Financial Independence Sample Clauses

The Financial Independence clause establishes that each party to the agreement is financially self-sufficient and does not rely on the other for financial support. In practice, this clause may require both parties to affirm that they have their own sources of income or assets and are capable of meeting their own financial obligations. Its core function is to clarify that neither party is responsible for the other's debts or financial needs, thereby preventing future disputes over financial dependency or support.
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Financial Independence. Our Company has an independent financial system and makes financial decisions according to our own business needs. Historically, our Group has obtained certain advances from EscoCom, a Controlling Shareholder of our Company. As at June 30, 2022, the outstanding advances from EscoCom was approximately S$3.0 million. Such advances will be settled before [REDACTED]. As of the Latest Practicable Date, other than the above advances, none of our Controlling Shareholders and their close associates had provided any direct or indirect financing for our operations or any credit support (whether by way of guarantees or otherwise) in respect of any financing obtained by us from third party sources. Upon [REDACTED], our Directors believe that our Company will be able to obtain further financing, if necessary, upon market terms and conditions without relying on financial assistance or credit support from our Controlling Shareholders and their close associates. Based on the above, our Directors are of the view that we are able to operate financially independently from our Controlling Shareholders.
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Financial Independence. During the Track Record Period and up to the Latest Practicable Date, we have established our own finance department with a team of financial staff, who are responsible for financial control, accounting, reporting, group credit and internal control functions of our Company, independent from our Single Largest Shareholders Group. We can make financial decisions independently and our Single Largest Shareholders Group do not intervene with our use of funds. We have also established an independent audit system, a standardized financial and accounting system and a complete financial management system. During the Track Record Period and up to the Latest Practicable Date, we entered into various facility agreements and loan agreements with certain banks (“Lending Banks”), pursuant to which we obtained loans from the Lending Banks which were secured by personal guarantees provided by some of our members of the Single Largest Shareholders Group and/or their spouses, namely ▇▇. ▇▇▇▇, ▇▇. ▇▇ (the spouse of ▇▇. ▇▇▇▇), Mr. ▇▇▇ and his spouse. These loans were generally used for supplementing the working capital of the Group, payment of procurement costs and/or other financial needs in the ordinary and usual course of our business operation. As of the Latest Practicable Date, (i) the guarantees provided by the members of our Single Largest Shareholders Group and/or their spouses with respect to credit facilities in the aggregate amount of approximately RMB300.0 million granted by the relevant Lending Banks will be released prior to the [REDACTED] as agreed by the relevant banks; and (ii) the remaining loans in the aggregate amount of approximately RMB38.0 million secured by the guarantees provided by the members of our Single Largest Shareholders Group and/or their spouses will be fully repaid prior to the [REDACTED]. In addition, we had been capable of obtaining financing from third parties without relying on any guarantee or security provided by the members of our Single Largest Shareholders Group or their respective associates. Based on the above, our Directors are of the view that we will be able to maintain financial independence from our Single Largest Shareholders Group and its close associates after the [REDACTED]. Our Directors recognize the importance of good corporate governance in protecting our Shareholders’ interests. We have adopted the following measures to safeguard good corporate governance standards and to avoid potential conflict of interests between...
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Financial Independence. The Target Group has its own accounting systems, accounting and finance department, independent treasury function for cash receipts and payments and it makes financial decision according to its own business needs. The Target Group has independent internal control and accounting systems. It is capable of obtaining financing from third parties, if necessary, without reliance on the Controlling Shareholders. During the Track Record Period, ▇▇. ▇▇▇▇ ▇▇▇▇ provided guarantees in respect of certain bank borrowings by the Target Group. See Note 29 of the Accountants’ Report of the Target Group in Appendix I to this circular for further details. All such guarantees will be released upon Closing.
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Financial Independence. Reduces reliance on foreign currencies, promoting stability in bilateral trade. On November 23, 2023, the Reserve Bank of India (RBI) and the Maldives Monetary Authority (MMA) signed an MoU in Mumbai to establish a framework for promoting the use of the Indian Rupee (INR) and the Maldivian Rufiyaa (MVR) in cross-border transactions. This agreement, signed by RBI Governor ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇ and MMA Governor ▇▇▇▇▇ ▇▇▇▇▇▇▇, is designed to encourage the use of INR and MVR for: • Current Account Transactions: Payments for goods and services. • Permissible Capital Account Transactions: Investments and financial flows.
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Financial Independence. Except as may be otherwise agreed by the Parties, in writing, the Company shall be entirely self-financing and shall obtain all funds required for its operations without recourse to, or credit support provided by, either Party. In the event that either Party elects to provide a guarantee or other form of credit support to the Company, which it may elect to do or not to do in its sole discretion, such Party may condition such guarantee or credit support upon the written agreement of the other Party to reimburse a pro rata share of amount paid by such Party in respect thereof in proportion to such other Party’s Company Interest.
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Financial Independence. All loans, securities and guarantees due to and from our Founder, ▇▇▇▇, and their respective associates have been released in full. As such, our Directors believe that we are financially independent from SAIF, our Founder, and their respective associates. Our Directors are of the opinion that the Board is able to manage our businesses independently from the Other Businesses and the corporate governance system adopted by our Board would provide strong support to our independent management. Please see the paragraph headed “Corporate Governance” below for further information of our corporate governance measures. We have adopted the following corporate governance measures, to manage conflicts of interest, if any, between the Group and the Other Businesses and the Excluded Companies: Our Board currently consists of ten Directors, including three executive Directors, four non-executive Directors and three independent non-executive Directors. Except for the three independent non-executive Directors, five of our Directors are nominated by Shareholders other than ▇▇. ▇▇ and none of our Directors is nominated by ▇▇. ▇▇ ▇▇▇▇▇▇▇▇ other than himself. In the event of change of a Director to the Board, the aggregate number of Directors who are not nominated by ▇▇. ▇▇ or ▇▇. ▇▇ ▇▇▇▇▇▇▇▇ shall always constitute a majority of our Board. We have established an audit committee and a remuneration committee. Currently all members of the audit committee are independent non-executive Directors and the independent non-executive Directors also constitute a majority of the remuneration committee. In the event of change of a member to the audit committee and the remuneration committee, the audit committee shall be comprised solely of independent non-executive Directors and no less than majority of the remuneration committee shall be made up of independent non-executive Directors.
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Financial Independence. A. The financial records of the Corporation shall be independent from the Municipalities.
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Financial Independence. At what age do you plan to be financially independent?
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Financial Independence. In no event will LSU be responsible for any debts or the payment of any debts incurred by either Tiger or Shorelight.
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Related to Financial Independence

