If Homes England exercises its right under Clause Sample Clauses

If Homes England exercises its right under Clause. 16.1.1 (Adjustments to Remaining Tranches), Homes England will notify the Grant Recipient and the Grant Recipient will have ten (10) Business Days from the date of receipt of Homes England's notification to advise Homes England as to whether it wishes to withdraw the Firm Scheme from this Agreement or to proceed with the Firm Scheme on the basis of the recalculated Firm Scheme Grant figure. If: 16.2.1 the Grant Recipient wishes to withdraw the Firm Scheme, Homes England will permanently withdraw the Remaining Tranches allocated to such scheme and the Grant Recipient must repay Homes England a sum equivalent to such part of the Firm Scheme Grant as has then been received by it, such repayment to be made within fifteen (15) Business Days of receipt of Homes England's written demand for the same; 16.2.2 the Grant Recipient wishes to proceed with the Firm Scheme: (a) it must immediately amend the Firm Scheme Details in IMS to reflect the recalculated Firm Scheme Grant figure and any Tranche already received. The amended Firm Scheme Details will be deemed to be effective from the date of their acceptance by Homes England (through IMS); (b) the Final Tranche figure will be adjusted to take account of the recalculated Firm Scheme Grant figure and of any change to the sum and percentage amount necessitated by the recalculated Firm Scheme Grant figure being lower than the original Firm Scheme Grant figure. If such adjustment would result in the Final Tranche being a negative amount (and being therefore an overpayment of Firm Scheme Grant), the Grant Recipient must pay Homes England a sum equivalent to the difference (expressed as a positive sum) between the negative amount and zero within fifteen (15) Business Days of receipt of Homes England's written demand for the same; and (c) Homes England will (resources permitting) pay the adjusted Final Tranche due (subject to it being a positive amount) to the Grant Recipient within fifteen (15) Business Days of the date of Homes England's acceptance of the Grant Recipient's amendments to the Firm Scheme Details referred to in Clause 16.2.2(a) (Adjustments to Remaining Tranches).
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Related to If Homes England exercises its right under Clause

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