Financial Crisis Sample Clauses

Financial Crisis. Notwithstanding anything above to the contrary, in the event a national or global economic crisis exists such that institutional lenders based in the United States are no longer providing letters of credit to tenants based on the financial condition of Tenant existing as of the date of this Lease then, so long as Landlord and Tenant mutually agree that such financial crisis exists and for so long as such financial crisis exists, Tenant shall have the right to deposit with Landlord a cash security deposit in lieu of the L-C; provided, however, that Tenant’s right to provide cash in lieu of the L-C is conditioned upon Tenant providing Landlord with written rejection letters from no less than three (3) institutional lenders whereby such lenders rejected Tenant’s request for an L-C and such rejection letters expressly state that such rejection was not based on the financial condition of Tenant.
Sample 1
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Financial Crisis a situation starting from the emergence of a disturbance and significant deterioration of financial indicators, regardless of its origin, affecting the stability of the financial system in one or more signatory countries with a potential cross-border systemic impact in other signatory countries and involving at least one financial group, infrastructure or market which (i) has substantial cross-border activities; (ii) is facing severe problems which are expected to trigger systemic effects in at least one signatory country; and (iii) is assessed to be at risk of becoming insolvent;
Sample 1
Financial Crisis. The City honors its commitments and contractual obligations with its employees. In difficult and uncertain economic times, the City appreciates the input and collaborative problem-solving efforts of the PAC. In the event of a financial City crisis, the City shall request that the PAC agree to meet and confer over potential solutions for the remaining term of the MOU. The City agrees to provide PAC all financial records available to demonstrate its concerns. In the event the PAC does not exercise its meet and confer rights, or in the event no solution is reached between the parties, the City reserves the right to exercise work force reductions, i.e. layoffs and or demotions. However, pursuant to this MOU, this MOU cannot be modified except by mutual consent of the parties. MEMORANDUM OF UNDERSTANDING BETWEEN THE CITY OF COVINA AND THE POLICE ASSOCIATION OF COVINA EFFECTIVE: JULY 1, 2021
Sample 1
Financial Crisis. Financial crisis occurs at any time the University completes or foresees completing a fiscal year with an operating deficit. Financial crisis necessitates budget reduction in order to assure the ongoing fiscal viability of the institution. Maintaining the educational integrity of the institution shall be the primary goal in all considerations dealing with financial reduction. In the eventuality of financial crisis, it is the responsibility of the President, assisted by the chief financial officer and the chief academic officer, to conduct an intensive budget study involving each academic budget unit of the University and to prepare a specific plan intended to yield appropriate budget reduction. This plan will be reviewed by the Academic Council before it is implemented to assure that the budget will be balanced with the least damage to the educational mission of the institution.
Sample 1
Financial Crisis. ‌ Financial crisis is defined as the critical and urgent need on the part of the University to alter its expenditures to enable the University to meet essential annual expenditures with sufficient revenue to prevent sustained loss of funds. Financial crisis also occurs if the University has experienced two consecutive years in financial distress. The Board of Trustees must officially determine that financial crisis exists. Maintaining the educational integrity of the institution shall be the primary goal in all considerations dealing with financial reduction. Recommendations regarding academic program reduction may be initiated by the President, chief academic officer, the Academic Council, the Deans Council, the Curriculum Committee, or the department or program. These recommendations will be based on advice from academic departments and deans concerning the short- and long-term viability of proposed program reductions. Recommendations will be viewed and approved by the President. Final approval rests with the Board of Trustees.
Sample 1

Related to Financial Crisis

  • Financial Ability Each of the Buyer Parties acknowledges that its obligation to consummate the transactions contemplated by this Agreement and the Brewery Transaction is not and will not be subject to the receipt by any Buyer Party of any financing or the consummation of any other transaction other than the occurrence of the GM Transaction Closing and, in the case of the Brewery Transaction, the consummation of the transactions contemplated by this Agreement. The Buyer Parties have delivered to ABI a true, complete and correct copy of the executed definitive Second Amended and Restated Interim Loan Agreement, dated as of February 13, 2013, among Bank of America, N.A. (“Bank of America”), JPMorgan Chase Bank N.A. (“JPMorgan”) and CBI (collectively, the “Financing Commitment”), pursuant to which, upon the terms and subject to the conditions set forth therein, the lenders party thereto have committed to lend the amounts set forth therein (the “Financing”) for the purpose of funding the transactions contemplated by this Agreement and the Brewery Transaction. The Buyer Parties have delivered to ABI true, complete and correct copies of the fee letter and engagement letters relating to the Financing Commitment (redacted only as to the matters indicated therein), the Financing Commitment has not been amended or modified prior to the date of this Agreement, and, as of the date hereof, the respective commitments contained in the Financing Commitment have not been withdrawn, terminated or rescinded in any respect. There are no agreements, side letters or arrangements to which CBI or any of its Affiliates is a party relating to the Financing Commitment that could affect the availability of the Financing. The Financing Commitment constitutes the legally valid and binding obligation of CBI and, to the Knowledge of CBI, the other parties thereto, enforceable in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar Laws of general applicability relating to or affecting creditors’ rights, and by general equitable principles). The Financing Commitment is in full force and effect and has not been withdrawn, rescinded or terminated or otherwise amended or modified in any respect, and no such amendment or modification is contemplated. Neither CBI nor any of its Affiliates is in breach of any of the terms or conditions set forth in the Financing Commitment, and assuming the accuracy of the representations and warranties set forth in Article 4 and performance by ABI of its obligations under this Agreement and the Brewery SPA, as of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would reasonably be expected to constitute a breach, default or failure to satisfy any condition precedent set forth therein. As of the date hereof, no lender has notified CBI of its intention to terminate the Financing Commitment or not to provide the Financing. There are no conditions precedent or other contingencies related to the funding of the full amount of the Financing, other than as expressly set forth in the Financing Commitment. The aggregate proceeds available to be disbursed pursuant to the Financing Commitment, together with available cash on hand and availability under CBI’s existing credit facility, will be sufficient for the Buyer Parties to pay the Purchase Price hereunder and under the Brewery SPA and all related fees and expenses on the terms contemplated hereby and thereby in accordance with the terms of this Agreement and the Brewery SPA. As of the date hereof, CBI has paid in full any and all commitment or other fees required by the Financing Commitment that are due as of the date hereof. As of the date hereof, the Buyer Parties have no reason to believe that CBI and any of its applicable Affiliates will be unable to satisfy on a timely basis any conditions to the funding of the full amount of the Financing, or that the Financing will not be available to CBI on the Closing Date.

  • Financial Controls At all times, the Charter School shall maintain appropriate governance and managerial procedures and financial controls which procedures and controls shall include, but not be limited to: (1) commonly accepted accounting practices and the capacity to implement them (2) a checking account; (3) adequate payroll procedures; (4) procedures for the creation and review of monthly and quarterly financial reports, which procedures shall specifically identify the individual who will be responsible for preparing such financial reports in the following fiscal year; (5) internal control procedures for cash receipts, cash disbursements and purchases; and (6) maintenance of asset registers and financial procedures for grants in accordance with applicable state and federal law.

  • Financial 5.1 Community Council funds shall be used only for the benefit of the Métis citizens who are represented by the Community Council. Expenditures shall be consistent with the financial ability of the Community Council and may include, but are not limited to:

  • FINANCIAL EVALUATION (a) The financial bid shall be opened of only those bidders who have been found to be technically eligible. The financial bids shall be opened in presence of representatives of technically eligible bidders, who may like to be present. The institute shall inform the date, place and time for opening of financial bid.

  • Financial Management; Financial Reports; Audits 1. The Recipient shall ensure that a financial management system is maintained in accordance with the provisions of Section 2.07 of the Standard Conditions.

  • Financial Position The Borrower has heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders’ equity and cash flows as of and for (a) the fiscal years ended December 31, 2014 and 2013 reported on by Ernst & Young LLP, independent public accountants and (b) the six months ended June 30, 2015. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Borrower and its consolidated subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (b) above.

  • Financial Accounting Practices The Borrower shall, and shall cause each of its Subsidiaries to, make and keep books, records and accounts which, in reasonable detail, accurately and fairly reflect its transactions and dispositions of its assets and maintain a system of internal accounting controls sufficient to provide reasonable assurances that (a) transactions are executed in accordance with management's general or specific authorization, (b) transactions are recorded as necessary (i) to permit preparation of financial statements in conformity with GAAP and (ii) to maintain accountability for assets, (c) access to assets is permitted only in accordance with management's general or specific authorization and (d) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

  • Financial Exigency 25.1 The parties agree that the process of long-range planning should obviate the possibility of a financial exigency occurring. However, the parties further agree that in the unlikely event of a financial exigency, in view of the ramifications to the careers of academic staff members, an orderly and equitable way of dealing with the situation is essential.

  • FINANCIAL AID I understand that aid described as “estimated” on my Financial Aid Award does not represent actual or guaranteed payment, but is an estimate of the aid I may receive if I meet all requirements stipulated by the relevant aid program. If my eligibility for financial aid changes for any reason, I understand that I will be responsible for any charges on my account that were previously covered by financial aid and that I will be responsible for repaying to the lender any credit balances that were refunded to me. I understand and agree that the federal financial aid I receive will be applied by the University for the payment of mandatory fees, and fees for tuition and room and board, which I owe the University. I further understand that if I want the University to apply my federal financial aid to other charges which appear on my fee xxxx during the academic year, I must complete a Title IV Financial Aid Authorization, which is available on the student administration system website, under the heading of “Student Help,” or by following this link: xxxxxxxxxxxx.xxxxx.xxx/xxxx/xxxxxxxx/xxxxxx-xxxxx-xx-xxxxxxxxx-xxx-xxxxxx/ I understand that all prizes, awards, scholarships and grants awarded to me by the University will be credited to my student account and applied toward any outstanding balance owed the University. I further understand that my receipt of a prize, award, scholarship or grant is considered a financial resource under federal Title IV financial aid regulations, and may therefore reduce my eligibility for other federal and/or state financial aid (i.e., loans, grants, Federal Work Study) which, if already disbursed to my student account, may have to be reversed and returned to the aid source. I understand that amounts I will owe for the repayment of my student loans may not be dischargeable in bankruptcy.

  • Financial Resources The Adviser has the financial resources available to it necessary for the performance of its services and obligations contemplated in the Pricing Disclosure Package, the Prospectus, and under this Agreement, the Investment Management Agreement and the Administration Agreement.

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