The Project Objectives. 2.1 In consideration of the sum of £1 (receipt of which the GLA hereby acknowledges), the GLA has agreed to make the GLA Funding available to the Recipient to fulfil the Project Objectives for the Minimum Period of Use subject to and in accordance with the terms and conditions of this Agreement. 2.2 The Recipient confirms that such details of the RSAP Dwellings comprised in the Original Revenue Project as are required by the GLA have been included in OPS by the date of this Agreement and in submitting such details the Recipient represents and warrants to the GLA that it: 2.2.1 has sufficient resources, including competent and qualified personnel, financial resources, premises and other resources as necessary, to meet the Project Objectives fully in accordance with this Agreement; and 2.2.2 is not Insolvent, nor does it have a reasonable prospect of avoiding becoming Insolvent in the future. 2.3 If any Indicative RSAP Dwellings are accepted by the GLA in OPS the Recipient must ensure that such Indicative RSAP Dwellings are profiled into Capital Projects on OPS in accordance with such procedures as the GLA may require. 2.4 The Recipient must upload such details as the GLA may require in connection with any proposed Additional Revenue Project onto OPS and in submitting such details the Recipient represents and warrants in relation to the proposed Additional Revenue Project in the terms set out in clause 2.2. 2.5 If the GLA is satisfied with the details submitted under clause 2.4 it will confirm its acceptance of the proposed Additional Revenue Project on OPS and from the date of such acceptance: 2.5.1 the proposed Additional Revenue Project shall constitute a Revenue Project and immediately subject to the terms and conditions of this Agreement; 2.5.2 the details set out by the Recipient in respect of any Additional Revenue Project in OPS and as confirmed by the GLA through OPS shall be deemed to be Project Details for the purposes of this Agreement; 2.5.3 the Recipient will be entitled to claim GLA Funding with respect to any RSAP Dwelling within such Revenue Project pursuant to clause 4.1 and 4.2 and subject to the terms and conditions of this Agreement. 2.6 If the GLA agrees to make available any grant funding in relation to Additional Revenue Project, the GLA Funding will be deemed to be adjusted by amount of grant funding agreed by the GLA in OPS in relation to the new Revenue Project. 2.7 Under no circumstances shall the GLA be obliged to accept any proposed Additional Revenue Project or to provide GLA Funding to any RSAP Dwelling if the GLA (acting reasonably) believes that it does not, will not or is unlikely to have sufficient financial resources available to it (taking account inter alia of its commitments under the RSAP or other programme commitments). 2.8 The Recipient must: 2.8.1 use the GLA Funding to deliver the Project Objectives for the Minimum Period of Use; 2.8.2 hold Registered Provider status and be the immediate landlord of each RSAP Dwelling; 2.8.3 promptly and efficiently deliver the Project Objectives and each Revenue Project fully in accordance with this Agreement; 2.8.4 notify the GLA as soon as reasonably practicable when any circumstance occurs which may: (a) impact on the Recipient's ability to deliver any Revenue Project and/or the RSAP Dwellings in accordance with the terms of this Agreement; (b) indicate that the GLA is making available more grant than is required to deliver any Revenue Project; (c) impact upon the availability of any RSAP Dwellings and/or achievement of the Minimum Period of Use; and 2.8.5 where a Revenue Project is a PSL Project, not make a Claim for Leasing Costs pursuant to Schedule 2 other than with respect to an RSAP Dwelling which has achieved Completion. 2.9 The parties acknowledge and agree that the GLA has no obligation to provide any GLA Funding with respect to any RSAP Dwelling: 2.9.1 which ceases to meet the description of RSAP Housing; 2.9.2 of which the Recipient is not the immediate landlord; 2.9.3 in respect of which the Recipient does not own a freehold or leasehold interest; 2.9.4 which has not achieved Completion, where the GLA Funding is being claimed against Leasing Costs; 2.9.5 after expiry of the Funding Period (or such later date as the GLA may expressly agree); or 2.9.6 which in the GLA's opinion is unlikely to achieve Completion by 31 March 2021 (or such later date as the GLA may at its sole discretion agree on OPS). 2.10 Where the Funding Period will expire before the expiry of the Minimum Period of Use the Recipient must: 2.10.1 notify the Nominating Body and the GLA in writing twelve (12) months before the end date of the Funding Period; 2.10.2 use reasonable endeavours to secure additional revenue funding for the provision of the Project Objectives for the relevant RSAP Dwelling(s); and 2.10.3 where no commitment for additional revenue funding can be secured by the Recipient in accordance with clause 2.10.2, the Recipient must meet with the GLA within ninety (90) Business Days (or such later date as GLA may agree in its absolute discretion) and seek to agree with the GLA an alternative arrangement in relation to the funding, client group or usage with regards to the relevant RSAP Dwelling(s) and where (within the timeframe set out in this clause 2.
