Review, Monitoring and Reporting. The Grant Recipient must promptly advise GLA when any circumstance occurs which may: impact adversely on the Grant Recipient's ability to deliver any Named Project in accordance with the terms of this Agreement; and/or impact adversely on the Grant Recipient's ability to Profile the Unprofiled Indicative Dwellings into Named Projects; and/or constitute a Default Event or a breach of any term of this Agreement; and/or give rise to the making of a Section 114 Report or the issue of a Section 15 Direction. The Grant Recipient shall attend a review meeting when required to do so by the GLA acting reasonably and the GLA shall provide the Grant Recipient with written details of the matters to be discussed at the review meeting timeously in advance of such meeting. The Grant Recipient shall provide the GLA as soon as reasonably practicable with such information as the GLA shall reasonably require to support or facilitate the discussions referred to in this Condition 12 and shall use all reasonable endeavours to ensure the accuracy of any information provided. The Grant Recipient must keep OPS fully updated and ensure that it accurately reflects the agreed Approved Bid and Named Project Details from time to time. The Grant Recipient shall promptly: participate in any evaluation of AHP 2021-26 that DLUHC or GLA or its or their agents may require from time to time; supply (subject always to its data protection obligations under Condition 21) any information and data required by DLUHC, GLA or its or their agents in respect of any such evaluation, which may include information/data pertaining to any AHP Dwellings (including, inter alia, addresses and tenures of such dwellings); and update OPS accurately with such information as may be requested by GLA from time to time (acting reasonably) in connection with the terms of this Agreement. The GLA is entitled from time to time to conduct a review and reconciliation exercise (Interim Reconciliation Exercise) to: assess the Grant Recipient's progress in the Profiling of the Unprofiled Indicative Dwellings to Named Projects and in delivering the resulting Named (Indicative) Projects as against each Annual Committed Number; and/or assess the average of the grant rates applied to the AHP Dwellings of each Tenure Type comprised in each Named (Indicative) Project against the Average Grant Rates. If, as a result of an Interim Reconciliation Exercise, the GLA determines, acting reasonably, that either: the Grant Recipient is failing, or in the opinion of the GLA (acting reasonably) is likely to fail, to Profile the Annual Committed Number into Named Projects in any Start Year in accordance with the timeframes set out in Condition 6.1 or is unlikely to achieve Start on Site in respect of the Annual Committed Number in any Start Year; or it is unlikely in the opinion of the GLA that by 31 March 2026 the average of the grant rates attributed to the AHP Dwellings (by Tenure Type) in the Named (Indicative) Projects will equal or be lower than the Average Grant Rates for each Tenure Type, a default shall be deemed to occur (Interim Reconciliation Default) and the provisions of Condition 19.7 and 19.8 shall apply. Within 3 months following 31 March 2028 (or such later date as GLA may specify), the GLA shall carry out a final reconciliation exercise (Final Reconciliation Exercise) to determine whether: the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the LLR Dwellings in all Named (Indicative) Projects being divided by the number of LLR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an LLR Dwelling specified on OPS; the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the SR Dwellings in all Named (Indicative) Projects being divided by the number of SR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an SR Dwelling specified on OPS. Where the reconciliation exercise carried out under Condition 12.8 confirms that the average of the actual grant paid and RCGF Funds used across the Named (Indicative) Projects delivered for a Tenure Type is more than the Average Grant Rate allocated to that Tenure Type (Grant Rate Default), the provisions of Condition 18.2.8 shall apply. The parties acknowledge and agree that GLA may from time to time review whether the Grant Recipient continues to meet the requirements for Investment Partner status and the Grant Recipient will co-operate with such review and will provide GLA with such further information, evidence and/or explanation with respect to any such review as GLA may request. The Grant Recipient shall, on request from GLA, upload such details GLA may require onto OPS (or provide such details in another format as agreed by the GLA in its absolute discretion) of any Additional Affordable Housing Dwellings being delivered by the Grant Recipient.
Appears in 3 contracts
Sources: Grant Agreement, Grant Agreement, Grant Agreement
Review, Monitoring and Reporting. The Grant Recipient must shall comply fully with the contract management and reporting obligations set out in this Agreement. The Grant Recipient acknowledges the high importance to Homes England of it being promptly advise GLA advised when any circumstance occurs which may: impact adversely on the Grant Recipient's ability to deliver Deliver any Named Project Firm Scheme in accordance with the terms of this Agreement; and/or impact adversely on indicate that Homes England is making available more grant than is required to Deliver any Firm Scheme or the Grant Recipient's ability to Profile the Unprofiled Indicative Dwellings into Named ProjectsApproved Capital Bid; and/or constitute a Default Event or a breach of any term of this Agreement; and/or give rise to the making of a Section 114 Report or the issue of a Section 15 Direction; constitute a breach of Clauses 10 (Delivery Obligations) or 11 (Operational Obligations); or constitute a Default Event. (collectively the Contract Monitoring Outputs). Where Homes England becomes aware either via the Contract Monitoring Outputs or through other monitoring, that delivery of the Approved Capital Bid has not been secured in accordance with the requirements of this Agreement or is unlikely to be so secured (a Delivery Failure), Homes England may in order to address such Delivery Failure issue an Allocation Change Notice requiring: a reduction, increase or other change to the number of AHP Dwellings to be delivered; and/or a reduction or other adjustment to the Allocated Capital Grant or to any Firm Scheme Grant; and/or any other change to the Approved Capital Bid that Homes England deems reasonably necessary, and such Allocation Change Notice shall be discussed as soon as reasonably practicable by the parties and in any event within fifteen (15) Business Days of the date of issue of the Allocation Change Notice. Nothing in Clause 12.3 (Review, Monitoring and Reporting) shall preclude the parties from agreeing an alternative means of dealing with the Delivery Failure to that set out in the Allocation Change Notice save that unless such alternative is agreed and reflected in IMS by the end of the then current Financial Year, the change required by Homes England in the Allocation Change Notice shall take effect on the next following 1 April and Homes England shall be entitled to make all such changes to IMS as are necessary to reflect the contents of the Allocation Change Notice. The Grant Recipient shall submit such other information in relation to this Agreement, the Approved Capital Bid and/or its Delivery of the Firm Schemes as may be requested on reasonable notice by Homes England from time to time. The Grant Recipient's Representative (or, where agreed with Homes England in advance, such other member of the Grant Recipient's executive management team) shall attend a review meeting when required requested to do so by the GLA acting Homes England with reasonable prior written notice. Homes England shall attend a review meeting reasonably and the GLA shall provide requested by the Grant Recipient with written details provided that: the date of such meeting is agreed by Homes England; and the Grant Recipient provides an agenda for such meeting at the time of request. At each Review Meeting Homes England and the Grant Recipient shall discuss or review (without limitation): all changes made to any Firm Scheme or to the Approved Capital Bid in the period since the immediately preceding Review Meeting (or since the date of this Agreement where no Review Meeting has been held) and any changes anticipated by the Grant Recipient to be requested during the current Financial Year; all withdrawals of Indicative Schemes; the capacity of the Grant Recipient to bring forward additional housing supply under AHP 2021/26; the Grant Recipient's performance in delivering the Approved Capital Bid (including the conversion of Indicative Schemes into Firm Schemes); progress in relation to each Indicative Scheme and Firm Scheme including delivery forecasts, lettings and sales forecasts and progress against previous such forecasts; the Contract Monitoring Outputs; any Change in Control which is anticipated in the then current or upcoming Financial Year; the Grant Recipient's performance in meeting the Strategic Objectives; and such other matters in relation to the performance or subject matter of this Agreement as are notified by either party to the other in writing at least five (5) Business Days prior to the date of the Review Meeting. The parties agree that the Regulator shall also be discussed at entitled to send a representative to attend any Review Meeting. Save as otherwise agreed between the review parties, any meeting timeously in advance of under this Clause 12 (Review, Monitoring and Reporting) shall be minuted by the Grant Recipient and such meetingminutes shall be distributed within ten (10) Business Days following the meeting to Homes England and any other attendee. The Grant Recipient shall shall: provide the GLA as soon as reasonably practicable Homes England with such information as the GLA Homes England shall reasonably require to support or facilitate the discussions and monitoring referred to in this Condition 12 Agreement; and shall use take all reasonable endeavours steps to ensure that any information provided to Homes England pursuant to this Clause 12 (Review, Monitoring and Reporting) is accurate in all material aspects. The Grant Recipient shall, as and when requested by Homes England (in connection with this Agreement, the accuracy Approved Capital Bid or any Indicative Scheme or Firm Scheme) promptly provide to Homes England hard and/or electronic copies of: any and all data, materials, documents and accounts of any information providednature created, acquired or brought into existence in any manner whatsoever by or on behalf of the Grant Recipient (including where the source was created by and/or is held by a Grant Recipient Party (or the Grant Recipient or Grant Recipient Party's consultants)) for the purposes of or in connection with this Agreement; and the elemental breakdown of the construction costs in relation to each Firm Scheme. On termination of this Agreement, the Grant Recipient shall if requested to do so deliver up to Homes England or procure the delivery to Homes England of all the data, materials, documents and accounts referred to in this Clause 12 (Review, Monitoring and Reporting). The Grant Recipient must keep OPS for a period of ten (10) years from the date upon which it receives the Final Tranche retain all of the data, documents, materials and accounts referred to in this Clause 12 (Review, Monitoring and Reporting) and the Grant Recipient may retain such data, documents, materials and accounts in electronic form only. The Grant Recipient agrees that Homes England's auditors (including the Comptroller and Auditor General) shall have unrestricted rights of access to any and all information to which Homes England is entitled under this Agreement or to which Homes England's auditors are entitled pursuant to the National Audit ▇▇▇ ▇▇▇▇ and the Government Resources and Accounts ▇▇▇ ▇▇▇▇ or otherwise. The Grant Recipient shall promptly and fully updated and ensure that it accurately reflects the agreed Approved Bid and Named Project Details co-operate with any request for information or evidence from time to timetime of: any auditor (whether internal or external) of Homes England; and/or Homes England, to the extent such request relates to this Agreement (or any matter associated with it) and which Homes England is required by any Competent Authority or by Legislation to provide to any third party. The Grant Recipient shall ensure that for each Firm Scheme it and each Grant Recipient Affiliate keeps on an Open Book Basis (in accordance with generally accepted accounting practice) separate books of account for items relating to the AHP Housing which identify the Firm Scheme Grant and such other items required under this Clause 12 (Review, Monitoring and Reporting). The Grant Recipient shall upon Homes England's written request: make available upon reasonable notice for Homes England's inspection (and that of any person referred to in this Clause 12 (Review, Monitoring and Reporting) or in Clause 22 (Information and Confidentiality) or any person appointed pursuant to Clause 28 (Dispute resolution)) the books of account referred to in Clause 12.17 (Review, Monitoring and Reporting) (together with, if specified, such supporting correspondence, agreements, orders, invoices, receipts and other documents) and shall submit a report in relation to the same to Homes England (or such other persons as are referred to in this Clause 12 (Review, Monitoring and Reporting)) as and when requested to do so; and procure that a representative of Homes England (or any of its auditors or advisors) may on reasonable notice visit any place where any records or information of the type described in this Clause 12 (Review, Monitoring and Reporting) are held or maintained and examine such records or information. The Grant Recipient shall promptly: participate in any evaluation of AHP 2021-26 2021/26 that DLUHC MHCLG or GLA Homes England or its or their agents may require from time to time; supply (subject always to its data protection obligations under Condition 21Schedule 8 (Data Protection)) any information and data required requested by DLUHCMHCLG, GLA Homes England or its or their agents in respect of any such evaluation, which may include information/data pertaining to any AHP Dwellings (including, inter alia, addresses and tenures of such dwellings); and accurately update OPS accurately IMS with such information as may be requested by GLA Homes England from time to time (acting reasonably) in connection with the terms of this Agreement. The GLA is entitled from time to time to conduct a review and reconciliation exercise (Interim Reconciliation Exercise) to: assess the Grant Recipient's progress in the Profiling of the Unprofiled Indicative Dwellings to Named Projects and in delivering the resulting Named (Indicative) Projects as against each Annual Committed Number; and/or assess the average of the grant rates applied to the AHP Dwellings of each Tenure Type comprised in each Named (Indicative) Project against the Average Grant Rates. If, as a result of an Interim Reconciliation Exercise, the GLA determines, acting reasonably, that either: the Grant Recipient is failing, or in the opinion of the GLA shall provide Homes England with a completed Constitutional Change Notification (acting reasonably) is likely to fail, to Profile the Annual Committed Number into Named Projects in any Start Year in accordance with the timeframes set requirements of Clause 11.11 (Operational Obligations)) at least ten (10) Business Days prior to any Change in Control. The Grant Recipient will promptly notify Homes England if any Know Your Customer Information becomes inaccurate or out in Condition 6.1 or is unlikely to achieve Start on Site in respect of the Annual Committed Number in any Start Year; or it is unlikely in the opinion of the GLA that by 31 March 2026 the average of the grant rates attributed to the AHP Dwellings (by Tenure Type) in the Named (Indicative) Projects will equal or be lower than the Average Grant Rates for each Tenure Type, a default shall be deemed to occur (Interim Reconciliation Default) date and the provisions of Condition 19.7 and 19.8 shall apply. Within 3 months following 31 March 2028 (or such later date as GLA may specify), the GLA shall carry out a final reconciliation exercise (Final Reconciliation Exercise) to determine whether: the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the LLR Dwellings in all Named (Indicative) Projects being divided by the number of LLR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an LLR Dwelling specified on OPS; the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the SR Dwellings in all Named (Indicative) Projects being divided by the number of SR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an SR Dwelling specified on OPS. Where the reconciliation exercise carried out under Condition 12.8 confirms that the average of the actual grant paid and RCGF Funds used across the Named (Indicative) Projects delivered for a Tenure Type is more than the Average Grant Rate allocated to that Tenure Type (Grant Rate Default), the provisions of Condition 18.2.8 shall applyprovide Homes England with revised Know Your Customer Information promptly upon Homes England's request. The parties acknowledge and agree that GLA Homes England may from time to time review whether the Grant Recipient continues to meet the requirements for Investment Partner status and the Grant Recipient will co-operate with such review and will provide GLA Homes England with such further information, evidence and/or explanation with respect to any such review as GLA Homes England may request. The Grant Recipient shall, on request from GLA, upload such details GLA may require onto OPS (or provide such details in another format as agreed by the GLA in its absolute discretion) of any Additional Affordable Housing Dwellings being delivered by the Grant Recipient.
