Common use of Repayment Obligation After Applicant Wrongdoing Clause in Contracts

Repayment Obligation After Applicant Wrongdoing. If there has been some form of wrongdoing by the Applicant, Alberta Innovates may Elect to require the Applicant to repay (and when Alberta Innovates does so require, the Applicant shall repay) any or all portions of the Investment paid to the Applicant. Examples of such wrongdoing could Include: (a) the Applicant incurs a Default, Including spending any portion of the Investment on Ineligible Expenses; (b) the Applicant terminates or stops work on the Project prior to the earlier to occur of the Project being completed or the Project Completion Date; or (c) Applicant's egregious behaviour (as determined by Alberta Innovates in its sole discretion). The Parties acknowledge that Alberta Innovates may first discover a Default giving rise to a repayment obligation during an Audit during the Retention Period. For clarity, provided that none of the preceding grounds for requiring repayment have occurred, Alberta Innovates will not require the Applicant to repay portions of the Investment where a Milestone could not be completed, or one of the desired outcomes of the Project was not achieved, despite the best efforts of the Applicant. Alberta Innovates acknowledges that unforeseen technical issues and other delays may occur which are outside the Applicant’s reasonable control, and for that reason the Applicant is offered the opportunity to request an amendment to this Investment Agreement, per the procedure set out in the Changes and Review Procedure in Article 6.