Recapture Liability. In the event of a termination pursuant to Section 9.C or this Section, the full amount of the Funds paid as of the date of termination will become a debt to the City and shall be due, owing, and paid by the Subrecipient to the City within ninety (90) calendar days of Subrecipient’s receipt of notice from the City of such termination and demand for repayment. Any repayment liability not paid to the City within such 90-day period shall accrue interest from the due date through collection at a rate equal to the lesser of (i) twelve percent (12%) per annum or (ii) the maximum non-usurious rate allowable by law.
Appears in 3 contracts
Sources: Subrecipient Agreement, Subrecipient Agreement, Subrecipient Agreement