Appears in 2 contracts
Sources: Grant Agreement, Grant Agreement
Review, Monitoring and Reporting. The Grant Recipient Each Consortium Member must promptly advise GLA when any circumstance occurs which may: impact adversely on the Grant Recipient's its ability to deliver any Named Project in accordance with the terms of this Agreement; and/or in the case of a Consortium Member that is an LA Provider, gives rise to the making of a Section 114 Report or the issue of a Section 15 Direction; and/or impact adversely on the Grant Recipient's its ability to Profile the Unprofiled Indicative Dwellings into Named Projects; and/or constitute a Default Event or a breach of any term of this Agreement; and/or give rise to the making of a Section 114 Report or the issue of a Section 15 Direction. The Grant Recipient Lead Partner shall attend a review meeting when required to do so by the GLA acting reasonably and the GLA shall provide the Grant Recipient Lead Partner with written details of the matters to be discussed at the review meeting timeously in advance of such meeting. The Grant Recipient Lead Partner shall provide the GLA as soon as reasonably practicable with such information as the GLA shall reasonably require to support or facilitate the discussions referred to in this Condition 12 and shall use all reasonable endeavours to ensure the accuracy of any information providedprovided and each Consortium Member must provide the Lead Partner with such information as the Lead Partner requires in order to allow it to discharge its obligations under this Condition 12. The Grant Recipient Lead Partner must keep OPS fully updated and ensure that it accurately reflects the agreed Approved Bid and Named Project Details from time to time. The Grant Recipient Each Consortium Member which is an RP Provider shall ensure that it and any Affiliate (at its or their cost) co-operates with the GLA during an SPEI Review and it shall if requested promptly provide the GLA with SPEI Information and such other information, evidence and/or explanation as the GLA may reasonably require. Each Consortium Member shall promptly: participate in any evaluation of AHP 2021-26 that DLUHC or GLA or its or their agents may require from time to time; and supply to the Lead Partner (subject always to its data protection obligations under Condition 2122) any information and data required by DLUHC, GLA or its or their agents in respect of any such evaluation, which may include information/data pertaining to any AHP Dwellings (including, inter alia, addresses and tenures of such dwellings); and update OPS accurately with such ) and, on receipt, the Lead Partner shall promptly supply this information as may be requested by GLA from time to time (acting reasonably) in connection with the terms of this Agreement. The GLA is entitled from time to time to conduct a review and reconciliation exercise (Interim Reconciliation Exercise) to: assess the Grant Recipient's progress in the Profiling of the Unprofiled Indicative Dwellings to Named Projects and in delivering the resulting Named (Indicative) Projects as against each Annual Committed Number; and/or assess the average of the grant rates applied to the AHP Dwellings of each Tenure Type comprised in each Named (Indicative) Project against the Average Grant Rates. If, as a result of an Interim Reconciliation Exercise, the GLA determines, acting reasonably, that either: the Grant Recipient is failing, or in the opinion of the GLA (acting reasonably) is likely to fail, to Profile the Annual Committed Number into Named Projects in any Start Year in accordance with the timeframes set out in Condition 6.1 or is unlikely to achieve Start on Site in respect of the Annual Committed Number in any Start Year; or it is unlikely in the opinion of the GLA that by 31 March 2026 the average of the grant rates attributed to the AHP Dwellings (by Tenure Type) in the Named (Indicative) Projects will equal or be lower than the Average Grant Rates for each Tenure Type, a default shall be deemed to occur (Interim Reconciliation Default) and the provisions of Condition 19.7 and 19.8 shall apply. Within 3 months following 31 March 2028 (or such later date as GLA may specify), the GLA shall carry out a final reconciliation exercise (Final Reconciliation Exercise) to determine whether: the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the LLR Dwellings in all Named (Indicative) Projects being divided by the number of LLR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an LLR Dwelling specified on OPS; the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the SR Dwellings in all Named (Indicative) Projects being divided by the number of SR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an SR Dwelling specified on OPS. Where the reconciliation exercise carried out under Condition 12.8 confirms that the average of the actual grant paid and RCGF Funds used across the Named (Indicative) Projects delivered for a Tenure Type is more than the Average Grant Rate allocated to that Tenure Type (Grant Rate Default), the provisions of Condition 18.2.8 shall apply. The parties acknowledge and agree that GLA may from time to time review whether the Grant Recipient continues to meet the requirements for Investment Partner status and the Grant Recipient will co-operate with such review and will provide GLA with such further information, evidence and/or explanation with respect to any such review as GLA may request. The Grant Recipient shall, on request from GLA, upload such details GLA may require onto OPS (or provide such details in another format as agreed by the GLA in its absolute discretion) of any Additional Affordable Housing Dwellings being delivered by the Grant Recipient.
Appears in 2 contracts
Sources: Consortium Grant Agreement, Consortium Grant Agreement
Review, Monitoring and Reporting. The Grant Recipient must promptly advise GLA when any circumstance occurs which may: impact adversely on the Grant Recipient's ability to deliver any Named Project in accordance with the terms of this Agreement; and/or impact adversely on the Grant Recipient's ability to Profile the Unprofiled Indicative Dwellings into Named Projects; and/or constitute a Default Event or a breach of any term of this Agreement; and/or give rise to the making of a Section 114 Report or the issue of a Section 15 Direction. The Grant Recipient shall attend a review meeting when required to do so by the GLA acting reasonably and the GLA shall provide the Grant Recipient with written details of the matters to be discussed at the review meeting timeously in advance of such meeting. The Grant Recipient shall provide the GLA as soon as reasonably practicable with such information as the GLA shall reasonably require to support or facilitate the discussions referred to in this Condition 12 and shall use all reasonable endeavours to ensure the accuracy of any information provided. The Grant Recipient must keep OPS fully updated and ensure that it accurately reflects the agreed Approved Bid and Named Project Details from time to time. The Grant Recipient shall ensure that it and any Affiliate (at its or their cost) co-operates with the GLA during an SPEI Review and it shall if requested promptly provide the GLA with SPEI Information and such other information, evidence and/or explanation as the GLA may reasonably require. The Grant Recipient shall promptly: participate in any evaluation of AHP 2021-26 that DLUHC or GLA or its or their agents may require from time to time; supply (subject always to its data protection obligations under Condition 21) any information and data required by DLUHC, GLA or its or their agents in respect of any such evaluation, which may include information/data pertaining to any AHP Dwellings (including, inter alia, addresses and tenures of such dwellings); and update OPS accurately with such information as may be requested by GLA from time to time (acting reasonably) in connection with the terms of this Agreement. The GLA is entitled from time to time to conduct a review and reconciliation exercise (Interim Reconciliation Exercise) to: assess the Grant Recipient's progress in the Profiling of the Unprofiled Indicative Dwellings to Named Projects and in delivering the resulting Named (Indicative) Projects as against each Annual Committed Number; and/or assess the average of the grant rates applied to the AHP Dwellings of each Tenure Type comprised in each Named (Indicative) Project against the Average Grant Rates. If, as a result of an Interim Reconciliation Exercise, the GLA determines, acting reasonably, that either: the Grant Recipient is failing, or in the opinion of the GLA (acting reasonably) is likely to fail, to Profile the Annual Committed Number into Named Projects in any Start Year in accordance with the timeframes set out in Condition 6.1 or is unlikely to achieve Start on Site in respect of the Annual Committed Number in any Start Year; or it is unlikely in the opinion of the GLA that by 31 March 2026 the average of the grant rates attributed to the AHP Dwellings (by Tenure Type) in the Named (Indicative) Projects will equal or be lower than the Average Grant Rates for each Tenure Type, a default shall be deemed to occur (Interim Reconciliation Default) and the provisions of Condition 19.7 and 19.8 shall apply. Within 3 months following 31 March 2028 (or such later date as GLA may specify), the GLA shall carry out a final reconciliation exercise (Final Reconciliation Exercise) to determine whether: the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the LLR Dwellings in all Named (Indicative) Projects being divided by the number of LLR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an LLR Dwelling specified on OPS; the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the SR Dwellings in all Named (Indicative) Projects being divided by the number of SR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an SR Dwelling specified on OPS. Where the reconciliation exercise carried out under Condition 12.8 12.9 confirms that the average of the actual grant paid and RCGF Funds used across the Named (Indicative) Projects delivered for a Tenure Type is more than the Average Grant Rate allocated to that Tenure Type (Grant Rate Default), the provisions of Condition 18.2.8 shall apply. The parties acknowledge and agree that GLA may from time to time review whether the Grant Recipient continues to meet the requirements for Investment Partner status and the Grant Recipient will co-operate with such review and will provide GLA with such further information, evidence and/or explanation with respect to any such review as GLA may request. The Grant Recipient shall, on request from GLA, upload such details GLA may require onto OPS (or provide such details in another format as agreed by the GLA in its absolute discretion) of any Additional Affordable Housing Dwellings being delivered by the Grant Recipient.
Appears in 2 contracts
Sources: Grant Agreement, Grant Agreement
Review, Monitoring and Reporting. 11.1 The Grant Recipient must promptly advise GLA when any circumstance occurs which may: :
11.1.1 impact adversely on the Grant Recipient's ability to deliver any Named Project in accordance with the terms of this Agreement; and/or impact adversely on the Grant Recipient's ability to Profile the Unprofiled Indicative Dwellings into Named Projects; and/or ;
11.1.2 constitute a Default Event or a breach of any term of this AgreementCondition 9 or 10 or a Default Event; and/or and/or
11.1.3 give rise to the making of a Section 114 Report or the issue of a Section 15 Direction. .
11.2 The Grant Recipient shall attend a review meeting when required to do so by the GLA acting reasonably and the GLA shall provide the Grant Recipient with written details of the matters to be discussed at the review meeting timeously in advance of such meeting. .
11.3 The Grant Recipient shall provide the GLA as soon as reasonably practicable with such information as the GLA shall reasonably require to support or facilitate the discussions referred to in this Condition 12 11 and shall use all reasonable endeavours to ensure the accuracy of any information provided. .
11.4 The Grant Recipient must keep OPS fully updated and ensure that it accurately reflects the agreed Approved Bid and Named Project Details from time to time. .
