Financial Means. 3.1. Unless waived in writing by us, you hereby confirm and promise to us that you have cash and assets which will be readily realisable and are sufficient to pay at least two (2) years of our Residential Fees, in accordance with this Agreement. This confirmation and promise is a significant factor in our agreeing to admit you to the Home. We may in our absolute discretion and only in exceptional circumstances waive this requirement under clause 3.1. Any such waiver by us shall not prejudice our rights under clause 3.3.
3.2. If at any time there is any change to the information you have provided to us (for example, changes to the value of your assets or income), or your financial means change in any other way that affects, or may affect:
3.2.1. your ability to pay our Fees; or
3.2.2. the amount of any Authority Funding (whether for the future, or for past residence at the Home), you must notify us in writing as quickly as possible in advance of that change. In 2018 the financial threshold in England for Local Authority Funding was £23,250. The means test which a Local Authority carries out for its threshold assessment is complicated. It should be explained to you by the Local Authority. You can seek independent advice about it. We strongly recommend that you initiate the assessment process in good time and co-operate with the Local Authority during it. The process can take several months. There then ought to be discussions between you, the Local Authority and us about whether you will be able to stay at the Home and if so on what payment and other terms. We suggest that as soon as your readily available assets fall below £45,000 you consider contacting your Local Authority and tell us. When entering one of our homes, a hypothetical resident (“Resident A”) has assets and cash substantially above the financial threshold, therefore does not qualify for Local Authority Funding and so Resident A pays the full fee of £1,300 per week. Over time, Resident A’s assets and cash reduce in value to a level where they might qualify for Local Authority Funding. Resident A applies for Local Authority Funding on 1 February 2021. On 28 March 2021 the Local Authority agrees to pay £750 per week and agrees to backdate that funding to 1 February 2021. This leaves a shortfall of £550 per week. Resident A would need to arrange for any Guarantor and Third Party Contributor (if any) to enter into a Local Authority Contribution Agreement (see clauses 5.1 to 5.8) to pay the balance ...
Financial Means. 3.1. Unless waived in writing by us, you hereby confirm to us that you have cash and assets which will be readily realisable and are sufficient to pay at least two (2) years of our Residential Fees, in accordance with this Agreement. We may in our absolute discretion and only in exceptional circumstances waive this requirement under clause 3.1. Any such waiver by us shall not prejudice our rights under clause 3.3.
3.2. If at any time there is any change to the information you have provided to us (for example, changes to the value of your assets or income), or your financial means change in any other way that affects, or may affect:
3.2.1. your ability to pay our Fees; or
3.2.2. the amount of any Authority Funding (whether for the future, or for past residence at the Home), you must notify us in writing as quickly as possible in advance of that change.
Financial Means. The Buyer has, or will have at Closing, sufficient funds to pay the Purchase Consideration pursuant to the terms of this Agreement.
Financial Means. The Investor has sufficient financial means or is able to collect sufficient financial means to perform its obligations under this Agreement. If, at any time before the termination of this Agreement, the Investor has any reason to believe that the Investor may not be able to perform its obligations under this Agreement, the Investor will without undue delay notify the Company hereof. Upon receipt of such Notice, the Company shall be entitled to terminate this Agreement and the Investor shall be obliged to repay to the Company the Commitment Fee on a pro rata basis for any amounts of the Commitment Amount that the Company has not received as Advances from the Investor.
Financial Means. AWI currently possesses, or will possess on the Closing Date, the financial means to fully perform under the guaranty agreement it is to execute in favor of Sellers pursuant to Subsection 6.10. AWI shares are, and the AWI Stock when issued will be, publicly traded. AWI has no present intention to cease the public trading of its stock.
Financial Means. The Funding Agency is responsible to release the funds for the Project promptly and on time, avoiding delay or interruption in the Project progress, to the Supporting Agency
Financial Means. Buyer has or will have at Closing sufficient cash resources to pay the Purchase Price.
Financial Means. Purchasers have liquid funds, either in the form of equity capital or immediately available debt, which are not committed for other purposes sufficient to cover at least the Preliminary Purchase Price.
Financial Means. Unless waived in writing by us, you hereby confirm to us that you have cash and assets which will be readily realisable and are sufficient to pay at least three (3) years of our Residential Fees, in accordance with this Agreement. We may in our absolute discretion and only in exceptional circumstances waive this requirement under clause 1. Any such waiver by us shall not prejudice our rights under clause 22.4
Financial Means. Purchaser has the financial means necessary to meet its obligations hereunder.
