Common use of Default Events and Termination Clause in Contracts

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. 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:;