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