Common use of Default Events and Termination Clause in Contracts

Default Events and Termination. 25.1 On the occurrence of a Scheme Default, Homes England and/or MHCLG shall (subject to Clause 25.2 (Default Events and Termination) be entitled (without any liability to the Relevant Consortium Member) immediately upon serving written notice to:‌ 25.1.1 terminate this Agreement insofar as it relates to the Firm Scheme to which the Scheme Default relates; 25.1.2 withhold and cancel any further payment of Capital Firm Scheme Grant or Revenue Scheme Grant (as applicable) due to the Lead Partner in relation to the Firm Scheme; and 25.1.3 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 Lead Partner to such other person or for such purpose as Homes England or MHCLG in its discretion considers appropriate. 25.2 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:‌ 25.2.1 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 25.2.2 shall be entitled, if the Scheme Default has not been remedied within the period prescribed pursuant to Clause 25.2.1 (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 25.1 (Default Events and Termination). 25.3 On the occurrence of a Specified Default, Homes England and/or MHCLG shall (subject to Clause 25.4 (Default Events and Termination) and Clause 25.8 (Default Events and Termination) be entitled and without any liability to the Consortium to:‌ 25.3.1 terminate this Agreement in its entirety;

Default Events and Termination. 25.1 19.1 On the occurrence of a Scheme Default, Homes England and/or MHCLG shall (subject to Clause 25.2 clause 19.2 (Default Events and Termination)) be entitled (without any liability to the Relevant Consortium Member) immediately upon serving written notice to:‌to: 25.1.1 19.1.1 terminate this Agreement insofar as it relates to the Firm Scheme to which the Scheme Default relates; 25.1.2 19.1.2 withhold and cancel any further payment of Capital Firm Scheme Grant or Revenue Scheme Grant (as applicable) due to the Lead Partner in relation to the Firm Scheme; and 25.1.3 19.1.3 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 Lead Partner to such other person or for such purpose as Homes England or MHCLG in its discretion considers appropriate. 25.2 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 and/or MHCLG:‌England: 25.2.1 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; and‌and 25.2.2 19.2.2 shall be entitled, if the Scheme Default has not been remedied within the period prescribed pursuant to Clause 25.2.1 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 25.1 clause 19.1 (Default Events and Termination). 25.3 On the occurrence of a Specified Default, Homes England and/or MHCLG shall (subject to Clause 25.4 (Default Events and Termination) and Clause 25.8 (Default Events and Termination) be entitled and without any liability to the Consortium to:‌ 25.3.1 terminate this Agreement in its entirety;

Default Events and Termination. 25.1 ‌ 19.1 On the occurrence of a Scheme Default, Homes England and/or MHCLG shall (subject to Clause 25.2 19.2 (Default Events and Termination)) be entitled (without any liability to the Relevant Consortium MemberGrant Recipient) immediately upon serving written notice to:‌to: 25.1.1 19.1.1 terminate this Agreement insofar as it relates to the Firm Scheme to which the Scheme Default relates; 25.1.2 19.1.2 withhold and cancel any further payment of Capital Firm Scheme Grant or Revenue Scheme Grant (as applicable) due to the Lead Partner Grant Recipient in relation to the Firm Scheme; and 25.1.3 19.1.3 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 Lead Partner Grant Recipient to such other person or for such purpose as Homes England or MHCLG in its discretion considers appropriate. 25.2 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 and/or MHCLG:‌England: 25.2.1 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; and‌and 25.2.2 19.2.2 shall be entitled, if the Scheme Default has not been remedied within the period prescribed pursuant to Clause 25.2.1 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 25.1 19.1 (Default Events and Termination). 25.3 On the occurrence of a Specified Default, Homes England and/or MHCLG shall (subject to Clause 25.4 (Default Events and Termination) and Clause 25.8 (Default Events and Termination) be entitled and without any liability to the Consortium to:‌ 25.3.1 terminate this Agreement in its entirety;