Appears in 1 contract
Sources: Revenue Funding Agreement
The Project Objectives.
2.1 In consideration of the sum of £1 (receipt of which the GLA hereby acknowledges), the GLA has agreed to make the GLA Funding available to the Recipient to fulfil the Project Objectives for the Minimum Period of Use subject to and in accordance with the terms and conditions of this Agreement.
2.2 The Recipient confirms that such details of the RSAP SHAP Dwellings comprised in the Original Revenue Project as are required by the GLA have been included in OPS by the date of this Agreement and in submitting such details the Recipient represents and warrants to the GLA that itthat:
2.2.1 it has sufficient resources, including competent and qualified personnel, financial resources, premises and other resources as necessary, to meet undertake the Project Objectives fully in accordance with this Agreement; and;
2.2.2 is not Insolventno Financial Event has occurred in respect of the Recipient, nor does it have is there a reasonable prospect of avoiding becoming Insolvent such a Financial Event occurring in the future;
2.2.3 the Revenue Project(s) are consistent with the Approved Bid;
2.2.4 the Revenue Project(s) are deliverable in accordance with the Milestones;
2.2.5 the Revenue Project(s) comprise no Public Sector Funding beyond that identified in the Project Details; and
2.2.6 it has informed and received the support of the local authority(ies) of the areas in which the Revenue Project(s) will be delivered.
2.3 If any Indicative RSAP Dwellings are accepted by the GLA in OPS the Recipient must ensure that such Indicative RSAP Dwellings are profiled into Capital Projects on OPS in accordance with such procedures as the GLA may require.
2.4 The Recipient must upload such details as the GLA may require in connection with any proposed Additional Revenue Project onto OPS and in submitting such details the Recipient represents and warrants in relation to the proposed Additional Revenue Project in the terms set out in clause 2.2.
2.5 2.4 If the GLA is satisfied with the details submitted under clause 2.4 2.3 it will confirm its acceptance of the proposed Additional Revenue Project on OPS and from the date of such acceptance:
2.5.1 2.4.1 the proposed Additional Revenue Project shall constitute a Revenue Project and immediately be subject to the terms and conditions of this Agreement;
2.5.2 2.4.2 the details set out by the Recipient in respect of any Additional Revenue Project in OPS and as confirmed by the GLA through OPS shall be deemed to be Project Details for the purposes of this Agreement;
2.5.3 2.4.3 the Recipient will be entitled to claim GLA Funding with respect to any RSAP SHAP Dwelling within such Revenue Project pursuant to clause 4.1 and 4.2 and subject to the terms and conditions of this Agreement.
2.6 2.5 If the GLA agrees to make available any grant funding in relation to Additional Revenue Project, the GLA Funding will be deemed to be adjusted by amount of grant funding agreed by the GLA in OPS in relation to the new Revenue Project.
2.7 2.6 Under no circumstances shall the GLA be obliged to accept any proposed Additional Revenue Project or to provide GLA Funding to for any RSAP Dwelling Tenancy Support Services if the GLA (acting reasonably) believes that it does not, will not or is unlikely to have sufficient financial resources available to it (taking account inter alia of its commitments under the RSAP SHAP or other programme commitments).
