Termination; Default Interest. KSTC may immediately terminate this Agreement at any time upon written notice to the Grantee. In the event of termination by KSTC, any remaining unexpended and uncommitted funds shall be returned to KSTC by Grantee, and KSTC shall have no obligation to release funds for Work performed and costs incurred by Grantee prior to the date of termination. Immediately upon termination, KSTC’s obligation to pay the unfunded balance of the grant award shall cease. In the event of a termination for breach of Section 4.0(j), for failure to be a Kentucky-based company, repayment of the entire amount of funds previously advanced to Grantee under this Agreement shall become immediately due and payable (the “Repayment Amount”). The Repayment Amount shall bear interest, for the period beginning on the date Grantee no longer is a Kentucky-based Company until paid in full, at a rate per annum of fourteen percent (14%) compounded monthly. All payments made on the Repayment Amount shall be applied, at the option of KSTC, first to collection fees and costs, if any, then to accrued interest, if any, and then to the Repayment Amount.
Appears in 4 contracts
Samples: Grant Agreement (Zynerba Pharmeceuticals, Inc.), Grant Agreement (Zynerba Pharmeceuticals, Inc.), Grant Agreement (Zynerba Pharmeceuticals, Inc.)
