45  Rents

The following is suitable drafting for rents and represents new provisions to be inserted into the HPP:

Agreed Rent means the Rent as set out in the Base Case at the Commencement Date as adjusted from time to time provided (and irrespective of whether or not the Landlord is a [Registered Social Landlord]41) that such Rent is set in accordance with and does not contravene the Rent Influencing Regime42;

Rent means the rent to be charged by the Landlord to a Tenant under a Tenancy Agreement in accordance with clause 1 (Rents) and the expression Rents shall be construed accordingly;

Rent Influencing Regime means any guidance or legislation that is applicable to a [Registered Social Landlord] and which relates to the setting, calculating and/or charging of rents and service charges in the social housing sector;

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41  Or as applicable a registered provider.

42  An Authority needs to consider carefully how it is to permit Bidders to set Rents in line with the Rent Influencing Regime.  Some Authorities permit Bidders to set Rents fully in accordance with the Rent Influencing Regime enabling a Bidder to make full use of the tolerance provided by the regime.  Others restrict Rent setting to the formula or target rent and only allow for increases year on year in line with RPI.