Investment Period. The Investment shall mature upon six months from the Effective Date (“Maturity Date”). All interest accrued during the investment period shall be paid upon the Maturity Date. Within 60 calendar days following the Maturity Date, IOC shall pay to Treasurer all principal due. For any balance of principal outstanding not paid to Treasurer within 60 calendar days of the Maturity Date, or any balance of interest accrued not paid to Treasurer upon the Maturity Date, IOC shall pay Treasurer a penalty of 300 basis points (3.00%) above the interest rate set forth herein based on the 30/360 accrual method, unless waived by Treasurer in writing. To effectuate the repayment of the Investment, IOC shall order and Treasurer shall transfer amounts sufficient to cover all principal, interest, and any penalty amounts due.
Appears in 5 contracts
Samples: Intergovernmental Investment Agreement, Intergovernmental Investment Agreement, Intergovernmental Investment Agreement
