Facility Units

Facility Units. Means, as of any date of determination, the number of Total Disbursements (i.e., 0, 1, 2, 3 or 4) less any Disbursement that has been fully repaid. For purposes of determining when a Disbursement has been fully repaid, all payments by ZymoGenetics made in respect of the Loan, including interest thereon, shall be deemed to be applied (i) first to all accrued interest on the Disbursement being repaid and (ii) then to the unpaid principal amount of such Disbursement. Payments shall be applied to... interest and principal of Disbursements sequentially in the order that the Disbursements have been made to ZymoGenetics. Notwithstanding the foregoing, and solely for purposes of the determination of the Facility Units, the number of Facility Units shall be deemed to be equal to zero (0) for each day within the Royalty Term during which Deerfield is in breach of its obligation to make a Disbursement under the Facility Agreement. View More