Financial Reasons Sample Clauses

Financial Reasons. If the Board plans to implement a RIF due to Financial Reasons, Association President and up to four (4) additional Association Members can meet with two (2) members of the Board, the Treasurer, and the Superintendent to discuss the proposed reduction and make suggestions to the Board for proposed reduction. The final decision shall be made by the Board.
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Financial Reasons. If the Board plans to implement a RIF due to Financial Reasons, Association President and up to four (4) additional Association Members can meet with two
Financial Reasons. No specialist teacher shall be reduced with the intention of any properly licensed regular classroom teachers teaching any specialist subject (e.g. art, music, health etc.) to any students other than their own regular classroom students.
Financial Reasons. The number of teachers reduced will be kept to a minimum by not hiring replacements, if practical, for teachers who retire, resign, or are terminated or non-renewed. However, it may be necessary to hire some replacements if teachers in the system do not possess the certification/licensure for the position to be filled.
Financial Reasons. A bargaining unit faculty member’s employment may be terminated 43 upon the determination by the President that a demonstrably legitimate financial need for 44 program elimination or reduction exists. 46 Section 5. Termination Resulting from Program Elimination or Reduction for
Financial Reasons. In case that there is a demand of bankruptcy or composition petition for the E- CORPORATION or if the E-CORPORATION falls in default or a trustee is assigned for E- CORPORATION.
Financial Reasons 
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Related to Financial Reasons

  • Financial Reductions Notwithstanding any other provision of this Agreement, and at the discretion of the Funder, the HSP may be subject to a financial reduction in any of the following circumstances: its CAPS is received after the due date; its CAPS is incomplete; the quarterly performance reports are not provided when due; or financial or clinical data requirements are late, incomplete or inaccurate, where the errors or delay were not as a result of Funder actions or inaction or the actions or inactions of persons acting on behalf of the Funder. If assessed, the financial reduction will be as follows: if received within 7 Days after the due date, incomplete or inaccurate, the financial penalty will be the greater of (1) a reduction of 0.02 percent (0.02%) of the Funding; or (2) two hundred and fifty dollars ($250.00); and for every full or partial week of non-compliance thereafter, the rate will be one half of the initial reduction.

  • Financial Exigency 14.01 The termination of the employment of any Employee because of financial exigency shall only occur after a declaration of financial exigency by the Board of Governors. 14.02 The Board of Governors shall not declare a state of financial exigency except on bona fide financial grounds. 14.03 If the Board of Governors believes a financial exigency exists it shall give notice to the Union of that belief together with a statement of the financial reasons for that belief and shall establish a financial commission of three (3) persons. The Board of Governors shall consult the Union to establish an agreed list of names from whom these three (3) shall be chosen. The three (3) persons shall be selected by the Board of Governors within thirty (30) days of the decision to establish a financial commission. The terms of reference of the commission shall be: 14.03.1 to assess whether in the light of a full examination of the University's financial situation a bona fide financial exigency exists; 14.03.1.1 the commission shall have access to all that financial information referring to the operations, assets and the ancillary enterprises of the University which is necessary to make a judgment as to whether there is a financial exigency or not; 14.03.1.2 the commission shall invite submissions or written representations from the Union, the faculty and the student representative council; 14.03.1.3 the occurrence of an operating deficit in any given year shall not necessarily constitute a bona fide financial exigency; 14.03.2 to make recommendations, if it sees fit, as to what measures might be taken, whether through reductions of academic staff or other means, to resolve the exigency; 14.03.3 to assess whether a decision to resolve the financial exigency through reductions of academic staff is necessary. 14.04 The report of the commission shall be advisory to the Board of Governors. The report shall be submitted to the Board of Governors within twenty (20) Days of the commission being constituted. After receiving the report the Board shall make a decision as to whether or not a financial exigency exists, and shall promptly communicate this decision to the President, the Senate and the Union. The Board may not unreasonably disagree with the report of the commission. If the Board declares that a state of financial exigency exists it shall make the report of the commission available to the Senate and the Union. 14.05 It is the responsibility of the Senate to recommend the general areas, by discipline, in which reductions are to be made. 14.05.1 Within twenty (20) Days of receiving the commission's report, the Senate shall make its recommendations to the President. If the President does not accept all the recommendations of the Senate he or she shall, within twenty (20) Days of receiving them, convoke a meeting of the Senate to discuss his or her reasons for rejecting or modifying them. Within thirty (30) Days of this meeting the President shall communicate his or her final decisions to the Departments with a statement of all the reasons of which the decisions are based. 14.05.2 The decision of the President shall not be subject to arbitration procedures as set out in Article 15 of this Agreement unless the grievance to be submitted to arbitration is based on an alleged violation of Article 2.04, Article 2.05 or Article

  • 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.

