Schedule C – Past-Due Balance & Deferral Ledger

Effective Date: July 1, 2025

1. Acknowledgements

A. Incorporation by Reference

This Schedule C is expressly incorporated into and made part of the Contract between Kentucky State University ("KSU") and the Contractor. The balances, deferrals, payments, and accrued interest set forth herein are deemed valid, due, and payable without offset or deduction.

B. Binding Effect and Updates

Schedule C shall be treated as a living ledger which shall be updated periodically to reflect partial payments, reconciliations, adjustments, or additional deferrals. Each updated Schedule C shall be executed by an authorized representative of each and shall include the Effective Date of such updated Schedule C. An updated Schedule C shall automatically amend and replace the prior version, without the need for further formal amendment of the Contract. The amounts reflected in the most current version of Schedule C shall constitute the binding statement of the Past-Due Balance and Deferred Payments owed under the Contract as of the Effective Date of such Schedule C, together with applicable interest.

C. Payment Application

1. Payments shall be applied in the following order: (i) first to accrued interest, and (ii) then to the oldest outstanding principal balance.
2. All balances shown above are deemed valid, due, and payable without offset or deduction.

II. Past-Due Balances