Financial Crisis Sample Clauses
POPULAR SAMPLE Copied 1 times
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.
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.
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.
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.
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;