  • Change in Accountants or Accounting Policy Any change in (i) the external accountants of the Borrower, the Servicer, any Originator or the Parent, (ii) any accounting policy of the Borrower or (iii) any material accounting policy of any Originator that is relevant to the transactions contemplated by this Agreement or any other Transaction Document (it being understood that any change to the manner in which any Originator accounts for the Pool Receivables shall be deemed “material” for such purpose).

  • Financial Report 7.1.1 A certified interim financial report shall be submitted to IOM no later than [Date (A)]. The interim financial report shall present how the contribution from IOM has been used from the start date of the project to [Date]. 7.1.1. Certified interim financial reports shall be submitted to IOM within 30 days from the below listed reporting date. The interim financial reports shall present how the contribution from IOM has been used from the start date of the project up to the reporting date. 1st Interim Report e.g. 30 June 201X 2nd Interim Report e.g. 31 December 201X

  • FINANCIAL REPORTING; MONEY MARKET FUND SERVICES BNY Mellon shall provide the following financial reporting services for each Fund:  Financial Statement Preparation & Review · Prepare the Fund’s annual and semi-annual shareholder reports2 for shareholder delivery and for inclusion in Form N-CSR; · Prepare the Fund’s fiscal quarterly schedule of portfolio holdings2 for inclusion in Form N-Q; · Prepare, circulate and maintain the Fund’s financial reporting production calendar and track status of reporting cycles; · Coordinate N-SAR surveys; prepare and file (or coordinate the filing of) the Fund’s Form N-SAR; and · Prepare and coordinate the filing of the Fund’s monthly website files and Form N-MFP, as applicable to money market funds.  Typesetting Services · Create financial compositions for the applicable financial report and related EDGAR files; · Maintain country codes, industry class codes, security class codes and state codes; · Map individual general ledger accounts into master accounts to be displayed in the applicable financial reports; · Create components that will specify the proper grouping and sorting for display of portfolio information; · Create components that will specify the proper calculation and display of financial data required for each applicable financial report (except for identified manual entries, which BNY Mellon will enter); · Process, convert and load security and general ledger data; · Include data in financial reports provided from external parties to BNY Mellon which includes, but is not limited to: shareholder letters, “Management Discussion and Analysis” commentary, notes on performance, form of notes to financials, report of independent auditors, Fund management listing, service providers listing and Fund spectrums; 2 Requires “Typesetting Services” as described herein. · Generate financial reports using the Vendor’s capabilities which include the following: o table of contents; o schedules of investments; o statement of net assets; o statements of assets and liabilities; o statements of operation; o statements of changes; o statements of cash flows; o financial highlights; o notes to financial statements; o report of independent registered public accounting firm; o tax information; and o additional Fund information as mutually agreed in writing between BNY Mellon and a Fund. · Unless mutually agreed in writing between BNY Mellon and a Fund, solely with respect to typesetting services, BNY Mellon will use the same layout and format for every successive reporting period for the typeset reports. At the request of a Fund and upon the mutual written agreement of BNY Mellon and the Fund as to the scope of any changes and additional compensation of BNY Mellon, BNY Mellon will, or will cause the Vendor to, change the format or layout of reports from time to time.

  • Financial Management; Financial Reports; Audits 1. The Recipient shall ensure that a financial management system is maintained in accordance with the provisions of Section 2.07 of the Standard Conditions. 2. The Recipient shall ensure that interim unaudited financial reports for the Project are prepared and furnished to the World Bank not later than forty five (45) days after the end of each calendar quarter, covering the quarter, in form and substance satisfactory to the World Bank. 3. The Recipient shall have its Financial Statements for the Project audited in accordance with the provisions of Section 2.07(b) of the Standard Conditions. Each such audit of the Financial Statements shall cover the period of one fiscal year of the Recipient. The audited Financial Statements for each such period shall be furnished to the World Bank not later than six (6) months after the end of such period.

  • Change in Accounting Principles If, after the date of this Agreement, there shall occur any change in GAAP from those used in the preparation of the financial statements referred to in Section 6.5 hereof and such change shall result in a change in the method of calculation of any financial covenant, standard or term found in this Agreement, either the Borrower or the Required Lenders may by written notice to the Lenders and the Borrower, respectively, require that the Lenders and the Borrower negotiate in good faith to amend such covenants, standards, and terms so as equitably to reflect such change in accounting principles, with the desired result being that the criteria for evaluating the financial condition of the Borrower and its Subsidiaries shall be the same as if such change had not been made. No delay by the Borrower or the Required Lenders in requiring such negotiation shall limit their right to so require such a negotiation at any time after such a change in accounting principles. Until any such covenant, standard, or term is amended in accordance with this Section 5.3, financial covenants shall be computed and determined in accordance with GAAP in effect prior to such change in accounting principles. Without limiting the generality of the foregoing, the Borrower shall neither be deemed to be in compliance with any financial covenant hereunder nor out of compliance with any financial covenant hereunder if such state of compliance or noncompliance, as the case may be, would not exist but for the occurrence of a change in accounting principles after the date hereof.

