Firm Scheme; and 24.1.3 reallocate or redirect such part of the Capital Firm Scheme Grant or Revenue Grant (as applicable) 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. 24.2 Where the Scheme Default is of a type described in limb (a), (c) or (e) of the definition of "Scheme Default", Homes England: 24.2.1 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 24.2.2 shall be entitled, if the Scheme Default has not been remedied within the period prescribed pursuant to Clause 24.2.1 (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 24.1 (Default Events and Termination). 24.3 On the occurrence of a Specified Default, Homes England shall (subject to Clause 24.4 (Default Events and Termination) and Clause 19.8 24.8 (Default Events and Termination)) be entitled and without any liability to the Grant Recipient to: : 24.3.1 terminate this Agreement in its entirety; ; 24.3.2 withhold and cancel any further payment of Allocated Capital Grant or Allocated Revenue Grant due to the Grant Recipient under this Agreement (other than any payments payable in relation to Continuing Capital Firm Schemes); and and 24.3.3 reallocate or redirect such part of the Allocated Capital Grant or Allocated Revenue Grant (which has not yet been paid to the Grant Recipient and which is not payable in relation to Continuing Capital 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 entitled immediately and without any liability to the Grant Recipient to exercise its rights under Clause.

Default Events and Termination. ‌ 17.1 On the occurrence of a Bid Scheme Default, Homes England shall (subject to Clause 19.6 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 19.8 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 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 19.5 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 notice: (a) the Specified Default has not been remedied; (b) where so permitted by Homes England, the Grant Recipient has not given an undertaking to remedy the Specified Default on terms satisfactory to Homes England; or (c) it becomes apparent that the Specified Default is incapable of remedy either within such period or at all, Homes England shall be entitled immediately and without any liability to the Grant Recipient to exercise its rights under Clause 17.3 (Default Events and Termination). 17.5 On the occurrence of a Bid Default, Homes England shall (subject to Clause 17.6 (Default Events and Termination) and Clause 17.8 (Default Events and Termination)) be entitled and without any liability to the Grant Recipient to: 17.5.1 terminate this Agreement in its entirety; 17.5.2 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 17.5.3 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. 17.6 Homes England's entitlement to exercise the rights set out in Clause 17.5 (Default Events and Termination) shall be suspended pending completion of the following procedure within the timescales prescribed below: 17.6.1 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 17.5 (Default Events and Termination); ; 17.6.2 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 17.6.1 (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; ; 17.6.3 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 17.6.2 (Default Events and Termination) and in that case Homes England's rights under Clause 19.5 17.5 (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 17.6 (Default Events and Termination); and and 17.6.4 if the parties are unable to agree adjustments to the Approved Capital Bid pursuant to Clause 19.6.2 17.6.2 (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 17.6.3 (Default Events and Termination), Homes England shall be entitled immediately and without any liability to the Grant Recipient to exercise its rights under Clause

Default Events and Termination. 24.1 On the occurrence of a Bid Scheme Default, Homes England and/or MHCLG shall (subject to Clause 19.6 24.2 (Default Events and Termination) be entitled (without any liability to the Grant Recipient) immediately upon serving written notice to: 24.1.1 terminate this Agreement insofar as it relates to the Firm Scheme to which the Scheme Default relates; 24.1.2 withhold and cancel any further payment of Capital Firm Scheme Grant or Revenue Scheme Grant (as applicable) due to the Grant Recipient in relation to the Firm Scheme; and 24.1.3 reallocate or redirect such part of the Capital Firm Scheme Grant or Revenue Scheme Grant (as applicable) which has not yet been paid to the Grant Recipient to such other person or for such purpose as Homes England or MHCLG in its discretion considers appropriate. 24.2 Where the Scheme Default is of a type described in limb (a), (c) or (e) of the definition of "Scheme Default", Homes England and/or MHCLG: 24.2.1 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 24.2.2 shall be entitled, if the Scheme Default has not been remedied within the period prescribed pursuant to Clause 24.2.1 (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 24.1 (Default Events and Termination). 24.3 On the occurrence of a Specified Default, Homes England and/or MHCLG shall (subject to Clause 24.4 (Default Events and Termination) and Clause 19.8 24.8 (Default Events and Termination)) be entitled and without any liability to the Grant Recipient to: : 24.3.1 terminate this Agreement in its entirety; ; 24.3.2 withhold and cancel any further payment of Allocated Capital Grant or Allocated Revenue Grant due to the Grant Recipient under this Agreement (other than any payments payable in relation to Continuing Capital Firm Schemes); and and 24.3.3 reallocate or redirect such part of the Allocated Capital Grant or Allocated Revenue Grant (which has not yet been paid to the Grant Recipient and which is not payable in relation to Continuing Capital 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 entitled immediately and without any liability to the Grant Recipient to exercise its rights under Clause.