11.5 The Grant Recipient shall promptly: participate in ensure that it and any evaluation of AHP 2021-26 that DLUHC or GLA or Grant Recipient Affiliate (at its or their agents may require from time to time; supply (subject always to its data protection obligations under Condition 21cost) any information and data required by DLUHC, GLA or its or their agents in respect of any such evaluation, which may include information/data pertaining to any AHP Dwellings (including, inter alia, addresses and tenures of such dwellings); and update OPS accurately with such information as may be requested by GLA from time to time (acting reasonably) in connection co-operates with the terms of this Agreement. The GLA is entitled from time to time to conduct a review during an SGEI Review and reconciliation exercise (Interim Reconciliation Exercise) to: assess the Grant Recipient's progress in the Profiling of the Unprofiled Indicative Dwellings to Named Projects and in delivering the resulting Named (Indicative) Projects as against each Annual Committed Number; and/or assess the average of the grant rates applied to the AHP Dwellings of each Tenure Type comprised in each Named (Indicative) Project against the Average Grant Rates. If, as a result of an Interim Reconciliation Exercise, it shall if requested promptly provide the GLA determines, acting reasonably, that either: the Grant Recipient is failing, or in the opinion of the GLA (acting reasonably) is likely to fail, to Profile the Annual Committed Number into Named Projects in any Start Year in accordance with the timeframes set out in Condition 6.1 or is unlikely to achieve Start on Site in respect of the Annual Committed Number in any Start Year; or it is unlikely in the opinion of the GLA that by 31 March 2026 the average of the grant rates attributed to the AHP Dwellings (by Tenure Type) in the Named (Indicative) Projects will equal or be lower than the Average Grant Rates for each Tenure Type, a default shall be deemed to occur (Interim Reconciliation Default) SGEI Information and the provisions of Condition 19.7 and 19.8 shall apply. Within 3 months following 31 March 2028 (or such later date as GLA may specify), the GLA shall carry out a final reconciliation exercise (Final Reconciliation Exercise) to determine whether: the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the LLR Dwellings in all Named (Indicative) Projects being divided by the number of LLR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an LLR Dwelling specified on OPS; the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the SR Dwellings in all Named (Indicative) Projects being divided by the number of SR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an SR Dwelling specified on OPS. Where the reconciliation exercise carried out under Condition 12.8 confirms that the average of the actual grant paid and RCGF Funds used across the Named (Indicative) Projects delivered for a Tenure Type is more than the Average Grant Rate allocated to that Tenure Type (Grant Rate Default), the provisions of Condition 18.2.8 shall apply. The parties acknowledge and agree that GLA may from time to time review whether the Grant Recipient continues to meet the requirements for Investment Partner status and the Grant Recipient will co-operate with such review and will provide GLA with such further other information, evidence and/or explanation with respect to any such review as the GLA may request. reasonably require.
11.6 The Grant Recipient shall, on request from GLAby 31 March 2018 and then every two (2) years thereafter until Practical Completion of all the Named Projects delivered or to be delivered under this Agreement, upload such details GLA may require onto OPS (or provide such details in another format as agreed by confirm to the GLA in its absolute discretion(using the Financial Confirmation) that based on the current information (actual and projected) the Agreement Funding together with the Decision Revenue shall not exceed the Aggregate Development Costs.
11.7 Within ten (10) Business Days of any Additional Affordable Housing Dwellings being delivered by Practical Completion of a Named Project the Grant RecipientRecipient shall submit to the GLA through OPS details of the Actual Development Costs and the projected or actual (as appropriate) Decision Revenue for each AHP Dwelling within that Named Project.
11.8 The Grant Recipient will: 11.8.1 use all reasonable endeavours to ensure that that any person providing the Financial Confirmation, the Affordable Starts Certificate, the Affordable Starts Final Certificate and/or the Disposal Notification (the AHP Confirmations) is a senior officer of the Grant Recipient with access to the information and knowledge needed accurately to give the information required; and
Appears in 2 contracts
Review, Monitoring and Reporting. The Grant Recipient must shall comply fully with the contract management and reporting obligations set out in this Agreement. The Grant Recipient acknowledges the high importance to Homes England of it being promptly advise GLA advised when any circumstance occurs which may: impact adversely on the Grant Recipient's ability to deliver Deliver any Named Project Firm Scheme in accordance with the terms of this Agreement; and/or impact adversely on indicate that Homes England is making available more grant than is required to Deliver any Firm Scheme or the Grant Recipient's ability to Profile the Unprofiled Indicative Dwellings into Named ProjectsApproved Capital Bid; and/or constitute a Default Event or a breach of any term of this Agreement; and/or give rise to the making of a Section 114 Report or the issue of a Section 15 Direction; constitute a breach of Clauses 10 (Delivery Obligations) or 11 (Operational Obligations); or constitute a Default Event. (collectively the Contract Monitoring Outputs). Where Homes England becomes aware either via the Contract Monitoring Outputs or through other monitoring, that delivery of the Approved Capital Bid has not been secured in accordance with the requirements of this Agreement or is unlikely to be so secured (a Delivery Failure), Homes England may in order to address such Delivery Failure issue an Allocation Change Notice requiring: a reduction, increase or other change to the number of AHP Dwellings to be delivered; and/or a reduction or other adjustment to the Allocated Capital Grant or to any Firm Scheme Grant; and/or any other change to the Approved Capital Bid that Homes England deems reasonably necessary, and such Allocation Change Notice shall be discussed as soon as reasonably practicable by the parties and in any event within fifteen (15) Business Days of the date of issue of the Allocation Change Notice. Nothing in Clause 12.3 (Review, Monitoring and Reporting) shall preclude the parties from agreeing an alternative means of dealing with the Delivery Failure to that set out in the Allocation Change Notice save that unless such alternative is agreed and reflected in IMS by the end of the then current Financial Year, the change required by Homes England in the Allocation Change Notice shall take effect on the next following 1 April and Homes England shall be entitled to make all such changes to IMS as are necessary to reflect the contents of the Allocation Change Notice. The Grant Recipient shall attend a review meeting when required submit such other information in relation to do so this Agreement, the Approved Capital Bid and/or its Delivery of the Firm Schemes as may be requested on reasonable notice by the GLA acting reasonably and the GLA shall provide Homes England from time to time. the Grant Recipient with written details provides an agenda for such meeting at the time of request. At each Review Meeting Homes England and the Grant Recipient shall discuss or review (without limitation): all changes made to any Firm Scheme or to the Approved Capital Bid in the period since the immediately preceding Review Meeting (or since the date of this Agreement where no Review Meeting has been held) and any changes anticipated by the Grant Recipient to be requested during the current Financial Year; all withdrawals of Indicative Schemes; the capacity of the Grant Recipient to bring forward additional housing supply under AHP 2021/26; the Grant Recipient's performance in delivering the Approved Capital Bid (including the conversion of Indicative Schemes into Firm Schemes); progress in relation to each Indicative Scheme and Firm Scheme including delivery forecasts, lettings and sales forecasts and progress against previous such forecasts; the Contract Monitoring Outputs; any Change in Control which is anticipated in the then current or upcoming Financial Year; the Grant Recipient's performance in meeting the Strategic Objectives; and such other matters in relation to the performance or subject matter of this Agreement as are notified by either party to the other in writing at least five (5) Business Days prior to the date of the Review Meeting. The parties agree that the Regulator shall also be discussed at entitled to send a representative to attend any Review Meeting. Save as otherwise agreed between the review parties, any meeting timeously in advance of under this Clause 12 (Review, Monitoring and Reporting) shall be minuted by the Grant Recipient and such meetingminutes shall be distributed within ten (10) Business Days following the meeting to Homes England and any other attendee. The Grant Recipient shall shall: provide the GLA as soon as reasonably practicable Homes England with such information as the GLA Homes England shall reasonably require to support or facilitate the discussions and monitoring referred to in this Condition 12 Agreement; and shall use take all reasonable endeavours steps to ensure that any information provided to Homes England pursuant to this Clause 12 (Review, Monitoring and Reporting) is accurate in all material aspects. The Grant Recipient shall, as and when requested by Homes England (in connection with this Agreement, the accuracy Approved Capital Bid or any Indicative Scheme or Firm Scheme) promptly provide to Homes England hard and/or electronic copies of: any and all data, materials, documents and accounts of any information providednature created, acquired or brought into existence in any manner whatsoever by or on behalf of the Grant Recipient (including where the source was created by and/or is held by a Grant Recipient Party (or the Grant Recipient or Grant Recipient Party's consultants)) for the purposes of or in connection with this Agreement; and the elemental breakdown of the construction costs in relation to each Firm Scheme. On termination of this Agreement, the Grant Recipient shall if requested to do so deliver up to Homes England or procure the delivery to Homes England of all the data, materials, documents and accounts referred to in this Clause 12 (Review, Monitoring and Reporting). The Grant Recipient must keep OPS for a period of ten (10) years from the date upon which it receives the Final Tranche retain all of the data, documents, materials and accounts referred to in this Clause 12 (Review, Monitoring and Reporting) and the Grant Recipient may retain such data, documents, materials and accounts in electronic form only. The Grant Recipient agrees that Homes England's auditors (including the Comptroller and Auditor General) shall have unrestricted rights of access to any and all information to which Homes England is entitled under this Agreement or to which Homes England's auditors are entitled pursuant to the National Audit Act 1983 and the Government Resources and Accounts Act 2000 or otherwise. The Grant Recipient shall promptly and fully updated and ensure that it accurately reflects the agreed Approved Bid and Named Project Details co-operate with any request for information or evidence from time to timetime of: any auditor (whether internal or external) of Homes England; and/or Homes England, to the extent such request relates to this Agreement (or any matter associated with it) and which Homes England is required by any Competent Authority or by Legislation to provide to any third party. The Grant Recipient shall ensure that for each Firm Scheme it and each Grant Recipient Affiliate keeps on an Open Book Basis (in accordance with generally accepted accounting practice) separate books of account for items relating to the AHP Housing which identify the Firm Scheme Grant and such other items required under this Clause 12 (Review, Monitoring and Reporting). The Grant Recipient shall upon Homes England's written request: make available upon reasonable notice for Homes England's inspection (and that of any person referred to in this Clause 12 (Review, Monitoring and Reporting) or in Clause 22 (Information and Confidentiality) or any person appointed pursuant to Clause 28 (Dispute resolution)) the books of account referred to in Clause 12.17 (Review, Monitoring and Reporting) (together with, if specified, such supporting correspondence, agreements, orders, invoices, receipts and other documents) and shall submit a report in relation to the same to Homes England (or such other persons as are referred to in this Clause 12 (Review, Monitoring and Reporting)) as and when requested to do so; and procure that a representative of Homes England (or any of its auditors or advisors) may on reasonable notice visit any place where any records or information of the type described in this Clause 12 (Review, Monitoring and Reporting) are held or maintained and examine such records or information. The Grant Recipient shall promptly: participate in any evaluation of AHP 2021-26 2021/26 that DLUHC MHCLG or GLA Homes England or its or their agents may require from time to time; supply (subject always to its data protection obligations under Condition 21Schedule 8 (Data Protection)) any information and data required requested by DLUHCMHCLG, GLA Homes England or its or their agents in respect of any such evaluation, which may include information/data pertaining to any AHP Dwellings (including, inter alia, addresses and tenures of such dwellings); and accurately update OPS accurately IMS with such information as may be requested by GLA Homes England from time to time (acting reasonably) in connection with the terms of this Agreement. The GLA is entitled from time to time to conduct a review and reconciliation exercise (Interim Reconciliation Exercise) to: assess the Grant Recipient's progress in the Profiling of the Unprofiled Indicative Dwellings to Named Projects and in delivering the resulting Named (Indicative) Projects as against each Annual Committed Number; and/or assess the average of the grant rates applied to the AHP Dwellings of each Tenure Type comprised in each Named (Indicative) Project against the Average Grant Rates. If, as a result of an Interim Reconciliation Exercise, the GLA determines, acting reasonably, that either: the Grant Recipient is failing, or in the opinion of the GLA shall provide Homes England with a completed Constitutional Change Notification (acting reasonably) is likely to fail, to Profile the Annual Committed Number into Named Projects in any Start Year in accordance with the timeframes set requirements of Clause 11.11 (Operational Obligations)) at least ten (10) Business Days prior to any Change in Control. The Grant Recipient will promptly notify Homes England if any Know Your Customer Information becomes inaccurate or out in Condition 6.1 or is unlikely to achieve Start on Site in respect of the Annual Committed Number in any Start Year; or it is unlikely in the opinion of the GLA that by 31 March 2026 the average of the grant rates attributed to the AHP Dwellings (by Tenure Type) in the Named (Indicative) Projects will equal or be lower than the Average Grant Rates for each Tenure Type, a default shall be deemed to occur (Interim Reconciliation Default) date and the provisions of Condition 19.7 and 19.8 shall apply. Within 3 months following 31 March 2028 (or such later date as GLA may specify), the GLA shall carry out a final reconciliation exercise (Final Reconciliation Exercise) to determine whether: the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the LLR Dwellings in all Named (Indicative) Projects being divided by the number of LLR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an LLR Dwelling specified on OPS; the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the SR Dwellings in all Named (Indicative) Projects being divided by the number of SR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an SR Dwelling specified on OPS. Where the reconciliation exercise carried out under Condition 12.8 confirms that the average of the actual grant paid and RCGF Funds used across the Named (Indicative) Projects delivered for a Tenure Type is more than the Average Grant Rate allocated to that Tenure Type (Grant Rate Default), the provisions of Condition 18.2.8 shall applyprovide Homes England with revised Know Your Customer Information promptly upon Homes England's request. The parties acknowledge and agree that GLA Homes England may from time to time review whether the Grant Recipient continues to meet the requirements for Investment Partner status and the Grant Recipient will co-operate with such review and will provide GLA Homes England with such further information, evidence and/or explanation with respect to any such review as GLA Homes England may request. The Grant Recipient shall, on request from GLA, upload such details GLA may require onto OPS (or provide such details in another format as agreed by the GLA in its absolute discretion) of any Additional Affordable Housing Dwellings being delivered by the Grant Recipient.
