Common use of Repayment on Default Clause in Contracts

Repayment on Default. (a) e Without limiting the rights of the Housing Agency, in the event of Default by the Providere the Housing Agency may, by serving notice on the Provider, require the Provider to pay ore repay to the Housing Agency (Repayment Notice) any or all ofthe Funding and any intereste earned on the Funding.e (b) e Clause 5.2(a) applies regardless of whether, as at the date of the Repayment Notice, part ore all of the Funding has already been expended by the Provider.e (c) e The Repayment Notice must contain the following information:e (i) e the Default on which the Housing Agency relies to require repayment of the Funding;e (ii) the amount of Funding (and any interest and surplus) required to be repaid by thee Provider to the Housing Agency; and (iii) e the date on which the repayment of Funding (and any interest and surplus) must bee paid to the Housing Agency.e (d) e The Provider must pay to the Housing Agency the amount of Funding (and any interest ande surplus) stipulated in the Repayment Notice by the due date stipulated in that Repaymente Notice.e (e)e The amount of Funding (and any interest and surplus) stipulated in the Repayment Notice ise a debt due and owing by the Provider and, without limiting the rights of the Housinge Agency, the Housing Agency may commence legal proceedings in any court of competente jurisdiction to recover that debt.e (t) e If the Provider fails to pay an amount on its due elate for payment under clause 5.2(a), thee Provider must on demand pay the Housing Agency interest calculated at the Overdue Ratee on the amount in default from the due date until it is paid in full.e

Repayment on Default. (a) e Without limiting the rights of the Housing AgencyAgency under clause 9 of the Common Terms, in the event of Default by the Providere Provider the Housing Agency may, by serving notice on the Provider, require the Provider to pay ore repay any or all of the Funding (together with any interest earned on the Funding and applicable GST) to the Housing Agency (Repayment Notice) any or all ofthe Funding and any intereste earned on the Funding.e). (b) e Clause 5.2(a6.3(a) applies regardless of whether, as at the date of the Repayment Notice, part ore any or all of the Funding has already been expended by the Provider.eProvider. (c) e The Repayment Notice must contain the following information:e (i) e the Default on which the Housing Agency relies to require repayment of the Funding;eFunding; (ii) the amount of Funding (and any interest and surplusinterest) required to be repaid by thee the Provider to the Housing Agency; and (iii) e the date on which the repayment of Funding (and any interest and surplusinterest) must bee be paid to the Housing Agency.eAgency. (d) e The Provider must pay to the Housing Agency the amount of Funding (and any interest ande surplusinterest) stipulated in the Repayment Notice by the due date stipulated in that Repaymente Notice.e Repayment Notice. The due date may not be any earlier than 21 days after the Repayment Notice is received by the Provider. (e)e e) The amount of Funding (and any interest and surplusinterest) stipulated in the Repayment Notice ise is a debt due and owing by the Provider and, without limiting the rights of the Housinge Housing Agency, the Housing Agency may commence legal proceedings in any court of competente competent jurisdiction to recover that debt.edebt. (tf) e If the Provider fails to pay an amount on its due elate date for payment under clause 5.2(a6.3 (d), thee the Provider must on demand pay the Housing Agency interest calculated at the Overdue Ratee Rate on the amount in default from the due date until it is paid in full.efull. (g) the Housing Agency may: (i) capitalise, on a monthly or other periodical basis as the Housing Agency determines, any part of any interest which becomes due and payable, and interest is payable in accordance with this Community Housing Assistance Agreement on capitalised interest; and (ii) continue to capitalise interest despite: (A) that as between the Housing Agency and the Provider the relationship under this Community Housing Assistance Agreement has ceased; (B) any composition agreed to by the Housing Agency; (C) any judgment or order against the Provider; or (D) any other thing. (h) In the event the Provider disputes any of the details set out in the Repayment Notice then the parties will be in dispute and clause 21 of the Common Terms applies.