  • Financial Reporting (i) Borrower shall keep and maintain or shall cause to be kept and maintained on a Fiscal Year basis in accordance with GAAP consistently applied, books, records and accounts reflecting in reasonable detail all of the financial affairs of Borrower and all items of income and expense in connection with the operation of the Mortgaged Property and ownership of the Mortgaged Property and in connection with any services, equipment or furnishings provided in connection with the operation of the Mortgaged Property, whether such income or expense may be realized by Borrower or by any other Person whatsoever. Lender shall have the right from time to time at all times during normal business hours upon reasonable prior written notice to Borrower to examine such books, records and accounts at the office of Borrower or other Person maintaining such books, records and accounts and to make such copies or extracts thereof as Lender shall desire. During the continuation of an Event of Default (including, without limitation, an Event of Default resulting from the failure of Borrower to deliver any of the financial information required to be delivered pursuant to this Section 5.1(r)), Borrower shall pay any reasonable costs and expenses incurred by Lender to examine Borrower’s accounting records, as Lender shall reasonably determine to be necessary or appropriate in the protection of Lender’s interest. (ii) Borrower shall furnish to Lender annually, within ninety (90) days following the end of each Fiscal Year, a complete copy of Borrower’s and Guarantor’s financial statements, each audited by a “Big Four” accounting firm or such other Independent certified public accountant acceptable to Lender in accordance with GAAP consistently applied covering Borrower’s and Guarantor’s respective financial position and results of operations, for such Fiscal Year and containing a statement of revenues and expenses, a statement of assets and liabilities and a statement of Borrower’s or Guarantor’s (as applicable) equity, all of which shall be in form and substance reasonably acceptable to Lender. Any audit requirements of the Borrower pursuant to this Agreement may be satisfied by delivery of the audited consolidated financial statements of the Guarantor, provided that such financial statements of the Guarantor contain (i) a separate income and expense statement for the Borrower and (ii) a separate balance sheet, including a statement of Borrower’s equity. Lender shall have the right from time to time to review and consult with respect to the auditing procedures used in the preparation of such annual financial statements. Together with Borrower’s and Guarantors’ annual financial statements, Borrower shall furnish, and cause Guarantor to furnish, to Lender an Officer’s Certificate certifying as of the date thereof (x) that the annual financial statements present fairly in all material respects the results of operations and financial condition of Borrower or Guarantor, as applicable, all in accordance with GAAP consistently applied, and (y) whether there exists an Event of Default or Default, and if such Event of Default or Default exists, the nature thereof, the period of time it has existed and the action then being taken to remedy same. (iii) Borrower shall furnish to Lender, within forty-five (45) days following the end of each Fiscal Year quarter true, complete and correct quarterly unaudited financial statements (including statements of cash flow) prepared in accordance with GAAP with respect to Borrower and Guarantor for the portion of the Fiscal Year then ended. (iv) No later than thirty (30) days following the end of each of the months of December, March, June, and September, beginning with the month ending at March 31, 2004, Borrower shall prepare and deliver to Lender and its servicer a statement (each a “Quarterly Statement”) in substantially the form of Schedule 8 hereto, setting forth with respect to the Mortgaged Property, (A) a rent roll dated as of the last day of such quarter identifying the name of each tenant and the associated Homesite, security deposit, amount due at the beginning of the month, charges in the current month (including Homesite rent, water/sewer, gas/electric, trash, mobile home rent, notes amount and other charges), payments made during the month, amount due at the end of the month, total Homesites at the Mortgaged Property and total occupied Homesites at the Mortgaged Property, with the occupancy level expressed as a percentage; (B) quarterly and year-to-date operating statements, each of which shall include an itemization of budgeted and actual (not pro forma) capital expenditures during the applicable period, and which shall be prepared for each individual Mortgaged Property and, on a consolidated basis, for all the Mortgaged Property; and (C) a quarterly and year-to-date comparison of the budgeted income and expenses with the actual income and expenses for such quarter and year to date, together with if requested by Lender, a detailed explanation of any variances between budgeted and actual amounts that are in excess of five percent (5%) for each line item therein. (v) Within thirty (30) days after the end of each calendar month (and as to