Appears in 1 contract
Sources: Grant Agreement
Review, Monitoring and Reporting. 11.1 The Grant Recipient must promptly advise GLA shall comply fully with the contract management and reporting obligations set out in this Condition 11 (Review, Monitoring and Reporting).
11.2 The Grant Recipient acknowledges the high importance to the Agency of it being advised when any circumstance occurs which may: :
11.2.1 impact adversely on the Grant Recipient's ability to deliver any Named Project Firm Scheme in accordance with the terms of this Agreement; and/or impact adversely on the Grant Recipient's ability to Profile the Unprofiled Indicative Dwellings into Named Projects; and/or constitute a Default Event or a breach of ;
11.2.2 change any term of this Agreement; and/or give rise assumptions in relation to the making of a Section 114 Report Approved Bid or the issue of a Section 15 Direction. The Grant Recipient shall attend a review meeting when required to do so by the GLA acting reasonably and the GLA shall any Firm Scheme which would provide an opportunity for the Grant Recipient to deliver more AHP Dwellings with written details of the matters Allocated Grant;
11.2.3 indicates that the Agency is making available more grant than is required to deliver the Approved Bid or a Firm Scheme; or
11.2.4 without prejudice to the circumstances specified in Conditions 11.2.1 (Review, Monitoring and Reporting) to 11.2.4 (Review, Monitoring and Reporting) (inclusive), indicate that the Grant Recipient will need to make more or fewer Permitted Conversion. (collectively the Contract Monitoring Outputs).
11.3 Where the Agency becomes aware either via the Contract Monitoring Outputs or through other monitoring, that the Approved Bid has not been complied with or is unlikely to be complied with, the Agency may in order to address such compliance failure issue an Allocation Change Notice requiring:
11.3.1 a reduction, increase or other change to the number of AHP Dwellings to be delivered or to the Conversion Capacity; and/or
11.3.2 a reduction or other adjustment to the Allocated Grant or to any Firm Scheme Grant; and/or
11.3.3 any other change to the Approved Bid the Agency deems reasonably necessary; and such Allocation Change Notice shall be discussed at the review meeting timeously in advance of such meeting. The Grant Recipient shall provide the GLA as soon as reasonably practicable by the parties and in any event within 15 Business Days of the date of issue of the Allocation Change Notice.
11.4 Nothing in Condition 11.3 (Review, Monitoring and Reporting) shall preclude the parties from agreeing an alternative means of dealing with such information as the GLA shall reasonably require failure to support or facilitate comply with the discussions referred to in this Condition 12 and shall use all reasonable endeavours to ensure the accuracy of any information provided. The Grant Recipient must keep OPS fully updated and ensure that it accurately reflects the agreed Approved Bid to that set out in the Allocation Change Notice save that unless such alternative is agreed and Named Project Details from time reflected in IMS by the end of the then current Financial Year, the change required by the Agency in the Allocation Change Notice shall take effect on the next following 1 April and the Agency shall be entitled to time. make all such changes to IMS as are necessary to reflect the contents of the Allocation Change Notice.
11.5 The Grant Recipient shall promptly: participate in any evaluation with effect from and including the first Quarter Date after the date of AHP 2021-26 that DLUHC or GLA or its or their agents may require from time this Agreement submit a signed and dated Officer's Certificate to time; supply the Agency within five (subject always to its data protection obligations under Condition 215) any information and data required by DLUHC, GLA or its or their agents in respect Business Days of any such evaluation, which may include information/data pertaining to any AHP Dwellings (including, inter alia, addresses and tenures of such dwellings); and update OPS accurately each Quarter Date together with such other information as may have been requested on reasonable notice by the Agency.
11.6 The Officer's Certificate shall be requested signed by GLA from time to time (acting reasonably) in connection with the terms of this Agreement. The GLA is entitled from time to time to conduct a review and reconciliation exercise (Interim Reconciliation Exercise) to: assess the Grant Recipient's progress Representative or, where agreed in the Profiling of the Unprofiled Indicative Dwellings to Named Projects and in delivering the resulting Named (Indicative) Projects as against each Annual Committed Number; and/or assess the average of the grant rates applied to the AHP Dwellings of each Tenure Type comprised in each Named (Indicative) Project against the Average Grant Rates. If, as a result of an Interim Reconciliation Exercise, the GLA determines, acting reasonably, that either: the Grant Recipient is failing, or in the opinion of the GLA (acting reasonably) is likely to fail, to Profile the Annual Committed Number into Named Projects in any Start Year in accordance with the timeframes set out in Condition 6.1 or is unlikely to achieve Start on Site in respect of the Annual Committed Number in any Start Year; or it is unlikely in the opinion of the GLA that by 31 March 2026 the average of the grant rates attributed to the AHP Dwellings (by Tenure Type) in the Named (Indicative) Projects will equal or be lower than the Average Grant Rates for each Tenure Type, a default shall be deemed to occur (Interim Reconciliation Default) and the provisions of Condition 19.7 and 19.8 shall apply. Within 3 months following 31 March 2028 (or such later date as GLA may specify), the GLA shall carry out a final reconciliation exercise (Final Reconciliation Exercise) to determine whether: the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the LLR Dwellings in all Named (Indicative) Projects being divided advance by the number Agency, another specified member of LLR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an LLR Dwelling specified on OPS; the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the SR Dwellings in all Named (Indicative) Projects being divided by the number of SR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an SR Dwelling specified on OPS. Where the reconciliation exercise carried out under Condition 12.8 confirms that the average of the actual grant paid and RCGF Funds used across the Named (Indicative) Projects delivered for a Tenure Type is more than the Average Grant Rate allocated to that Tenure Type (Grant Rate Default), the provisions of Condition 18.2.8 shall apply. The parties acknowledge and agree that GLA may from time to time review whether the Grant Recipient continues to meet the requirements for Investment Partner status and the Grant Recipient will co-operate with such review and will provide GLA with such further information, evidence and/or explanation with respect to any such review as GLA may request. The Grant Recipient shall, on request from GLA, upload such details GLA may require onto OPS (or provide such details in another format as agreed by the GLA in its absolute discretion) of any Additional Affordable Housing Dwellings being delivered by the Grant Recipient's executive management team.
11.7 Within ten (10) Business Days of receipt of the Officer's Certificate and the information required pursuant to Condition 11.5 (Review, Monitoring and Reporting) and Condition
Appears in 1 contract
Sources: Grant Agreement
Review, Monitoring and Reporting. 12.1 The Grant Recipient must promptly advise the GLA when any circumstance occurs which may: :
12.1.1 impact adversely on the Grant Recipient's ability to deliver any Named Project in accordance with the terms of this Agreement; and/or and/or
12.1.2 impact adversely on the Grant Recipient's ability to Profile the Unprofiled Indicative Dwellings into Named Projects; and/or and/or
12.1.3 constitute a Default Event or a breach of any term of this Agreement; and/or and/or
12.1.4 give rise to the making of a Section 114 Report or the issue of a Section 15 Direction. .
12.2 The Grant Recipient shall attend a review meeting when required to do so by the GLA acting reasonably and the GLA shall provide the Grant Recipient with written details of the matters to be discussed at the review meeting timeously in advance of such meeting. .
12.3 The Grant Recipient shall provide the GLA as soon as reasonably practicable with such information as the GLA shall reasonably require to support or facilitate the discussions referred to in this Condition 12 and shall use all reasonable endeavours to ensure the accuracy of any information provided. .
12.4 The Grant Recipient must keep OPS fully updated and ensure that it accurately reflects the agreed Approved Bid and Named Project Details from time to time. .
12.5 The Grant Recipient shall promptly: :
12.5.1 participate in any evaluation of AHP 2021-26 that DLUHC or the GLA or its or their agents may require from time to time; ;
12.5.2 supply (subject always to its data protection obligations under Condition 21) any information and data required by DLUHC, the GLA or its or their agents in respect of any such evaluation, which may include information/data pertaining to any AHP Dwellings (including, inter alia, addresses and tenures of such dwellings); and and
12.5.3 update OPS accurately with such information as may be requested by the GLA from time to time (acting reasonably) in connection with the terms of this Agreement. .
12.6 The GLA is entitled from time to time to conduct a review and reconciliation exercise (Interim Reconciliation Exercise) to: :
12.6.1 assess the Grant Recipient's progress in the Profiling of the Unprofiled Indicative Dwellings to Named Projects and in delivering the resulting Named (Indicative) Projects as against each Annual Committed Number; and/or and/or
12.6.2 assess the average of the grant rates applied to the AHP Dwellings of each Tenure Type comprised in each Named (Indicative) Project against the Average Grant Rates. .
12.7 If, as a result of an Interim Reconciliation Exercise, the GLA determines, acting reasonably, that either: :
12.7.1 the Grant Recipient is failing, or in the opinion of the GLA (acting reasonably) is likely to fail, to Profile the Annual Committed Number into Named Projects in any Start Year in accordance with the timeframes set out in Condition 6.1 or is unlikely to achieve Start on Site in respect of the Annual Committed Number in any Start Year; or or
12.7.2 it is unlikely in the opinion of the GLA that by 31 March 2026 the average of the grant rates attributed to the AHP Dwellings (by Tenure Type) in the Named (Indicative) Projects will equal or be lower than the Average Grant Rates for each Tenure Type, a default shall be deemed to occur (Interim Reconciliation Default) and the provisions of Condition Conditions 19.7 and 19.8 shall apply. .
12.8 Within 3 months following 31 March 2028 (or such later date as the GLA may specify), the GLA shall carry out a final reconciliation exercise (Final Reconciliation Exercise) to determine whether: :
12.8.1 the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the LLR (Standard) Dwellings in all Named (Indicative) Projects being divided by the number of LLR (Standard) Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an LLR (Standard) Dwelling specified on OPS; ;
12.8.2 the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the SR LLR (SSH) Dwellings in all Named (Indicative) Projects being divided by the number of SR LLR (SSH) Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for a LLR (SSH) Dwelling specified on OPS;
12.8.3 the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the Social Rent (Standard) Dwellings in all Named (Indicative) Projects being divided by the number of Social Rent (Standard) Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for a Social Rent (Standard) Dwelling specified on OPS;
12.8.4 the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the Social Rent (SSH) Dwellings in all Named (Indicative) Projects being divided by the number of Social Rent (SSH) Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for a Social Rent (SSH) Dwelling specified on OPS;
12.8.5 the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the Social Rent (CHAP) Dwellings in all Named (Indicative) Projects being divided by the number of Social Rent (CHAP) ▇▇▇▇▇▇▇▇▇ actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for a Social Rent (CHAP) Dwelling specified on OPS;
12.8.6 the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the Shared Ownership (Standard) Dwellings in all Named (Indicative) Projects being divided by the number of Shared Ownership (Standard) ▇▇▇▇▇▇▇▇▇ actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for a Shared Ownership (Standard) Dwelling specified on OPS;
12.8.7 the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the Shared Ownership (SSH) Dwellings in all Named (Indicative) Projects being divided by the number of Shared Ownership (SSH) ▇▇▇▇▇▇▇▇▇ actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for a Shared Ownership (SSH) Dwelling specified on OPS;
12.8.8 the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the Affordable Rent (SSH) Dwellings in all Named (Indicative) Projects being divided by the number of Affordable Rent (SSH) Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an SR Affordable Rent (SSH) Dwelling specified on OPS. ; and
12.8.9 the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the Affordable Rent (CHAP) Dwellings in all Named (Indicative) Projects being divided by the number of Affordable Rent (CHAP) ▇▇▇▇▇▇▇▇▇ actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an Affordable Rent (CHAP) Dwelling specified on OPS.
12.9 Where the reconciliation exercise carried out under Condition 12.8 confirms that the average of the actual grant paid and RCGF Funds used across the Named (Indicative) Projects delivered for a Tenure Type is more than the Average Grant Rate allocated to that Tenure Type (Grant Rate Default), the provisions of Condition 18.2.8 shall apply. .
12.10 The parties acknowledge and agree that the GLA may from time to time review whether the Grant Recipient continues to meet the requirements for Investment Partner status and the Grant Recipient will co-operate with such review and will provide GLA with such further information, evidence and/or explanation with respect to any such review as the GLA may request. .
12.11 The Grant Recipient shall, on request from the GLA, upload such details as the GLA may require onto OPS (or provide such details in another format as agreed by the GLA in its absolute discretion) of any Additional Affordable Housing Dwellings being delivered by the Grant Recipient.
Appears in 1 contract
Sources: Grant Agreement
Review, Monitoring and Reporting. 11.1 The Grant Recipient must promptly advise GLA when any circumstance occurs which may: :
11.1.1 impact adversely on the Grant Recipient's ability to deliver any Named Project in accordance with the terms of this Agreement; and/or impact adversely on the Grant Recipient's ability to Profile the Unprofiled Indicative Dwellings into Named Projects; and/or and/or
11.1.2 constitute a Default Event or a breach of any term of this AgreementCondition 9 or 10; and/or and/or
11.1.3 give rise to the making of a Section 114 Report or the issue of a Section 15 Direction. .
11.2 The Grant Recipient shall attend a review meeting when required to do so by the GLA acting reasonably and the GLA shall provide the Grant Recipient with written details of the matters to be discussed at the review meeting timeously in advance of such meeting. .
11.3 The Grant Recipient shall provide the GLA as soon as reasonably practicable with such information as the GLA shall reasonably require to support or facilitate the discussions referred to in this Condition 12 11 and shall use all reasonable endeavours to ensure the accuracy of any information provided. .
11.4 The Grant Recipient must keep OPS fully updated and ensure that it accurately reflects the agreed Approved Bid and Named Project Details from time to time. .
11.5 The Grant Recipient shall promptly: participate in ensure that it and any evaluation of AHP 2021-26 that DLUHC or GLA or Grant Recipient Affiliate (at its or their agents may require from time to time; supply (subject always to its data protection obligations under Condition 21cost) any information and data required by DLUHC, GLA or its or their agents in respect of any such evaluation, which may include information/data pertaining to any AHP Dwellings (including, inter alia, addresses and tenures of such dwellings); and update OPS accurately with such information as may be requested by GLA from time to time (acting reasonably) in connection co-operates with the terms of this Agreement. The GLA is entitled from time to time to conduct a review during an SGEI Review and reconciliation exercise (Interim Reconciliation Exercise) to: assess the Grant Recipient's progress in the Profiling of the Unprofiled Indicative Dwellings to Named Projects and in delivering the resulting Named (Indicative) Projects as against each Annual Committed Number; and/or assess the average of the grant rates applied to the AHP Dwellings of each Tenure Type comprised in each Named (Indicative) Project against the Average Grant Rates. If, as a result of an Interim Reconciliation Exercise, it shall if requested promptly provide the GLA determines, acting reasonably, that either: the Grant Recipient is failing, or in the opinion of the GLA (acting reasonably) is likely to fail, to Profile the Annual Committed Number into Named Projects in any Start Year in accordance with the timeframes set out in Condition 6.1 or is unlikely to achieve Start on Site in respect of the Annual Committed Number in any Start Year; or it is unlikely in the opinion of the GLA that by 31 March 2026 the average of the grant rates attributed to the AHP Dwellings (by Tenure Type) in the Named (Indicative) Projects will equal or be lower than the Average Grant Rates for each Tenure Type, a default shall be deemed to occur (Interim Reconciliation Default) SGEI Information and the provisions of Condition 19.7 and 19.8 shall apply. Within 3 months following 31 March 2028 (or such later date as GLA may specify), the GLA shall carry out a final reconciliation exercise (Final Reconciliation Exercise) to determine whether: the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the LLR Dwellings in all Named (Indicative) Projects being divided by the number of LLR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an LLR Dwelling specified on OPS; the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the SR Dwellings in all Named (Indicative) Projects being divided by the number of SR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an SR Dwelling specified on OPS. Where the reconciliation exercise carried out under Condition 12.8 confirms that the average of the actual grant paid and RCGF Funds used across the Named (Indicative) Projects delivered for a Tenure Type is more than the Average Grant Rate allocated to that Tenure Type (Grant Rate Default), the provisions of Condition 18.2.8 shall apply. The parties acknowledge and agree that GLA may from time to time review whether the Grant Recipient continues to meet the requirements for Investment Partner status and the Grant Recipient will co-operate with such review and will provide GLA with such further other information, evidence and/or explanation with respect to any such review as the GLA may request. reasonably require.
11.6 The Grant Recipient shall, on request from GLAby 31 March 2018 and then every two (2) years thereafter until Practical Completion of all the Named Projects delivered or to be delivered under this Agreement, upload such details GLA may require onto OPS (or provide such details in another format as agreed by confirm to the GLA in its absolute discretion(using the Financial Confirmation) that based on the current information (actual and projected) the Agreement Funding together with the Decision Revenue shall not exceed the Aggregate Development Costs.
11.7 Within ten (10) Business Days of any Additional Affordable Housing Dwellings being delivered by Practical Completion of a Named Project the Grant RecipientRecipient shall submit to the GLA through OPS details of the Actual Development Costs and the projected or actual (as appropriate) Decision Revenue for each AHP Dwelling within that Named Project.
11.8 The Grant Recipient will: 11.8.1 use all reasonable endeavours to ensure that that any person providing the Financial Confirmation, the Affordable Starts Certificate, the Affordable Starts Final Certificate, the Disposal Notification and/or any other notifications or certificates from the Grant Recipient to the GLA (the AHP Confirmations) is a senior officer of the Grant Recipient with access to the information and knowledge needed accurately to give the information required; and
Appears in 1 contract
Sources: Approved Provider Grant Agreement
Review, Monitoring and Reporting. 12.1 The Grant Recipient must promptly advise the GLA when any circumstance occurs which may: :
12.1.1 impact adversely on the Grant Recipient's ability to deliver any Named Project in accordance with the terms of this Agreement; and/or and/or
12.1.2 impact adversely on the Grant Recipient's ability to Profile the Unprofiled Indicative Dwellings into Named Projects; and/or and/or
12.1.3 constitute a Default Event or a breach of any term of this Agreement; and/or give rise to the making of a Section 114 Report or the issue of a Section 15 Direction. .
12.2 The Grant Recipient shall attend a review meeting when required to do so by the GLA acting reasonably and the GLA shall provide the Grant Recipient with written details of the matters to be discussed at the review meeting timeously in advance of such meeting. .
12.3 The Grant Recipient shall provide the GLA as soon as reasonably practicable with such information as the GLA shall reasonably require to support or facilitate the discussions referred to in this Condition 12 and shall use all reasonable endeavours to ensure the accuracy of any information provided. .
12.4 The Grant Recipient must keep OPS fully updated and ensure that it accurately reflects the agreed Approved Bid and Named Project Details from time to time. .
12.5 The Grant Recipient shall ensure that it and any Affiliate (at its or their cost) co-operates with the GLA during an SPEI Review and it shall if requested promptly provide the GLA with SPEI Information and such other information, evidence and/or explanation as the GLA may reasonably require.
12.6 The Grant Recipient shall promptly: :
12.6.1 participate in any evaluation of AHP 2021-26 that DLUHC or the GLA or its or their agents may require from time to time; ;
12.6.2 supply (subject always to its data protection obligations under Condition 21) any information and data required by DLUHC, the GLA or its or their agents in respect of any such evaluation, which may include information/data pertaining to any AHP Dwellings (including, inter alia, addresses and tenures of such dwellings); and and
12.6.3 update OPS accurately with such information as may be requested by the GLA from time to time (acting reasonably) in connection with the terms of this Agreement. .
12.7 The GLA is entitled from time to time to conduct a review and reconciliation exercise (Interim Reconciliation Exercise) to: :
12.7.1 assess the Grant Recipient's progress in the Profiling of the Unprofiled Indicative Dwellings to Named Projects and in delivering the resulting Named (Indicative) Projects as against each Annual Committed Number; and/or and/or
12.7.2 assess the average of the grant rates applied to the AHP Dwellings of each Tenure Type comprised in each Named (Indicative) Project against the Average Grant Rates. .
12.8 If, as a result of an Interim Reconciliation Exercise, the GLA determines, acting reasonably, that either: :
12.8.1 the Grant Recipient is failing, or in the opinion of the GLA (acting reasonably) is likely to fail, to Profile the Annual Committed Number into Named Projects in any Start Year in accordance with the timeframes set out in Condition 6.1 or is unlikely to achieve Start on Site in respect of the Annual Committed Number in any Start Year; or or
12.8.2 it is unlikely in the opinion of the GLA that by 31 March 2026 the average of the grant rates attributed to the AHP Dwellings (by Tenure Type) in the Named (Indicative) Projects will equal or be lower than the Average Grant Rates for each Tenure Type, a default shall be deemed to occur (Interim Reconciliation Default) and the provisions of Condition Conditions 19.7 and 19.8 shall apply. .
12.9 Within 3 months following 31 March 2028 (or such later date as the GLA may specify), the GLA shall carry out a final reconciliation exercise (Final Reconciliation Exercise) to determine whether: :
12.9.1 the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the LLR (Standard) Dwellings in all Named (Indicative) Projects being divided by the number of LLR (Standard) Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an LLR (Standard) Dwelling specified on OPS; ;
12.9.2 the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the SR LLR (SSH) Dwellings in all Named (Indicative) Projects being divided by the number of SR LLR (SSH) Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for a LLR (SSH) Dwelling specified on OPS;
12.9.3 the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the Social Rent (Standard) Dwellings in all Named (Indicative) Projects being divided by the number of Social Rent (Standard) Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for a Social Rent (Standard) Dwelling specified on OPS;
12.9.4 the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the Social Rent (SSH) Dwellings in all Named (Indicative) Projects being divided by the number of Social Rent (SSH) Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for a Social Rent (SSH) Dwelling specified on OPS;
12.9.5 the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the Social Rent (CHAP) Dwellings in all Named (Indicative) Projects being divided by the number of Social Rent (CHAP) ▇▇▇▇▇▇▇▇▇ actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for a Social Rent (CHAP) Dwelling specified on OPS;
12.9.6 the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the Shared Ownership (Standard) Dwellings in all Named (Indicative) Projects being divided by the number of Shared Ownership (Standard) ▇▇▇▇▇▇▇▇▇ actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for a Shared Ownership (Standard) Dwelling specified on OPS;
12.9.7 the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the Shared Ownership (SSH) Dwellings in all Named (Indicative) Projects being divided by the number of Shared Ownership (SSH) ▇▇▇▇▇▇▇▇▇ actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for a Shared Ownership (SSH) Dwelling specified on OPS;
12.9.8 the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the Affordable Rent (SSH) Dwellings in all Named (Indicative) Projects being divided by the number of Affordable Rent (SSH) Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an SR Affordable Rent (SSH) Dwelling specified on OPS. ; and
12.9.9 the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the Affordable Rent (CHAP) Dwellings in all Named (Indicative) Projects being divided by the number of Affordable Rent (CHAP) ▇▇▇▇▇▇▇▇▇ actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an Affordable Rent (CHAP) Dwelling specified on OPS.
12.10 Where the reconciliation exercise carried out under Condition 12.8 12.9 confirms that the average of the actual grant paid and RCGF Funds used across the Named (Indicative) Projects delivered for a Tenure Type is more than the Average Grant Rate allocated to that Tenure Type (Grant Rate Default), the provisions of Condition 18.2.8 shall apply. .
12.11 The parties acknowledge and agree that the GLA may from time to time review whether the Grant Recipient continues to meet the requirements for Investment Partner status and the Grant Recipient will co-operate with such review and will provide GLA with such further information, evidence and/or explanation with respect to any such review as the GLA may request. .
12.12 The Grant Recipient shall, on request from the GLA, upload such details as the GLA may require onto OPS (or provide such details in another format as agreed by the GLA in its absolute discretion) of any Additional Affordable Housing Dwellings being delivered by the Grant Recipient.
