Fiscal Solvency Sample Clauses
The Fiscal Solvency clause establishes requirements for a party to maintain sufficient financial stability throughout the duration of an agreement. Typically, this clause obligates the party to demonstrate ongoing financial health, such as by providing regular financial statements or meeting specific financial ratios. Its core function is to ensure that the party remains capable of fulfilling its contractual obligations, thereby reducing the risk of default due to insolvency.
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Fiscal Solvency. As of the Execution Date, Contractor’s statutory surplus is at or above the Regulatory Action Level as defined in the risk-based capital regulations applicable to designated HMO or Insurer’s licenses in the Commonwealth. The Contractor is not aware of any impending changes to its financial structure that could adversely impact its compliance with these requirements or its ability to pay its debts as they come due generally. The Contractor has not filed for protection under any Commonwealth or federal bankruptcy laws. None of the Contractor’s property, plant or equipment has been subject to foreclosure or repossession within the preceding ten (10)-year period, and the Contractor has not had any debt called prior to expiration within the preceding ten (10)-year period.
Fiscal Solvency. 4.1.1 HMO must be and remain in full compliance with all state and federal solvency requirements for HMOs, including but not limited to all reserve requirements, net worth standards, debt-to-equity ratios, or other debt limitations.
4.1.2 If HMO becomes aware of any impending changes to its financial or business structure which could adversely impact its compliance with these requirements or its ability to pay its debts as they come due, HMO must notify TDH immediately in writing. If HMO becomes aware of a take-over or assignment which would require the approval of TDI or TDH, HMO must notify TDH immediately in writing.
4.1.3 HMO must not have been placed under state conservatorship or receivership or filed for protection under federal bankruptcy laws. None of HMO's property, plant or equipment must have been subject to foreclosure or repossession within the preceding 10-year period. HMO must not have any debt declared in default and accelerated to maturity within the preceding 10-year period. HMO represents that these statements are true as of the contract effective date. HMO must inform TDH within 24 hours of a change in any of the preceding representations. 1999 Renewal Contract Tarrant Service Area 27 August 9, 1999 28
Fiscal Solvency. 4.1.1 HMO must be and remain in full compliance with all state and federal solvency requirements for HMOs, including but not limited to all reserve requirements, net worth standards, debt-to-equity ratios, or other debt limitations.
4.1.2 If HMO becomes aware of any impending changes to its financial or business structure which could adversely impact its compliance with these requirements or its ability to pay its debts as they come due, provide services under this contract, or if HMO becomes aware of a take-over or assignment which would require approval of TDI or TDH, HMO must notify TDH immediately in writing.
Fiscal Solvency. 21 4.2 MINIMUM NET WORTH................................................ 22 4.3
Fiscal Solvency. HMO is and shall remain in full compliance with all State and federal solvency requirements for HMOs, including but not limited to, all reserve requirements, net worth standards, debt to equity ratios or other debt limitations.
Fiscal Solvency