Common use of CONCESSIONAIRE’S DEBT Clause in Contracts

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.

CONCESSIONAIRE’S DEBT. 16.29.1 17.30.1 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.. THE CONDITIONS OF THIS OBLIGATION ARE SUCH THAT: