CONCESSIONAIRE’S DEBT Clause Samples
The 'CONCESSIONAIRE’S DEBT' clause defines the obligations and liabilities that the concessionaire assumes in relation to any debts incurred during the execution of the concession agreement. Typically, this clause outlines the types of debts covered, such as loans or financial obligations taken on to finance the project, and may specify the rights of lenders or the priority of debt repayment. Its core practical function is to clarify the allocation of financial responsibility, ensuring that the concessionaire remains solely accountable for its debts and protecting the grantor or other parties from liability.
CONCESSIONAIRE’S DEBT. 16.33.1. If Concessionaire, at any time during the term of this Agreement, incurs a debt, as the word is defined in Section 15-122 of the Houston City Code of Ordinances, it shall immediately notify City Controller in writing. If City Controller becomes aware that Concessionaire has incurred a debt, it shall immediately notify Concessionaire in writing. If Concessionaire does not pay the debt within 30 days of either such notification, City Controller may deduct funds in an amount equal to the debt from any payments owed to Concessionaire under this Agreement, and Concessionaire waives any recourse therefor.
CONCESSIONAIRE’S DEBT. 16.29.1 If Concessionaire, at any time during the term of this Agreement, incurs a debt, as the word is defined in Section 15-122 of the Houston City Code of Ordinances, it shall immediately notify City Controller in writing. If City Controller becomes aware that Concessionaire has incurred a debt, it shall immediately notify Concessionaire in writing. If Concessionaire does not pay the debt within 30 days of either such notification, City Controller may deduct funds in an amount equal to the debt from any payments owed to Concessionaire under this Agreement, and Concessionaire waives any recourse therefor. THAT WE, , as principal, hereinafter called "Concessionaire" and the other subscriber hereto as Surety, do hereby acknowledge ourselves to be held and firmly bound to the City of Houston, a municipal corporation (ACity@) in the sum of ($ ) for the payment of which sum, well and truly to be made to the City of Houston, and its successors, Concessionaire and Surety do bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally.