Initial Debt Clause Samples
The Initial Debt clause defines the original amount of money owed by one party to another at the outset of an agreement. Typically, this clause specifies the principal sum, the date it becomes due, and may outline any conditions or documentation that establish the debt. By clearly stating the starting balance, the clause ensures both parties have a mutual understanding of the financial obligation, reducing the risk of future disputes over the amount owed.
Initial Debt. On or before the effective date of approval by the City of an Approved Conceptual Site Plan and approval and execution of this Agreement, the District shall not: (a) issue any Debt; nor (b) impose a mill levy for the payment of Debt by direct imposition or by transfer of funds from the operating fund to the Debt service funds; nor