Common use of Named Projects Clause in Contracts

Named Projects. 5.1 The GLA may from time to time request that the Grant Recipient report to the GLA on the status of the Project Pipeline. Where the Grant Recipient identifies a suitable Proposed Named Project from within the Project Pipeline, it must submit to the GLA through OPS such details as the GLA may require. If the GLA (acting reasonably) is satisfied with the details submitted under Condition 5.1 and considers that:‌ 5.1.1 there is or will be sufficient Allocated Net Grant available for the Grant Recipient to deliver the Proposed Named Project in accordance with the Named Project Details and the RTB Terms; and 5.1.2 the Proposed Named Project is consistent with the Ring Fence Offer, it will be entitled (but not obliged) to accept the Proposed Named Project into the Ring Fence Offer and shall confirm such acceptance to the Grant Recipient through OPS. 5.2 With effect from the Acceptance Date: 5.2.1 the Proposed Named Project shall be deemed to be a Named Project for the purposes of this Agreement and immediately subject to its whole terms and conditions; 5.2.2 the details set out by the Grant Recipient in respect of the Proposed Named Project in OPS and as confirmed by the GLA through OPS shall be deemed to be Named Project Details for the purposes of this Agreement; and 5.2.3 the Grant Recipient must ensure that it complies with all of its obligations under this Agreement as they apply to such Proposed Named Project. 5.3 In submitting details of the Proposed Named Project pursuant to Condition 5.1 the Grant Recipient is deemed to represent and warrant to the GLA that: 5.3.1 the Proposed Named Project is in its opinion (acting reasonably) capable of being delivered in accordance with the Named Project Delivery Timetable and the RTB Terms; and