Financial Event definition

Financial Event shall have the meaning ascribed to that term in Section 10.2(b).

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Financial Event means a significant negative financial event or impairment, including but not limited to: a downgrading of a credit rating, or being put on a negative watch list by a ratings agency, or having a credit alert issued, or the commencement or impending commencement of proceedings for the winding up, bankruptcy, dissolution, liquidation, scheme of arrangement, judicial management, restructuring, administration, re-organisation or other similar process of the Buyer and/or its Affiliates.

Financial Event means a significant negative financial event, including a downgrading of a credit rating or being put on a negative watch list by a ratings agency, having a credit alert issued or insolvency.

Examples of Financial Event in a sentence

• In the event a Second Financial Event is the initial fundraising, the Executive shall be entitled to payment of both bonuses specified under subpart (i) above, and both bonuses shall be paid to the Executive, less applicable withholdings, within 30 days of the occurrence of the Second Financial Milestone Event.

• Except as otherwise disclosed in writing by the Enterprises to Developer in connection with the occurrence of any Key Financial Event of a type referred to in paragraphs d., e.

• Cephalon shall have the right to cause Ambit, at Ambit’s expense to use its best efforts to initiate and complete a round of Third Party equity financing within […***…] of Cephalon’s request thereof in such aggregate amount as is reasonably determined by Cephalon to cure the existence of the Adverse Financial Event.

• The Trustee shall give notice to the Holders of the occurrence of any event of default or default under any Lease Indenture, and of every Event of Loss, Deemed Loss Event or Financial Event occurring under a Lease (as such terms are therein defined), but only to the extent the same shall actually be known by a Responsible Officer.

• In the event a Second Minimum Financial Event is the initial fundraising, the Executive shall be entitled to payment of both bonuses specified under subparts (i) above this subpart (ii), and both bonuses shall be paid to the Executive, less applicable withholdings, within 30 days of the occurrence of the Second Minimum Financial Milestone Event.

• Additionally, ACCCA will provide Financial Event Reports at the conclusion of each Conference and each Institute Program.

• Notwithstanding the above and as provided in Section 718.116(9)(a)(2) of the Act, in the event of an Extraordinary Financial Event (as hereinafter defined), the costs necessary to effect restoration shall be assessed against all Unit Owners owning units on the date of such Extraordinary Financial Event, and their successors and assigns, including the Developer (with respect to Units owned by the Developer).

• The Executive’s 2016 Base Salary shall also be increased (a) to $150,000 upon the occurrence of the Minimum Financial Milestone Event, and (b) to $175,000 upon the occurrence of the Second Milestone Financial Event, if such events occur in 2016, which increase(s) shall be reflected in the Company’s first regularly scheduled payroll date after either the Minimum Financial Milestone Event and/or Second Milestone Event has occurred, as applicable.

• Liquidation Preference If at the time of the Financial Event, the Company has issued in addition to common shares, preferred shares or if the shareholders of the Company have agreed contractually to treat certain shares as preferred shares or equip certain shares with preferred rights such as liquidation preferences, the following shall apply.

• The Developer is obligated to achieve Financial Close of the Project by the Financial Close Deadline of January 28, 2018, subject to relief in the event of a limited number of Key Financial Events which gives the Procuring Authorities the right to terminate the PA or agree certain mitigation measures with the Developer (including additional compensation) to mitigate the impact of such Key Financial Event.

More Definitions of Financial Event

Financial Event means either

Financial Event shall have occurred if (i) the Company's independent auditors determine that they will not be able to deliver an unqualified independent auditors' report with respect to the Company's financial statements , (ii) the Company publicly discloses that, or management advises the Company's Board of Directors that, it does not expect to have or may not have sufficient liquidity to meet expected obligations over the following 12 months or (iii) the Company reports, or management advises the Company's Board of Directors that it will report, net losses (calculated on a cash basis by adding non-cash items that reduced income) for any two consecutive quarterly periods that in the aggregate exceed $10,000,000.

Financial Event means you take or have taken against you (other than in relation to a solvent restructuring) any step or action towards entering bankruptcy, administration, provisional liquidation or any composition or arrangement with your creditors, applying to court for or obtaining a moratorium under Part 1A of the Insolvency Act 1986, being wound up (whether voluntarily or by court order), being struck off the register of companies, having a receiver appointed to any of your assets, or entering a procedure in any jurisdiction with a similar effect to a procedure listed in this definition.