Default Events and Termination. 25.1 19.1 On the occurrence of a Scheme Default, Homes England and/or MHCLG shall (subject to Clause 25.2 19.2 (Default Events and Termination)) be entitled (without any liability to the Relevant Consortium MemberGrant Recipient) immediately upon serving written notice to:‌to: 25.1.1 19.1.1 terminate this Agreement insofar as it relates to the Firm Scheme to which the Scheme Default relates; 25.1.2 19.1.2 withhold and cancel any further payment of Capital Firm Scheme Grant or Revenue Scheme Grant (as applicable) due to the Lead Partner Grant Recipient in relation to the Firm Scheme; and 25.1.3 19.1.3 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 Lead Partner Grant Recipient to such other person or for such purpose as Homes England or MHCLG in its discretion considers appropriate. 25.2 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 and/or MHCLG:‌England: 25.2.1 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; and‌and 25.2.2 19.2.2 shall be entitled, if the Scheme Default has not been remedied within the period prescribed pursuant to Clause 25.2.1 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 25.1 19.1 (Default Events and Termination). 25.3 On the occurrence of a Specified Default, Homes England and/or MHCLG shall (subject to Clause 25.4 (Default Events and Termination) and Clause 25.8 (Default Events and Termination) be entitled and without any liability to the Consortium to:‌ 25.3.1 terminate this Agreement in its entirety;

Default Events and Termination. 25.1 ‌ 19.1 On the occurrence of a Scheme Default, Homes England and/or MHCLG shall (subject to Clause 25.2 clause 19.2 (Default Events and Termination)) be entitled (without any liability to the Relevant Consortium Member) immediately upon serving written notice to:‌to: 25.1.1 19.1.1 terminate this Agreement insofar as it relates to the Firm Scheme to which the Scheme Default relates; 25.1.2 19.1.2 withhold and cancel any further payment of Capital Firm Scheme Grant or Revenue Scheme Grant (as applicable) due to the Lead Partner in relation to the Firm Scheme; and 25.1.3 19.1.3 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 Lead Partner to such other person or for such purpose as Homes England or MHCLG in its discretion considers appropriate. 25.2 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 and/or MHCLG:‌England: 25.2.1 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; and‌and 25.2.2 19.2.2 shall be entitled, if the Scheme Default has not been remedied within the period prescribed pursuant to Clause 25.2.1 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 25.1 clause 19.1 (Default Events and Termination). 25.3 On the occurrence of a Specified Default, Homes England and/or MHCLG shall (subject to Clause 25.4 (Default Events and Termination) and Clause 25.8 (Default Events and Termination) be entitled and without any liability to the Consortium to:‌ 25.3.1 terminate this Agreement in its entirety;

Default Events and Termination. 25.1 19.1 On the occurrence of a Scheme Default, Homes England and/or MHCLG shall (subject to Clause 25.2 19.2 (Default Events and Termination)) be entitled (without any liability to the Relevant Consortium MemberGrant Recipient) immediately upon serving written notice to:‌to: 25.1.1 19.1.1 terminate this Agreement insofar as it relates to the Firm Scheme to which the Scheme Default relates; 25.1.2 19.1.2 withhold and cancel any further payment of Capital Firm Scheme Grant or Revenue Scheme Grant (as applicable) due to the Lead Partner Grant Recipient in relation to the Firm Scheme; and 25.1.3 19.1.3 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 Lead Partner Grant Recipient to such other person or for such purpose as Homes England or MHCLG in its discretion considers appropriate. 25.2 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 and/or MHCLG:‌England: 25.2.1 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; and‌and 25.2.2 19.2.2 shall be entitled, if the Scheme Default has not been remedied within the period prescribed pursuant to Clause 25.2.1 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 25.1 19.1 (Default Events and Termination). 25.3 On the occurrence of a Specified Default, Homes England and/or MHCLG shall (subject to Clause 25.4 (Default Events and Termination) and Clause 25.8 (Default Events and Termination) be entitled and without any liability to the Consortium to:‌ 25.3.1 terminate this Agreement in its entirety;