Common use of Repayment on Default Clause in Contracts

Repayment on Default. (a) Without limiting the rights of the.Housing Agency, in the event of Default by the Provider the Housing Agency may, by serving notice on the Provider, require the Provider to pay or repay to the Housing Agency (Repayment Notice) any or all of the Funding and any interest earned on the Funding. (b) Clause 5.2(a) applies regardless of whether, as at the date of the Repayment Notice, part or all of the Funding has already been expended by the Provider. (c) The Repayment Notice must contain the following information: (i) the Default on which the Housing Agency relies to require repayment of the Funding; (ii) the amount of Funding (and any interest and surplus) required to be repaid by the Provider to the Housing Agency; and (iii) the date on which the repaymep.t of ▇▇▇▇.▇▇▇ (�g any interest and surplus) must be paid to the Housing Agency. (d) The Provider must pay to the Housing Agency the amount of Funding (and any interest and surplus) stipulated in the Repayment Notice by the due date stipulated in that Repayment Notice.