Financial Crisis Sample Clauses

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
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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. 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. 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. 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

Related to Financial Crisis

  • Financial Counseling For a one-year period after termination of employment, the Corporation shall provide the Employee with professional financial counseling services comparable in scope and value to the financial counseling services made available to the Employee immediately prior to the Change in Control.

  • 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 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 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 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.

  • Financial Condition and Operations The Borrower will not permit any of the events set forth below to occur.

  • Financial Conditions Section 4.01. (a) The Recipient shall maintain or cause to be maintained a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Bank, adequate to reflect the operations, resources and expenditures in respect of the Project and each Sub-project (including its cost and the benefits to be derived from it).

  • Financial Reporting Requirements The Charter School shall follow the financial requirements of the Charter Schools Section of the Department’s Financial Management for Georgia Local Units of Administration Manual. The Charter School shall submit all information required by the State Accounting Office for inclusion in the State of Georgia Comprehensive Annual Financial Report.

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