Applicant Debts Clause Samples
The Applicant Debts clause defines the responsibilities and obligations of the applicant regarding any outstanding debts or financial liabilities. Typically, this clause requires the applicant to disclose all existing debts, loans, or financial commitments, and may specify how these debts affect their eligibility or obligations under the agreement. By clearly outlining the treatment of applicant debts, this clause helps ensure transparency, allows the other party to assess financial risk, and prevents disputes related to undisclosed liabilities.
Applicant Debts. Alberta Innovates reserves the right to withhold payment of any portion of the Investment if the Applicant incurs a debt to Alberta Innovates or its affiliates InnoTech Alberta Inc. or C-FER Technologies (1999) Inc. This Section Includes debts related to any agreements, projects or relationships between Alberta Innovates or its affiliates and the Applicant.