  • Research Independence The Company acknowledges that each Underwriter’s research analysts and research departments, if any, are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriter’s research analysts may hold and make statements or investment recommendations and/or publish research reports with respect to the Company and/or the offering that differ from the views of its investment bankers. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against such Underwriter with respect to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Company by such Underwriter’s investment banking divisions. The Company acknowledges that the Representative is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short position in debt or equity securities of the Company.

  • Annual Independent Accountants’ Report The Servicer shall cause a firm of nationally recognized independent certified public accountants (the "Independent Accountants"), who may also render other services to the Servicer or to the Seller, to deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Insurer and each Rating Agency, on or before October 31 (or 120 days after the end of the Servicer's fiscal year, if other than June 30) of each year, beginning on October 31, 1999, with respect to the twelve months ended the immediately preceding June 30 (or other applicable date) (or such other period as shall have elapsed from the Closing Date to the date of such certificate), a statement (the "Accountants' Report") addressed to the Board of Directors of the Servicer, to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and to the Insurer, to the effect that such firm has audited the books and records of AmeriCredit Corp., in which the Servicer is included as a consolidated subsidiary, and issued its report thereon in connection with the audit report on the consolidated financial statements of AmeriCredit Corp. and that (1) such audit was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as such firm considered necessary in the circumstances; (2) the firm is independent of the Seller and the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants, and (3) includes a report on the application of agreed upon procedures to three randomly selected Servicer's Certificates including the delinquency, default and loss statistics required to be specified therein noting whether any exceptions or errors in the Servicer's Certificates were found.