Appears in 1 contract
Sources: Grant Agreement
Review, Monitoring and Reporting. 11.1 The Grant Recipient must promptly advise GLA when any circumstance occurs which may: :
11.1.1 impact adversely on the Grant Recipient's ability to deliver any Named Project in accordance with the terms of this Agreement; and/or impact adversely on the Grant Recipient's ability to Profile the Unprofiled Indicative Dwellings into Named Projects; and/or and/or
11.1.2 constitute a Default Event or a breach of any term of this Agreement; and/or give rise to the making of a Section 114 Report Condition 9 or the issue of a Section 15 Direction. 10.
11.2 The Grant Recipient shall attend a review meeting when required to do so by the GLA acting reasonably and the GLA shall provide the Grant Recipient with written details of the matters to be discussed at the review meeting timeously in advance of such meeting. .
11.3 The Grant Recipient shall provide the GLA as soon as reasonably practicable with such information as the GLA shall reasonably require to support or facilitate the discussions referred to in this Condition 12 11 and shall use all reasonable endeavours to ensure the accuracy of any information provided. .
11.4 The Grant Recipient must keep OPS fully updated and ensure that it accurately reflects the agreed Approved Bid and Named Project Details from time to time. .
11.5 The Grant Recipient shall promptly: participate in ensure that it and any evaluation of AHP 2021-26 that DLUHC or GLA or Grant Recipient Affiliate (at its or their agents may require from time to time; supply (subject always to its data protection obligations under Condition 21cost) any information and data required by DLUHC, GLA or its or their agents in respect of any such evaluation, which may include information/data pertaining to any AHP Dwellings (including, inter alia, addresses and tenures of such dwellings); and update OPS accurately with such information as may be requested by GLA from time to time (acting reasonably) in connection co-operates with the terms of this Agreement. The GLA is entitled from time to time to conduct a review during an SGEI Review and reconciliation exercise (Interim Reconciliation Exercise) to: assess the Grant Recipient's progress in the Profiling of the Unprofiled Indicative Dwellings to Named Projects and in delivering the resulting Named (Indicative) Projects as against each Annual Committed Number; and/or assess the average of the grant rates applied to the AHP Dwellings of each Tenure Type comprised in each Named (Indicative) Project against the Average Grant Rates. If, as a result of an Interim Reconciliation Exercise, it shall if requested promptly provide the GLA determines, acting reasonably, that either: the Grant Recipient is failing, or in the opinion of the GLA (acting reasonably) is likely to fail, to Profile the Annual Committed Number into Named Projects in any Start Year in accordance with the timeframes set out in Condition 6.1 or is unlikely to achieve Start on Site in respect of the Annual Committed Number in any Start Year; or it is unlikely in the opinion of the GLA that by 31 March 2026 the average of the grant rates attributed to the AHP Dwellings (by Tenure Type) in the Named (Indicative) Projects will equal or be lower than the Average Grant Rates for each Tenure Type, a default shall be deemed to occur (Interim Reconciliation Default) SGEI Information and the provisions of Condition 19.7 and 19.8 shall apply. Within 3 months following 31 March 2028 (or such later date as GLA may specify), the GLA shall carry out a final reconciliation exercise (Final Reconciliation Exercise) to determine whether: the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the LLR Dwellings in all Named (Indicative) Projects being divided by the number of LLR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an LLR Dwelling specified on OPS; the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the SR Dwellings in all Named (Indicative) Projects being divided by the number of SR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an SR Dwelling specified on OPS. Where the reconciliation exercise carried out under Condition 12.8 confirms that the average of the actual grant paid and RCGF Funds used across the Named (Indicative) Projects delivered for a Tenure Type is more than the Average Grant Rate allocated to that Tenure Type (Grant Rate Default), the provisions of Condition 18.2.8 shall apply. The parties acknowledge and agree that GLA may from time to time review whether the Grant Recipient continues to meet the requirements for Investment Partner status and the Grant Recipient will co-operate with such review and will provide GLA with such further other information, evidence and/or explanation with respect to any such review as the GLA may request. reasonably require.
11.6 The Grant Recipient shall, on request from GLAby 31 March 2018 and then every two (2) years thereafter until Practical Completion of all the Named Projects delivered or to be delivered under this Agreement, upload such details GLA may require onto OPS (or provide such details in another format as agreed by confirm to the GLA in its absolute discretion(using the Financial Confirmation) that based on the current information (actual and projected) the Agreement Funding together with the Decision Revenue shall not exceed the Aggregate Development Costs.
11.7 Within ten (10) Business Days of any Additional Affordable Housing Dwellings being delivered by Practical Completion of a Named Project the Grant RecipientRecipient shall submit to the GLA through OPS details of the Actual Development Costs and the projected or actual (as appropriate) Decision Revenue for each AHP Dwelling within that Named Project.
11.8 The Grant Recipient will:
11.8.1 use all reasonable endeavours to ensure that that any person providing the Financial Confirmation and/or the Disposal Notification (the AHP Confirmations) is a senior officer of the Grant Recipient with access to the information and knowledge needed accurately to give the information required; and
11.8.2 notify the GLA if it becomes aware that any AHP Confirmation is erroneous in any material respect.
Appears in 1 contract
Sources: Developer Led Grant Agreement
Review, Monitoring and Reporting. The Grant Recipient must shall comply fully with the contract management and reporting obligations set out in this Agreement. The Grant Recipient acknowledges the high importance to Homes England of it being promptly advise GLA advised when any circumstance occurs which may: impact adversely on the Grant Recipient's ability to deliver Deliver any Named Project Firm Scheme in accordance with the terms of this Agreement; and/or impact adversely on indicate that Homes England is making available more grant than is required to Deliver any Firm Scheme or the Grant Recipient's ability to Profile the Unprofiled Indicative Dwellings into Named ProjectsApproved Capital Bid; and/or constitute a Default Event or a breach of any term of this Agreement; and/or give rise to the making of a Section 114 Report or the issue of a Section 15 Direction; constitute a breach of Clauses 10 (Delivery Obligations) or 10.1.4 (procure that prior to any AHP Dwelling comprised in such Firm Scheme being occupied, all certification required in respect of the Firm Scheme (or any part thereof) is obtained (including certification that such AHP Dwelling has passed "Gateway 3" when implemented) under any building safety legislation arising out of the Building Safety ▇▇▇▇ 2021; and where any AHP Dwelling forms part of a building that is above either 18 metres or 7 storeys in height (whichever is the lower), register as a signatory to the Building a Safer Future Charter. Operational Obligations); or constitute a Default Event. (collectively the Contract Monitoring Outputs). Where Homes England becomes aware either via the Contract Monitoring Outputs or through other monitoring, that delivery of the Approved Capital Bid has not been secured in accordance with the requirements of this Agreement or is unlikely to be so secured (a Delivery Failure), Homes England may in order to address such Delivery Failure issue an Allocation Change Notice requiring: a reduction, increase or other change to the number of AHP Dwellings to be delivered; and/or a reduction or other adjustment to the Allocated Capital Grant or to any Firm Scheme Grant; and/or any other change to the Approved Capital Bid that Homes England deems reasonably necessary, and such Allocation Change Notice shall be discussed as soon as reasonably practicable by the parties and in any event within fifteen (15) Business Days of the date of issue of the Allocation Change Notice. Nothing in Clause 12.3 (Review, Monitoring and Reporting) shall preclude the parties from agreeing an alternative means of dealing with the Delivery Failure to that set out in the Allocation Change Notice save that unless such alternative is agreed and reflected in IMS by the end of the then current Financial Year, the change required by Homes England in the Allocation Change Notice shall take effect on the next following 1 April and Homes England shall be entitled to make all such changes to IMS as are necessary to reflect the contents of the Allocation Change Notice. The Grant Recipient shall submit such other information in relation to this Agreement, the Approved Capital Bid and/or its Delivery of the Firm Schemes as may be requested on reasonable notice by Homes England from time to time. The Grant Recipient's Representative (or, where agreed with Homes England in advance, such other member of the Grant Recipient's executive management team) shall attend a review meeting when required requested to do so by the GLA acting Homes England with reasonable prior written notice. Homes England shall attend a review meeting reasonably and the GLA shall provide requested by the Grant Recipient with written details provided that: the date of such meeting is agreed by Homes England; and the Grant Recipient provides an agenda for such meeting at the time of request. At each Review Meeting Homes England and the Grant Recipient shall discuss or review (without limitation): all changes made to any Firm Scheme or to the Approved Capital Bid in the period since the immediately preceding Review Meeting (or since the date of this Agreement where no Review Meeting has been held) and any changes anticipated by the Grant Recipient to be requested during the current Financial Year; all withdrawals of Indicative Schemes; the capacity of the Grant Recipient to bring forward additional housing supply under AHP 2021/26; the Grant Recipient's performance in delivering the Approved Capital Bid (including the conversion of Indicative Schemes into Firm Schemes); progress in relation to each Indicative Scheme and Firm Scheme including delivery forecasts, lettings and sales forecasts and progress against previous such forecasts; the Contract Monitoring Outputs; any Change in Control which is anticipated in the then current or upcoming Financial Year; the Grant Recipient's performance in meeting the Strategic Objectives; and such other matters in relation to the performance or subject matter of this Agreement as are notified by either party to the other in writing at least five (5) Business Days prior to the date of the Review Meeting. The parties agree that the Regulator shall also be discussed at entitled to send a representative to attend any Review Meeting. Save as otherwise agreed between the review parties, any meeting timeously in advance of under this Clause 12 (Review, Monitoring and Reporting) shall be minuted by the Grant Recipient and such meetingminutes shall be distributed within ten (10) Business Days following the meeting to Homes England and any other attendee. The Grant Recipient shall shall: provide the GLA as soon as reasonably practicable Homes England with such information as the GLA Homes England shall reasonably require to support or facilitate the discussions and monitoring referred to in this Condition 12 Agreement; and shall use take all reasonable endeavours steps to ensure that any information provided to Homes England pursuant to this Clause 12 (Review, Monitoring and Reporting) is accurate in all material aspects. The Grant Recipient shall, as and when requested by Homes England (in connection with this Agreement, the accuracy Approved Capital Bid or any Indicative Scheme or Firm Scheme) promptly provide to Homes England hard and/or electronic copies of: any and all data, materials, documents and accounts of any information providednature created, acquired or brought into existence in any manner whatsoever by or on behalf of the Grant Recipient (including where the source was created by and/or is held by a Grant Recipient Party (or the Grant Recipient or Grant Recipient Party's consultants)) for the purposes of or in connection with this Agreement; and the elemental breakdown of the construction costs in relation to each Firm Scheme. On termination of this Agreement, the Grant Recipient shall if requested to do so deliver up to Homes England or procure the delivery to Homes England of all the data, materials, documents and accounts referred to in this Clause 12 (Review, Monitoring and Reporting). The Grant Recipient must keep OPS for a period of ten (10) years from the date upon which it receives the Final Tranche retain all of the data, documents, materials and accounts referred to in this Clause 12 (Review, Monitoring and Reporting) and the Grant Recipient may retain such data, documents, materials and accounts in electronic form only. The Grant Recipient agrees that Homes England's auditors (including the Comptroller and Auditor General) shall have unrestricted rights of access to any and all information to which Homes England is entitled under this Agreement or to which Homes England's auditors are entitled pursuant to the National Audit ▇▇▇ ▇▇▇▇ and the Government Resources and Accounts ▇▇▇ ▇▇▇▇ or otherwise. The Grant Recipient shall promptly and fully updated and ensure that it accurately reflects the agreed Approved Bid and Named Project Details co-operate with any request for information or evidence from time to timetime of: any auditor (whether internal or external) of Homes England; and/or Homes England, to the extent such request relates to this Agreement (or any matter associated with it) and which Homes England is required by any Competent Authority or by Legislation to provide to any third party. The Grant Recipient shall ensure that for each Firm Scheme it and each Grant Recipient Affiliate keeps on an Open Book Basis (in accordance with generally accepted accounting practice) separate books of account for items relating to the AHP Housing which identify the Firm Scheme Grant and such other items required under this Clause 12 (Review, Monitoring and Reporting). The Grant Recipient shall upon Homes England's written request: make available upon reasonable notice for Homes England's inspection (and that of any person referred to in this Clause 12 (Review, Monitoring and Reporting) or in Clause 22 (Information and Confidentiality) or any person appointed pursuant to Clause 28 (Dispute resolution)) the books of account referred to in Clause 12.17 (Review, Monitoring and Reporting) (together with, if specified, such supporting correspondence, agreements, orders, invoices, receipts and other documents) and shall submit a report in relation to the same to Homes England (or such other persons as are referred to in this Clause 12 (Review, Monitoring and Reporting)) as and when requested to do so; and procure that a representative of Homes England (or any of its auditors or advisors) may on reasonable notice visit any place where any records or information of the type described in