FINANCIAL DISTRESS Sample Clauses
FINANCIAL DISTRESS. 20.1 The Parties shall comply with the provisions of Framework Schedule 16 (Financial Distress) in relation to the assessment of the financial standing of the Supplier and the consequences of a change to that financial standing.
FINANCIAL DISTRESS. 44.1. The Supplier and the Authority agree to comply with their respective obligations and may exercise their respective rights pursuant to Framework Schedule 16 (Financial Distress).
FINANCIAL DISTRESS. During the Term, the Contractor shall regularly monitor its own and each of its key Sub- contractors' credit ratings or (where used as proxies for credit ratings) Dun & Bradstreet rating, which at the Commencement Date are as follows: Contractor Xxxx & Bradstreet 91
FINANCIAL DISTRESS. In the event of a reduction in the amount of a Transmission Customer’s Unsecured Credit (a) by fifty percent (50%) or more as determined in accordance with Section 26.5 of Attachment K to the ISO Services Tariff, or (b) as a result of a material adverse change as determined in accordance with Section
FINANCIAL DISTRESS. The Parties shall comply with the provisions of Schedule 7.4 (Financial Distress) in relation to the assessment of the financial standing of the Supplier and the consequences of a change to that financial standing.
FINANCIAL DISTRESS. The parties shall comply with their respective obligations, and may exercise their respective rights, under Schedule 7.4 (Financial Distress).
FINANCIAL DISTRESS. 41.1 The Supplier acknowledges and agrees that the financial stability and solvency of the Supplier and its key Sub‐Contractors is critical to the successful delivery of the Services and that any deterioration or potential deterioration of their financial position may have an adverse effect on the performance of the Contract The Supplier shall monitor its own financial standing and that of its key Sub‐ Contractors on a regular basis throughout the term using a Financial Monitoring Plan and shall report on this to DFID.
41.2 The Financial Monitoring Plan shall be designed by the Supplier to ensure that DFID has an early and clear warning indicator of any financial distress of the Supplier and key Sub‐Contractors which may affect the Services; such design to be proportionate for the circumstances; taking into account the nature of the Services and the identity of the suppliers.
41.3 Except where DFID has agreed otherwise, the Supplier shall within four (4) weeks of the Commencement Date, prepare and submit via the Project Officer for Approval by DFID, a Financial Monitoring Plan which shall set out the Supplier’s proposals for the monitoring and reporting of its financial stability, and the financial stability of its key Sub‐Contractors to DFID on a regular basis throughout the Term.
41.4 The Financial Monitoring Plan may include (but shall not be limited to):
41.4.1 A summary of the Supplier’s and key Sub‐Contractors’ financial positions at the date of submission of the Financial Distress Plan and on a regular basis thereafter to DFID (including credit ratings, financial ratios, details of current liabilities, value of marketable securities, cash in hand and bank, account receivables etc.);
41.4.2 An objective means of measuring the Supplier and key Sub‐Contractor’s financial standing on a regular basis throughout the Term against historical financial standing to show trend (including use of credit ratings, financial ratios and/or other financial indicators);
41.4.3 The Supplier’s proposals for reporting financial standing to DFID (including the template reporting forms which the Supplier intends to use);
41.4.4 The frequency of monitoring and reporting activity;
41.4.5 Provision of reporting lines for the supply chain to notify DFID of incidents of non‐payment of valid and undisputed invoices;
41.4.6 Any other provisions which in the reasonable opinion of the Supplier may be required by DFID to assess current financial standing of the Supplier and key Sub‐...
FINANCIAL DISTRESS. 17.1 During the Term the Supplier shall regularly monitor its credit ratings or (where used as proxies for credit ratings) its Dun & Bradstreet rating, which at the Effective Date are as follows:
17.1.1 [•];
17.1.2 [•].
17.2 The Supplier shall notify the Authority in writing as soon as practicable following the occurrence of a Financial Distress Event (and in any event ensure that such notification is made within ten (10) Working Days of the date on which the Supplier first becomes aware of the Financial Distress Event).
17.3 In the event that the Authority reasonably believes that the Financial Distress Event could adversely impact the performance of this Framework Agreement the Supplier shall at the request of the Authority:
17.3.1 meet with the Authority as soon as practicable to review the effect of the Financial Distress Event on the continued performance of this Framework Agreement;
17.3.2 as soon as practicable and in any event within ten (10) Working Days (taking into account the discussions and any representations made pursuant to Clause 17.3.1), provide a draft Financial Distress Event Remedial Plan for approval by the Authority explaining how the Supplier will remedy the potential adverse impact of the Financial Distress Event on the performance of this Framework Agreement; and
17.3.3 provide such financial information as the Authority may reasonably require to support Clause 17.3.1.
17.4 The Supplier shall incorporate any reasonable comments provided by the Authority on the draft Financial Distress Event Remedial Plan and provide such number of revised drafts as may reasonably be required until the Authority has approved the Financial Distress Event Remedial Plan (which approval shall not be unreasonably withheld or delayed).
17.5 Following approval of any Financial Distress Event Remedial Plan pursuant to Clause 17.4, the Supplier shall implement the plan in accordance with its terms and review the plan on a regular basis and assess whether it remains adequate and up to date so as to ensure the continued performance of this Framework Agreement.
17.6 The Authority's rights set out in this Clause 17 shall be without prejudice to the Authority's termination rights set out in Clause 32.1.
FINANCIAL DISTRESS. 23.1 The Parties shall comply with the provisions of DPS Schedule 16 (Financial Distress) in relation to the assessment of the financial standing of the Supplier and the consequences of a change to that financial standing.
F. SUPPLIER PERSONNEL AND SUPPLY CHAIN MATTERS
FINANCIAL DISTRESS. You have stopped operating in the usual course of business, have transferred (’assigned’) Your assets for the benefit of creditors or made a similar arrangement, or are undergoing bankruptcy, reorganization, liquidation, dissolution, or a similar proceeding; or