  • Annual Independent Public Accountants’ Reports (a) The Servicer shall cause Independent Accountants, who may also render other services to the Servicer or its Affiliates, to deliver to the Backup Servicer, the Owner Trustee and the Indenture Trustee, on or before March 31 (or 90 days after the end of the Issuer’s fiscal year, if other than December 31) of each year, beginning in March 31, 2025, a report, dated as of December 31 of the preceding calendar year, addressed to the board of directors of the Servicer, providing its attestation report on the servicing assessment delivered pursuant to Section 4.10(c), including disclosure of any material instance of non-compliance, as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB. Such attestation will be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act. (b) Each party required to deliver an assessment of compliance described in Section 4.10(d) shall cause Independent Accountants, who may also render other services to such party or its Affiliates, to deliver to the Backup Servicer, the Owner Trustee, the Indenture Trustee and the Servicer, on or before March 31 (or 90 days after the end of the Issuer’s fiscal year, if other than December 31) of each year, beginning in March 31, 2025, a report, dated as of December 31 of the preceding calendar year, addressed to the board of directors of such party, providing its attestation report on the servicing assessment delivered pursuant to Section 4.10(d), including disclosure of any material instance of non-compliance, as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB. Such attestation will be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act. (c) The Servicer shall cause a firm of Independent Accountants, who may also render other services to the Servicer or to the Seller, (1) to deliver to the Backup Servicer, the Owner Trustee and the Indenture Trustee on or before April 30 (or 120 days after the end of the Servicer’s fiscal year, if other than December 31) of each year, beginning on April 30, 2025, with respect to the twelve months ended the immediately preceding December 31 (or other applicable date) (or such other period as shall have elapsed from the Closing Date to the date of such certificate (which period shall not be less than six months)), a copy of the Form 10-K filed with the United States Commission for Exeter Finance Corp., which filing includes a statement that such audit was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as such firm considered necessary in the circumstances; and (2) upon request of the Backup Servicer, the Owner Trustee or the Indenture Trustee, to issue an acknowledgement to the effect that such firm has audited the books and records of Exeter Finance Corp., in which the Servicer is included as a consolidated subsidiary, and issued its report pursuant to item (1) of this section and that the accounting firm is independent of the Seller and the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants. (d) Neither the Indenture Trustee nor the Backup Servicer shall be liable for any claims, liabilities or expenses relating to such accountants’ engagement or any report issued in connection with such engagement, and the dissemination of any such report other than pursuant to the Basic Documents or applicable law is subject to the written consent of such accountants.

  • Fund Valuation and Financial Reporting Services (1) Account for Fund share purchases, sales, exchanges, transfers, dividend reinvestments, and other Fund share activity as reported by the Fund’s transfer agent on a timely basis. (2) Apply equalization accounting as directed by the Fund. (3) Determine net investment income (earnings) for the Fund as of each valuation date. Account for periodic distributions of earnings to shareholders and maintain undistributed net investment income balances as of each valuation date. (4) Maintain a general ledger and other accounts, books, and financial records for the Fund in the form as agreed upon. (5) Determine the net asset value of the Fund according to the accounting policies and procedures set forth in the Fund’s current prospectus. (6) Calculate per share net asset value, per share net earnings, and other per share amounts reflective of Fund operations at such time as required by the nature and characteristics of the Fund. (7) Communicate to the Fund, at an agreed upon time, the per share net asset value for each valuation date. (8) Prepare monthly reports that document the adequacy of accounting detail to support month-end ledger balances. (9) Prepare monthly security transactions listings.

  • Independence The Party will act in an independent capacity and not as officers or employees of the State.