Default Events and Termination. 18.1 Each of the following circumstances shall constitute a General Default:
Default Events and Termination. 19.5 On the occurrence of a Bid Default, Homes England shall (subject to clause 19.6 (Default Events and Termination) and clause 19.8 (Default Events and Termination)) be entitled and without any liability to any Consortium Member to:
Default Events and Termination. 17.1 On the occurrence of a Scheme Default, Homes England shall (subject to Clause 17.2 (Default Events and Termination)) be entitled (without any liability to the Grant Recipient) immediately upon serving written notice to:
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:
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 Bid Default, Homes England shall (subject to Clause 19.6 (Default Events and Termination) 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 19.5 (Default Events and Termination) shall be suspended pending completion of the following procedure within the timescales prescribed below: Homes England must notify the Grant Recipient in writing of its intention to call a Bid Default and to exercise its rights under Clause 19.5 (Default Events and Termination); the parties (acting in good faith) shall meet within ten (10) Business Days of the date of the notice referred to in Clause 19.6.1 (Default Events and Termination) to seek to agree adjustments to the Approved Capital Bid and/or the Allocated Capital Grant to reflect any demonstrable underperformance by the Grant Recipient against its delivery projections as set out in the Approved Capital Bid; where adjustments are agreed, the Grant Recipient shall promptly (and in any event within fifteen (15) Business Days of the date of the above meeting) make all such amendments to the information contained in IMS in respect of the Approved Capital Bid as are necessary to reflect the agreement made pursuant to Clause 19.6.2 (Default Events and Termination) and in that case Homes England's rights under Clause 19.5 (Default Events and Termination) shall lapse in respect of that Bid Default which gave rise to the implementation of the procedure under this Clause 19.6 (Default Events and Termination); and if the parties are unable to agree adjustments to the Approved Capital Bid pursuant to Clause 19.6.2 (Default Events and Termination) within fifteen (15) Business Days of the date of the meeting or the Grant Recipient fails correctly to amend the information contained in IMS in accordance with Clause 19.6.3 (Default Events and Termination), Homes England shall be ...
Default Events and Termination. 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 Grant Recipient) immediately upon serving written notice to: terminate this Agreement insofar as it relates to the Firm Scheme to which the Scheme Default relates; withhold and cancel any further payment of Firm Scheme Grant due to the Grant Recipient in relation to the Firm Scheme; and reallocate or redirect such part of the Firm Scheme Grant which has not yet been paid to the Grant Recipient to such other person or for such purpose as Homes England in its discretion considers appropriate. Where the Scheme Default is of a type described in limb (a), (c) or (e) of the definition of "Scheme Default", Homes England: must notify the Grant Recipient of the Scheme Default and of the period within which it (acting reasonably) requires the Scheme Default to be remedied; and
Default Events and Termination to seek to agree adjustments to the Approved Capital Bid and/or the Allocated Capital Grant to reflect any demonstrable underperformance by the Consortium Members against their delivery projections as set out in the Approved Capital Bid;
Default Events and Termination. Homes England shall be entitled immediately and without any liability to any Consortium Member to exercise its rights under clause 19.5 (Default Events and Termination).
Default Events and Termination. On the occurrence of a Fundamental Default, Homes England shall on the service of written notice be entitled forthwith 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; and reallocate or redirect such part of the Allocated Capital Grant (which has not yet been paid to the Grant Recipient) to such other person or for such purpose as Homes England in its discretion considers appropriate. Where Clause 19.3 (Default Events and Termination) or Clause 19.5 (Default Events and Termination) applies and: there are no Continuing Firm Schemes, Homes England may terminate this Agreement in its entirety in accordance with the terms of Clause 19.3 (Default Events and Termination) or Clause 19.5 (Default Events and Termination) (as applicable); and there are Continuing Firm Schemes, Homes England may terminate this Agreement in relation to all but the Continuing Firm Schemes, such termination to take effect in accordance with the timescales specified in Clause 19.4 (Default Events and Termination) or Clause 19.6 (Default Events and Termination) as applicable.