2.8 2.7 The Recipient must:
2.8.1 use the GLA Funding to deliver the Project Objectives for the Minimum Period of Use;
2.8.2 hold Registered Provider status and be the immediate landlord of each RSAP Dwelling;
2.8.3 2.7.1 promptly and efficiently deliver the Project Objectives and each Revenue Project fully in accordance with this Agreement;
2.8.4 2.7.2 notify the GLA as soon as reasonably practicable when any circumstance occurs which may:
(a) impact on the Recipient's ability to deliver any Revenue Project and/or the RSAP SHAP Dwellings in accordance with the terms of this Agreement;; and
(b) indicate that the GLA is making available more grant than is required to deliver any Revenue Project;
(c) impact upon the availability of any RSAP Dwellings and/or achievement of the Minimum Period of Use; and
2.8.5 where a Revenue Project is a PSL Project, not make a Claim for Leasing Costs pursuant to Schedule 2 other than with respect to an RSAP Dwelling which has achieved Completion.
2.9 2.8 The parties acknowledge and agree that the GLA has no obligation to provide any GLA Funding with respect to any RSAP Dwellingdwelling comprised within a Revenue Project:
2.9.1 2.8.1 which ceases to meet the description of RSAP Housinga ▇▇▇▇ ▇▇▇▇▇▇▇▇;
2.9.2 of which the Recipient is not the immediate landlord;
2.9.3 2.8.2 in respect of which there has been (or in the Recipient does not own GLA's opinion (acting reasonably)) there will be a freehold or leasehold interest;Milestone Failure; or
2.9.4 which has not achieved Completion, 2.8.3 where the GLA Funding is being claimed against Leasing Costs;
2.9.5 relevant Claim for such dwelling relates to Expenditure Incurred after expiry of the Funding Period or, if sooner, 31 March 2028 (or such later date as unless otherwise expressly agreed by the GLA may expressly agree); or
2.9.6 which on OPS in the GLA's opinion is unlikely to achieve Completion by 31 March 2021 (or such later date as the GLA may at its sole discretion agree on OPSabsolute discretion).
2.9 The parties acknowledge and agree that the Special Conditions apply and have effect.
2.10 Where the Funding Period will expire before the expiry In respect of the Minimum Period of Use each Revenue Project, the Recipient mustshall:
2.10.1 deliver the Revenue Project in accordance with agreed Milestones, the Project Details and any applicable requirements of Procurement Law;
2.10.2 notify the Nominating Body and GLA on OPS immediately once Milestones have been achieved with respect to each Revenue Project;
2.10.3 notify the GLA in writing twelve (12) months before the end date immediately upon becoming aware of the Funding Period;
2.10.2 use reasonable endeavours to secure additional revenue funding for the provision of the Project Objectives for the relevant RSAP Dwelling(s)any event or circumstance which may have a Material Adverse Effect; and
2.10.3 where no commitment for additional revenue funding can be secured by the Recipient in accordance with clause 2.10.2, the Recipient must meet 2.10.4 comply with the GLA within ninety (90) Business Days (or such later date as GLA may agree in its absolute discretion) and seek to agree with the GLA an alternative arrangement GLA’s requirements in relation to the funding, client group or usage with regards to the relevant RSAP Dwelling(s) and where (within the timeframe set out in this clause 2any Project Audit.
Appears in 1 contract
Sources: Revenue Funding Agreement
The Project Objectives. 2.1 In consideration of the sum of £1 (receipt of which the GLA hereby acknowledges), the GLA has agreed to make the GLA Funding available to the Recipient to fulfil the Project Objectives for the Minimum Period of Use subject to and in accordance with the terms and conditions of this Agreement.
2.2 The Recipient confirms that such details of the RSAP Dwellings comprised in the Original Revenue Project as are required by the GLA have been included in OPS by the date of this Agreement and in submitting such details the Recipient represents and warrants to the GLA that it:
2.2.1 has sufficient resources, including competent and qualified personnel, financial resources, premises and other resources as necessary, to meet the Project Objectives fully in accordance with this Agreement; and;
2.2.2 is not Insolvent, subject to any Section 15 Direction nor does do any circumstances exist which would permit such a direction to be issued; and
2.2.3 has not nor have any of its officers made a Section 114 Report nor is it have aware of any circumstances which would give rise to the making of a reasonable prospect of avoiding becoming Insolvent in the future.Section 114 Report;
2.3 If any Indicative RSAP Dwellings are accepted by the GLA in OPS the Recipient must ensure that such Indicative RSAP Dwellings are profiled into Capital Projects on OPS in accordance with such procedures as the GLA may require.
