Common use of Charter School Debt Clause in Contracts

Charter School Debt. The Charter School is solely responsible for all debt it incurs, and the Authorizer shall not be contractually bound on the Charter School’s account to any third party. The Authorizer shall not be liable in any instance for the Charter School’s unpaid debts if the Charter School does not have sufficient funds to pay all of its debts. The Charter School shall notify the Authorizer immediately of a default on any obligation owed to the Authorizer, which shall include debts for which payments are past due by sixty (60) days or more. If debts are incurred in the provision of employee benefits pursuant to T.C.A. § 00-00-000, the Authorizer may withhold the amount owed from the monthly payment until such debts are satisfied. Any other debts owed to the Authorizer must be satisfied prior to release of the last annual payment.

Charter School Debt. The Charter School is solely responsible for all debt it incurs, and the Authorizer Chartering Authority shall not be contractually bound on the Charter School’s account to any third party. The Authorizer Chartering Authority shall not be liable in any instance for the Charter School’s unpaid debts if the Charter School does not have sufficient funds to pay all of its debts. The Charter School shall notify the Authorizer Chartering Authority immediately of a default on any obligation owed to the AuthorizerChartering Authority, which shall include debts for which payments are past due by sixty (60) days or more. If debts are incurred in the provision of employee benefits pursuant to T.C.A. § 00-00-000, the Authorizer Chartering Authority may withhold the amount owed from the monthly payment until such debts are satisfied. Any other debts owed to the Authorizer Chartering Authority must be satisfied prior to release of the last annual payment.