Common use of Interest and Repayment Terms Clause in Contracts

Interest and Repayment Terms. In any instance in which Alberta Innovates requires the Applicant to repay funds, such funds together with interest shall constitute a debt owed by the Applicant to Alberta Innovates on a dollar-for-dollar basis. Interest on the repayable funds shall accumulate from and after the date Alberta Innovates demands repayment at a rate per month equal to one (1%) percent (or 12.6825% per annum) with interest on overdue interest at the same rate. The Applicant shall repay all such debt plus accrued interest to Alberta Innovates within forty-five (45) days of the date Alberta Innovates demands repayment.