Common use of Repayment of Grant Clause in Contracts

Repayment of Grant. The Grant Recipient must pay the Recoverable Amount to Homes England within ten (10) Business Days of demand together with interest at two per centum (2%) above the base rate from time to time of the Royal Bank of Scotland plc such interest to run from the date upon which the Firm Scheme Grant (or relevant part thereof), overpayment or payment in error was paid to the Grant Recipient until the date upon which Homes England receives the repayment required from the Grant Recipient under this Clause 18 (Repayment of Grant). The Grant Recipient acknowledges and agrees that the disposal or letting of an AHP Dwelling to any person for any purpose other than the relevant Agreed Purpose constitutes a failure to comply with a condition attached to the making of Capital Grant for the purposes of paragraph 7(e) of the Recovery Determination. The parties acknowledge that the Late Payment of Commercial Debts (Interest) Act 1998 does not apply to this Agreement. Notwithstanding any other term of this Clause 18 (Repayment of Grant), where a payment has been made following an administrative error by Homes England (for which the Grant Recipient was not responsible), the Grant Recipient shall not be liable for interest on the amount repayable under Clause 18.5 (Repayment of Grant).