this Clause 12 (Review, Monitoring and Reporting) are held or maintained and examine such records or information. The Grant Recipient shall promptly: participate in any evaluation of AHP 2021-26 2021/26 that DLUHC MHCLG or GLA Homes England or its or their agents may require from time to time; supply (subject always to its data protection obligations under Condition 21Schedule 8 (Data Protection)) any information and data required requested by DLUHCMHCLG, GLA Homes England or its or their agents in respect of any such evaluation, which may include information/data pertaining to any AHP Dwellings (including, inter alia, addresses and tenures of such dwellings); and accurately update OPS accurately IMS with such information as may be requested by GLA Homes England from time to time (acting reasonably) in connection with the terms of this Agreement. The GLA is entitled from time to time to conduct a review and reconciliation exercise (Interim Reconciliation Exercise) to: assess the Grant Recipient's progress in the Profiling of the Unprofiled Indicative Dwellings to Named Projects and in delivering the resulting Named (Indicative) Projects as against each Annual Committed Number; and/or assess the average of the grant rates applied to the AHP Dwellings of each Tenure Type comprised in each Named (Indicative) Project against the Average Grant Rates. If, as a result of an Interim Reconciliation Exercise, the GLA determines, acting reasonably, that either: the Grant Recipient is failing, or in the opinion of the GLA shall provide Homes England with a completed Constitutional Change Notification (acting reasonably) is likely to fail, to Profile the Annual Committed Number into Named Projects in any Start Year in accordance with the timeframes set out requirements of Clause 11.13 (procure that prior to any AHP Dwelling comprised in Condition 6.1 or is unlikely to achieve Start on Site such Firm Scheme being occupied, all certification required in respect of the Annual Committed Number in Firm Scheme (or any Start Year; or it part thereof) is unlikely in the opinion obtained (including certification that such AHP Dwelling has passed "Gateway 3" when implemented) under any building safety legislation arising out of the GLA Building Safety ▇▇▇▇ 2021; and where any AHP Dwelling forms part of a building that by 31 March 2026 is above either 18 metres or 7 storeys in height (whichever is the average of the grant rates attributed lower), register as a signatory to the AHP Dwellings Building a Safer Future Charter. Operational Obligations)) at least ten (by Tenure Type10) Business Days prior to any Change in the Named (Indicative) Projects Control. The Grant Recipient will equal promptly notify Homes England if any Know Your Customer Information becomes inaccurate or be lower than the Average Grant Rates for each Tenure Type, a default shall be deemed to occur (Interim Reconciliation Default) out of date and the provisions of Condition 19.7 and 19.8 shall apply. Within 3 months following 31 March 2028 (or such later date as GLA may specify), the GLA shall carry out a final reconciliation exercise (Final Reconciliation Exercise) to determine whether: the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the LLR Dwellings in all Named (Indicative) Projects being divided by the number of LLR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an LLR Dwelling specified on OPS; the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the SR Dwellings in all Named (Indicative) Projects being divided by the number of SR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an SR Dwelling specified on OPS. Where the reconciliation exercise carried out under Condition 12.8 confirms that the average of the actual grant paid and RCGF Funds used across the Named (Indicative) Projects delivered for a Tenure Type is more than the Average Grant Rate allocated to that Tenure Type (Grant Rate Default), the provisions of Condition 18.2.8 shall applyprovide Homes England with revised Know Your Customer Information promptly upon Homes England's request. The parties acknowledge and agree that GLA Homes England may from time to time review whether the Grant Recipient continues to meet the requirements for Investment Partner status and the Grant Recipient will co-operate with such review and will provide GLA Homes England with such further information, evidence and/or explanation with respect to any such review as GLA Homes England may request. The Grant Recipient shall, on request from GLA, upload such details GLA may require onto OPS (or provide such details in another format as agreed by the GLA in its absolute discretion) of any Additional Affordable Housing Dwellings being delivered by the Grant Recipient.
Appears in 1 contract
Sources: Grant Agreement
Review, Monitoring and Reporting. 11.1 The Grant Recipient must promptly advise GLA when any circumstance occurs which may: :
11.1.1 impact adversely on the Grant Recipient's ability to deliver any Named Project in accordance with the terms of this Agreement; and/or impact adversely on the Grant Recipient's ability to Profile the Unprofiled Indicative Dwellings into Named Projects; and/or ;
11.1.2 constitute a Default Event or a breach of any term of this AgreementCondition 9 or 10; and/or and/or
11.1.3 give rise to the making of a Section 114 Report or the issue of a Section 15 Direction. .
11.2 The Grant Recipient shall attend a review meeting when required to do so by the GLA acting reasonably and the GLA shall provide the Grant Recipient with written details of the matters to be discussed at the review meeting timeously in advance of such meeting. .
11.3 The Grant Recipient shall provide the GLA as soon as reasonably practicable with such information as the GLA shall reasonably require to support or facilitate the discussions referred to in this Condition 12 11 and shall use all reasonable endeavours to ensure the accuracy of any information provided. .
11.4 The Grant Recipient must keep OPS fully updated and ensure that it accurately reflects the agreed Approved Bid and Named Project Details from time to time. .
11.5 The Grant Recipient shall promptly: participate in ensure that it and any evaluation of AHP 2021-26 that DLUHC or GLA or Grant Recipient Affiliate (at its or their agents may require from time to time; supply (subject always to its data protection obligations under Condition 21cost) any information and data required by DLUHC, GLA or its or their agents in respect of any such evaluation, which may include information/data pertaining to any AHP Dwellings (including, inter alia, addresses and tenures of such dwellings); and update OPS accurately with such information as may be requested by GLA from time to time (acting reasonably) in connection co-operates with the terms of this Agreement. The GLA is entitled from time to time to conduct a review during an SPEI Review and reconciliation exercise (Interim Reconciliation Exercise) to: assess the Grant Recipient's progress in the Profiling of the Unprofiled Indicative Dwellings to Named Projects and in delivering the resulting Named (Indicative) Projects as against each Annual Committed Number; and/or assess the average of the grant rates applied to the AHP Dwellings of each Tenure Type comprised in each Named (Indicative) Project against the Average Grant Rates. If, as a result of an Interim Reconciliation Exercise, it shall if requested promptly provide the GLA determines, acting reasonably, that either: the Grant Recipient is failing, or in the opinion of the GLA (acting reasonably) is likely to fail, to Profile the Annual Committed Number into Named Projects in any Start Year in accordance with the timeframes set out in Condition 6.1 or is unlikely to achieve Start on Site in respect of the Annual Committed Number in any Start Year; or it is unlikely in the opinion of the GLA that by 31 March 2026 the average of the grant rates attributed to the AHP Dwellings (by Tenure Type) in the Named (Indicative) Projects will equal or be lower than the Average Grant Rates for each Tenure Type, a default shall be deemed to occur (Interim Reconciliation Default) SPEI Information and the provisions of Condition 19.7 and 19.8 shall apply. Within 3 months following 31 March 2028 (or such later date as GLA may specify), the GLA shall carry out a final reconciliation exercise (Final Reconciliation Exercise) to determine whether: the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the LLR Dwellings in all Named (Indicative) Projects being divided by the number of LLR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an LLR Dwelling specified on OPS; the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the SR Dwellings in all Named (Indicative) Projects being divided by the number of SR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an SR Dwelling specified on OPS. Where the reconciliation exercise carried out under Condition 12.8 confirms that the average of the actual grant paid and RCGF Funds used across the Named (Indicative) Projects delivered for a Tenure Type is more than the Average Grant Rate allocated to that Tenure Type (Grant Rate Default), the provisions of Condition 18.2.8 shall apply. The parties acknowledge and agree that GLA may from time to time review whether the Grant Recipient continues to meet the requirements for Investment Partner status and the Grant Recipient will co-operate with such review and will provide GLA with such further other information, evidence and/or explanation with respect to any such review as the GLA may request. reasonably require.
11.6 The Grant Recipient shall, on request from GLAby 31 March 2018 and then every two (2) years thereafter until Practical Completion of all the Named Projects delivered or to be delivered under this Agreement, upload such details GLA may require onto OPS (or provide such details in another format as agreed by confirm to the GLA in its absolute discretion(using the Financial Confirmation) that based on the current information (actual and projected) the Agreement Funding together with the SPEI Revenue shall not exceed the Aggregate Development Costs.
11.7 Within ten (10) Business Days of any Additional Affordable Housing Dwellings being delivered by Practical Completion of a Named Project the Grant RecipientRecipient shall submit to the GLA through OPS details of the Actual Development Costs and the projected or actual (as appropriate) SPEI Revenue for each AHP Dwelling within that Named Project.
11.8 The Grant Recipient will: 11.8.1 use all reasonable endeavours to ensure that that any person providing the Financial Confirmation, Compliance Checklist, the Disposal Notification or any other notifications or certificates from the Grant Recipient to the GLA (Grant Recipient Notifications) is a senior officer of the Grant Recipient with access to the information and knowledge needed accurately to give the information required; and
Appears in 1 contract
Sources: Developer Led Grant Agreement
Review, Monitoring and Reporting. 11.1 The Grant Recipient must promptly advise GLA when any circumstance occurs which may: :
11.1.1 impact adversely on the Grant Recipient's ability to deliver any Named Project in accordance with the terms of this Agreement; and/or impact adversely on the Grant Recipient's ability to Profile the Unprofiled Indicative Dwellings into Named Projects; and/or and/or
11.1.2 constitute a Default Event or a breach of any term of this Agreement; and/or give rise to the making of Condition 9 or 10 or a Section 114 Report or the issue of a Section 15 Direction. Default Event.
11.2 The Grant Recipient shall attend a review meeting when required to do so by the GLA acting reasonably and the GLA shall provide the Grant Recipient with written details of the matters to be discussed at the review meeting timeously in advance of such meeting. .
11.3 The Grant Recipient shall provide the GLA as soon as reasonably practicable with such information as the GLA shall reasonably require to support or facilitate the discussions referred to in this Condition 12 11 and shall use all reasonable endeavours to ensure the accuracy of any information provided. .
11.4 The Grant Recipient must keep OPS fully updated and ensure that it accurately reflects the agreed Approved Bid and Named Project Details from time to time. .
11.5 The Grant Recipient shall promptly: participate in ensure that it and any evaluation of AHP 2021-26 that DLUHC or GLA or Grant Recipient Affiliate (at its or their agents may require from time to time; supply (subject always to its data protection obligations under Condition 21cost) any information and data required by DLUHC, GLA or its or their agents in respect of any such evaluation, which may include information/data pertaining to any AHP Dwellings (including, inter alia, addresses and tenures of such dwellings); and update OPS accurately with such information as may be requested by GLA from time to time (acting reasonably) in connection co-operates with the terms of this Agreement. The GLA is entitled from time to time to conduct a review during an SGEI Review and reconciliation exercise (Interim Reconciliation Exercise) to: assess the Grant Recipient's progress in the Profiling of the Unprofiled Indicative Dwellings to Named Projects and in delivering the resulting Named (Indicative) Projects as against each Annual Committed Number; and/or assess the average of the grant rates applied to the AHP Dwellings of each Tenure Type comprised in each Named (Indicative) Project against the Average Grant Rates. If, as a result of an Interim Reconciliation Exercise, it shall if requested promptly provide the GLA determines, acting reasonably, that either: the Grant Recipient is failing, or in the opinion of the GLA (acting reasonably) is likely to fail, to Profile the Annual Committed Number into Named Projects in any Start Year in accordance with the timeframes set out in Condition 6.1 or is unlikely to achieve Start on Site in respect of the Annual Committed Number in any Start Year; or it is unlikely in the opinion of the GLA that by 31 March 2026 the average of the grant rates attributed to the AHP Dwellings (by Tenure Type) in the Named (Indicative) Projects will equal or be lower than the Average Grant Rates for each Tenure Type, a default shall be deemed to occur (Interim Reconciliation Default) SGEI Information and the provisions of Condition 19.7 and 19.8 shall apply. Within 3 months following 31 March 2028 (or such later date as GLA may specify), the GLA shall carry out a final reconciliation exercise (Final Reconciliation Exercise) to determine whether: the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the LLR Dwellings in all Named (Indicative) Projects being divided by the number of LLR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an LLR Dwelling specified on OPS; the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the SR Dwellings in all Named (Indicative) Projects being divided by the number of SR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an SR Dwelling specified on OPS. Where the reconciliation exercise carried out under Condition 12.8 confirms that the average of the actual grant paid and RCGF Funds used across the Named (Indicative) Projects delivered for a Tenure Type is more than the Average Grant Rate allocated to that Tenure Type (Grant Rate Default), the provisions of Condition 18.2.8 shall apply. The parties acknowledge and agree that GLA may from time to time review whether the Grant Recipient continues to meet the requirements for Investment Partner status and the Grant Recipient will co-operate with such review and will provide GLA with such further other information, evidence and/or explanation with respect to any such review as the GLA may request. reasonably require.
