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 (
Appears in 2 contracts
Sources: Grant Agreement, Grant Agreement
Default Events and Termination.
19.1 On the occurrence of a Scheme Default, Homes England shall (subject to clause Clause 19.2 (Default Events and Termination)) be entitled (without any liability to the Relevant Consortium MemberGrant Recipient) 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 Grant Recipient 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 Grant Recipient 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 Grant Recipient 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 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 Clause 19.1 (Default Events and Termination).
Appears in 2 contracts
Sources: Grant Agreement, Grant Agreement
Default Events and Termination. 19.1 On the occurrence of a Scheme Default, Homes England shall (subject to clause Clause 19.2 (Default Events and Termination)) be entitled (without any liability to the Relevant Consortium MemberGrant Recipient) 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 Grant Recipient 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 Grant Recipient 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 (ec) of the definition of "Scheme Default", Homes England:
19.2.1 must notify the Lead Partner Grant Recipient 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 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 Clause 19.1 (
Appears in 1 contract
Sources: Grant Agreement
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 (
Appears in 1 contract
Sources: Grant Agreement (Consortium)
Default Events and Termination. 19.1 On the occurrence of a Scheme Default, Homes England shall (subject to clause Clause 19.2 (Default Events and Termination)) be entitled (without any liability to the Relevant Consortium MemberGrant Recipient) 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 Grant Recipient 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 Grant Recipient 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 Grant Recipient 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 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 Clause 19.1 (Default Events and Termination).
Appears in 1 contract
Sources: Grant Agreement