2.4 The Recipient must upload such details as the GLA may require in connection with any proposed Additional Revenue Project onto OPS and in submitting such details the Recipient represents and warrants in relation to the proposed Additional Revenue Project in the terms set out in clause 2.2.
2.5 If the GLA is satisfied with the details submitted under clause 2.4 it will confirm its acceptance of the proposed Additional Revenue Project on OPS and from the date of such acceptance:
2.5.1 the proposed Additional Revenue Project shall constitute a Revenue Project and immediately subject to the terms and conditions of this Agreement;
2.5.2 the details set out by the Recipient in respect of any Additional Revenue Project in OPS and as confirmed by the GLA through OPS shall be deemed to be Project Details for the purposes of this Agreement;; and
2.5.3 the Recipient will be entitled to claim GLA Funding with respect to any RSAP Dwelling within such Revenue Project pursuant to clause 4.1 and 4.2 and subject to the terms and conditions of this Agreement.
2.6 If the GLA agrees to make available any grant funding in relation to Additional Revenue Project, the GLA Funding will be deemed to be adjusted by amount of grant funding agreed by the GLA in OPS in relation to the new Revenue Project.
2.7 Under no circumstances shall the GLA be obliged to accept any proposed Additional Revenue Project or to provide GLA Funding to any RSAP Dwelling if the GLA (acting reasonably) believes that it does not, will not or is unlikely to have sufficient financial resources available to it (taking account inter alia of its commitments under the RSAP or other programme commitments).
2.8 The Recipient must:
2.8.1 use the GLA Funding to deliver the Project Objectives for the Minimum Period of Use;
2.8.2 hold Registered Provider status and be the immediate landlord of each RSAP Dwelling;
2.8.3 promptly and efficiently deliver the Project Objectives and each Revenue Project fully in accordance with this Agreement;
2.8.4 notify the GLA as soon as reasonably practicable when any circumstance occurs which may:
(a) impact on the Recipient's ability to deliver any Revenue Project and/or the RSAP Dwellings in accordance with the terms of this Agreement;
(b) indicate that the GLA is making available more grant than is required to deliver any Revenue Project;
(c) impact upon the availability of any RSAP Dwellings and/or achievement of the Minimum Period of Use; and
2.8.5 where a Revenue Project is a PSL Project, not make a Claim for Leasing Costs pursuant to Schedule 2 other than with respect to an RSAP Dwelling which has achieved Completion.
2.9 The parties acknowledge and agree that the GLA has no obligation to provide any GLA Funding with respect to any RSAP Dwelling:
2.9.1 which ceases to meet the description of RSAP Housing;
2.9.2 of which the Recipient is not the immediate landlord;
2.9.3 in respect of which the Recipient does not own a freehold or leasehold interest;
2.9.4 which has not achieved Completion, where the GLA Funding is being claimed against Leasing Costs;
2.9.5 after expiry of the Funding Period (or such later date as the GLA may expressly agree); or
2.9.6 which in the GLA's opinion is unlikely to achieve Completion by 31 March 2021 (or such later date as the GLA may at its sole discretion agree on OPS).
2.10 Where the Funding Period will expire before the expiry of the Minimum Period of Use the Recipient must:
2.10.1 notify the Nominating Body and the GLA in writing twelve (12) months before the end date of the Funding Period;
2.10.2 use reasonable endeavours to secure additional revenue funding for the provision of the Project Objectives for the relevant RSAP Dwelling(s); and
2.10.3 where no commitment for additional revenue funding can be secured by the Recipient in accordance with clause 2.10.2, the Recipient must meet with the GLA within ninety (90) Business Days (or such later date as GLA may agree in its absolute discretion) and seek to agree with the GLA an alternative arrangement in relation to the funding, client group or usage with regards to the relevant RSAP Dwelling(s) and where (within the timeframe set out in this clause 2.
Appears in 1 contract
Sources: Revenue Funding Agreement