11.6 The Grant Recipient shall, on request from GLAby 31 March 2018 and then every two (2) years thereafter until Practical Completion of all the Named Projects delivered or to be delivered under this Agreement, upload such details GLA may require onto OPS (or provide such details in another format as agreed by confirm to the GLA in its absolute discretion(using the Financial Confirmation) that based on the current information (actual and projected) the Agreement Funding together with the Decision Revenue shall not exceed the Aggregate Development Costs.
11.7 Within ten (10) Business Days of any Additional Affordable Housing Dwellings being delivered by Practical Completion of a Named Project the Grant RecipientRecipient shall submit to the GLA through OPS details of the Actual Development Costs and the projected or actual (as appropriate) Decision Revenue for each AHP Dwelling within that Named Project.
11.8 The Grant Recipient will: 11.8.1 use all reasonable endeavours to ensure that that any person providing theFinancial Confirmation, the Affordable Starts Certificate, the Affordable Starts Final Certificate and/or the Disposal Notification (the AHP Confirmations) is a senior officer of the Grant Recipient with access to the information and knowledge needed accurately to give the information required; and
Appears in 1 contract
Sources: Approved Provider Grant Agreement
Review, Monitoring and Reporting. The Grant Recipient must shall comply fully with the contract management and reporting obligations set out in this Agreement. The Grant Recipient acknowledges the high importance to Homes England of it being promptly advise GLA advised when any circumstance occurs which may: impact adversely on the Grant Recipient's ability to deliver Deliver any Named Project Firm Scheme in accordance with the terms of this Agreement; and/or impact adversely on indicate that Homes England is making available more grant than is required to Deliver any Firm Scheme or the Grant Recipient's ability to Profile the Unprofiled Indicative Dwellings into Named ProjectsApproved Capital Bid; and/or constitute a Default Event or a breach of any term of this Agreement; and/or give rise to the making of a Section 114 Report or the issue of a Section 15 Direction; constitute a breach of Clauses 10 (Delivery Obligations) or 11 (Operational Obligations); or constitute a Default Event. (collectively the Contract Monitoring Outputs). Where Homes England becomes aware either via the Contract Monitoring Outputs or through other monitoring, that delivery of the Approved Capital Bid has not been secured in accordance with the requirements of this Agreement or is unlikely to be so secured (a Delivery Failure), Homes England may in order to address such Delivery Failure issue an Allocation Change Notice requiring: a reduction, increase or other change to the number of AHP Dwellings to be delivered; and/or a reduction or other adjustment to the Allocated Capital Grant or to any Firm Scheme Grant; and/or any other change to the Approved Capital Bid that Homes England deems reasonably necessary, and such Allocation Change Notice shall be discussed as soon as reasonably practicable by the parties and in any event within fifteen (15) Business Days of the date of issue of the Allocation Change Notice. Nothing in Clause 12.3 (Review, Monitoring and Reporting) shall preclude the parties from agreeing an alternative means of dealing with the Delivery Failure to that set out in the Allocation Change Notice save that unless such alternative is agreed and reflected in IMS by the end of the then current Financial Year, the change required by Homes England in the Allocation Change Notice shall take effect on the next following 1 April and Homes England shall be entitled to make all such changes to IMS as are necessary to reflect the contents of the Allocation Change Notice. The Grant Recipient shall submit such other information in relation to this Agreement, the Approved Capital Bid and/or its Delivery of the Firm Schemes as may be requested on reasonable notice by Homes England from time to time. The Grant Recipient's Representative (or, where agreed with Homes England in advance, such other member of the Grant Recipient's executive management team) shall attend a review meeting when required requested to do so by the GLA acting Homes England with reasonable prior written notice. Homes England shall attend a review meeting reasonably and the GLA shall provide requested by the Grant Recipient with written details provided that: the Grant Recipient provides an agenda for such meeting at the time of request. At each Review Meeting Homes England and the Grant Recipient shall discuss or review (without limitation): all changes made to any Firm Scheme or to the Approved Capital Bid in the period since the immediately preceding Review Meeting (or since the date of this Agreement where no Review Meeting has been held) and any changes anticipated by the Grant Recipient to be requested during the current Financial Year; all withdrawals of Indicative Schemes; the capacity of the Grant Recipient to bring forward additional housing supply under AHP 2021/26; the Grant Recipient's performance in delivering the Approved Capital Bid (including the conversion of Indicative Schemes into Firm Schemes); progress in relation to each Indicative Scheme and Firm Scheme including delivery forecasts, lettings and sales forecasts and progress against previous such forecasts; the Contract Monitoring Outputs; any Change in Control which is anticipated in the then current or upcoming Financial Year; the Grant Recipient's performance in meeting the Strategic Objectives; and such other matters in relation to the performance or subject matter of this Agreement as are notified by either party to the other in writing at least five (5) Business Days prior to the date of the Review Meeting. The parties agree that the Regulator shall also be discussed at entitled to send a representative to attend any Review Meeting. Save as otherwise agreed between the review parties, any meeting timeously in advance of under this Clause 12 (Review, Monitoring and Reporting) shall be minuted by the Grant Recipient and such meetingminutes shall be distributed within ten (10) Business Days following the meeting to Homes England and any other attendee. The Grant Recipient shall shall: provide the GLA as soon as reasonably practicable Homes England with such information as the GLA Homes England shall reasonably require to support or facilitate the discussions and monitoring referred to in this Condition 12 Agreement; and shall use take all reasonable endeavours steps to ensure that any information provided to Homes England pursuant to this Clause 12 (Review, Monitoring and Reporting) is accurate in all material aspects. The Grant Recipient shall, as and when requested by Homes England (in connection with this Agreement, the accuracy Approved Capital Bid or any Indicative Scheme or Firm Scheme) promptly provide to Homes England hard and/or electronic copies of: any and all data, materials, documents and accounts of any information providednature created, acquired or brought into existence in any manner whatsoever by or on behalf of the Grant Recipient (including where the source was created by and/or is held by a Grant Recipient Party (or the Grant Recipient or Grant Recipient Party's consultants)) for the purposes of or in connection with this Agreement; and the elemental breakdown of the construction costs in relation to each Firm Scheme. On termination of this Agreement, the Grant Recipient shall if requested to do so deliver up to Homes England or procure the delivery to Homes England of all the data, materials, documents and accounts referred to in this Clause 12 (Review, Monitoring and Reporting). The Grant Recipient must keep OPS for a period of ten (10) years from the date upon which it receives the Final Tranche retain all of the data, documents, materials and accounts referred to in this Clause 12 (Review, Monitoring and Reporting) and the Grant Recipient may retain such data, documents, materials and accounts in electronic form only. The Grant Recipient agrees that Homes England's auditors (including the Comptroller and Auditor General) shall have unrestricted rights of access to any and all information to which Homes England is entitled under this Agreement or to which Homes England's auditors are entitled pursuant to the National Audit ▇▇▇ ▇▇▇▇ and the Government Resources and Accounts ▇▇▇ ▇▇▇▇ or otherwise. The Grant Recipient shall promptly and fully updated and ensure that it accurately reflects the agreed Approved Bid and Named Project Details co-operate with any request for information or evidence from time to timetime of: any auditor (whether internal or external) of Homes England; and/or Homes England, to the extent such request relates to this Agreement (or any matter associated with it) and which Homes England is required by any Competent Authority or by Legislation to provide to any third party. The Grant Recipient shall ensure that for each Firm Scheme it and each Grant Recipient Affiliate keeps on an Open Book Basis (in accordance with generally accepted accounting practice) separate books of account for items relating to the AHP Housing which identify the Firm Scheme Grant and such other items required under this Clause 12 (Review, Monitoring and Reporting). The Grant Recipient shall upon Homes England's written request: make available upon reasonable notice for Homes England's inspection (and that of any person referred to in this Clause 12 (Review, Monitoring and Reporting) or in Clause 22 (Information and Confidentiality) or any person appointed pursuant to Clause 28 (Dispute resolution)) the books of account referred to in Clause 12.17 (Review, Monitoring and Reporting) (together with, if specified, such supporting correspondence, agreements, orders, invoices, receipts and other documents) and shall submit a report in relation to the same to Homes England (or such other persons as are referred to in this Clause 12 (Review, Monitoring and Reporting)) as and when requested to do so; and procure that a representative of Homes England (or any of its auditors or advisors) may on reasonable notice visit any place where any records or information of the type described in this Clause 12 (Review, Monitoring and Reporting) are held or maintained and examine such records or information. The Grant Recipient shall promptly: participate in any evaluation of AHP 2021-26 2021/26 that DLUHC MHCLG or GLA Homes England or its or their agents may require from time to time; supply (subject always to its data protection obligations under Condition 21Schedule 8 (Data Protection)) any information and data required requested by DLUHCMHCLG, GLA Homes England or its or their agents in respect of any such evaluation, which may include information/data pertaining to any AHP Dwellings (including, inter alia, addresses and tenures of such dwellings); and accurately update OPS accurately IMS with such information as may be requested by GLA Homes England from time to time (acting reasonably) in connection with the terms of this Agreement. The GLA is entitled from time to time to conduct a review and reconciliation exercise (Interim Reconciliation Exercise) to: assess the Grant Recipient's progress in the Profiling of the Unprofiled Indicative Dwellings to Named Projects and in delivering the resulting Named (Indicative) Projects as against each Annual Committed Number; and/or assess the average of the grant rates applied to the AHP Dwellings of each Tenure Type comprised in each Named (Indicative) Project against the Average Grant Rates. If, as a result of an Interim Reconciliation Exercise, the GLA determines, acting reasonably, that either: the Grant Recipient is failing, or in the opinion of the GLA shall provide Homes England with a completed Constitutional Change Notification (acting reasonably) is likely to fail, to Profile the Annual Committed Number into Named Projects in any Start Year in accordance with the timeframes set requirements of Clause 11.11 (Operational Obligations)) at least ten (10) Business Days prior to any Change in Control. The Grant Recipient will promptly notify Homes England if any Know Your Customer Information becomes inaccurate or out in Condition 6.1 or is unlikely to achieve Start on Site in respect of the Annual Committed Number in any Start Year; or it is unlikely in the opinion of the GLA that by 31 March 2026 the average of the grant rates attributed to the AHP Dwellings (by Tenure Type) in the Named (Indicative) Projects will equal or be lower than the Average Grant Rates for each Tenure Type, a default shall be deemed to occur (Interim Reconciliation Default) date and the provisions of Condition 19.7 and 19.8 shall apply. Within 3 months following 31 March 2028 (or such later date as GLA may specify), the GLA shall carry out a final reconciliation exercise (Final Reconciliation Exercise) to determine whether: the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the LLR Dwellings in all Named (Indicative) Projects being divided by the number of LLR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an LLR Dwelling specified on OPS; the figure which results from the aggregate grant paid and any RCGF Funds used in respect of the SR Dwellings in all Named (Indicative) Projects being divided by the number of SR Dwellings actually delivered in all Named (Indicative) Projects is equal to or less than the Average Grant Rate for an SR Dwelling specified on OPS. Where the reconciliation exercise carried out under Condition 12.8 confirms that the average of the actual grant paid and RCGF Funds used across the Named (Indicative) Projects delivered for a Tenure Type is more than the Average Grant Rate allocated to that Tenure Type (Grant Rate Default), the provisions of Condition 18.2.8 shall applyprovide Homes England with revised Know Your Customer Information promptly upon Homes England's request. The parties acknowledge and agree that GLA Homes England may from time to time review whether the Grant Recipient continues to meet the requirements for Investment Partner status and the Grant Recipient will co-operate with such review and will provide GLA Homes England with such further information, evidence and/or explanation with respect to any such review as GLA Homes England may request. The Grant Recipient shall, on request from GLA, upload such details GLA may require onto OPS (or provide such details in another format as agreed by the GLA in its absolute discretion) of any Additional Affordable Housing Dwellings being delivered by the Grant Recipient.
Appears in 1 contract
Sources: Grant Agreement