rent rolls requested by Lender on an interim basis, within thirty (30) days after Lender’s request therefor), Borrower shall provide to Lender and its servicer a statement (each a “Monthly Statement”) in substantially the form of Schedule 9 hereto, setting forth with respect to the Mortgaged Property (A) a certified rent roll, for each individual Mortgaged Property containing the information referred to in Section 5.1(r)(iv)(A), (B) a certification of all prepaid Rent that has been collected for each individual Mortgaged Property more than one (1) month in advance of its due date, (C) monthly operating financial statements for the last twelve (12) months, including a comparison on a year-to-date basis to budget and prior year, for each individual Mortgaged Property and, on a consolidated basis, for Borrower, and (D) a monthly occupancy report which includes data quantifying the total number of Homesites, beginning occupancy, monthly move-in and move-out data for residents, rentals and change of occupancy, ending monthly occupancy, ending monthly occupancy percentage, budgeted occupancy percentage, total rentals, rentals as a percentage of Homesites, total occupied rentals, rental occupancy percentage, total repossessions and repossessions as a percentage of total Homesites. (vi) Borrower shall furnish to Lender, within fifteen (15) Business Days after request, such further information with respect to the operation of the Mortgaged Property and the financial affairs of Borrower as may be reasonably requested by Lender, including all business plans prepared for Borrower. (vii) Borrower shall furnish to Lender, within fifteen (15) Business Days after request, such further information regarding any Plan or Multiemployer Plan and any reports or other information required to be filed under ERISA as may be reasonably requested by Lender in writing. (viii) At least thirty (30) days prior to the end of each of Borrower’s Fiscal Years, Borrower shall submit or cause to be submitted to Lender for its approval, such approval not to be unreasonably withheld or delayed, an Operating Budget for Property Expenses, Capital Improvement Costs, Leasing Commissions, and replacement reserve costs for the next Fiscal Year for the Mortgaged Property. Such Operating Budget may allow for a ten percent (10%) line item variance. Until so approved by Lender for the subsequent Fiscal Year in accordance with the procedure set forth in Section 5.1(r)(ix) below, the Operating Budget approved by Lender for the preceding Fiscal Year shall remain in effect for purposes of Section 2.12; provided, that for so long as such prior Operating Budget remains in effect, amounts set forth in the prior Operating Budget with respect to Property Expenses shall be deemed increased with respect to actual increases in Basic Carrying Costs and non-discretionary utility expenditures and shall be deemed increased by three percent (3%) with regard to discretionary items. Promptly following the occurrence and during the continuance of an Event of Default, the Borrower shall submit or cause to be submitted to Lender a Working Capital Budget for the remainder of the Fiscal Year during which such Event of Default occurs and by not later than the end of each of Borrower’s Fiscal Years with respect to the subsequent Fiscal Year. (ix) Borrower shall submit any proposed Operating Budget in writing sent by recognized overnight delivery service or by registered or certified mail (and simultaneously shall contact the Lender by telephone and by electronic mail) in accordance with the terms of this Agreement (the “First Notice”), requesting Lender’s approval of such Operating Budget. Lender shall use reasonable efforts to deliver to Borrower its written approval or disapproval of the proposed Operating Budget within ten (10) Business Days after Lender shall have received the First Notice. Unless Lender shall have approved the Operating Budget contained in the First Notice, Lender’s approval shall be deemed to be withheld. If Borrower does not receive Lender’s response at the end of such ten (10) Business Days period, Borrower may resubmit its written request to Lender (the “Second Notice”). The Second Notice shall make reference to the First Notice and shall bear the following legend in capital letters: “LENDER’S FAILURE TO RESPOND TO THIS REQUEST FOR APPROVAL WITHIN TEN (10) BUSINESS DAYS FOLLOWING RECEIPT SHALL BE DEEMED TO CONSTITUTE LENDER’S CONSENT TO THE OPERATING BUDGET DESCRIBED HEREIN.” If Lender does not approve or disapprove the proposed Operating Budget within ten (10) Business Days after Lender shall have received Borrower’s Second Notice, Lender shall be deemed to have approved the proposed Operating Budget. (x) Together with the financial statements, rent rolls, operating statements and other documents and information provided to Lender by or on behalf of Borrower under this Section, Borrower also shall deliver to Lender a certification in form and substance reasonably satisfactory to Lender, executed on behalf of Borrower by its chief executive officer or chief financial officer (or by the individual Guarantor if the Guarantor is an individual) stating that, to such officer’s or individual’s knowledge, such financial statements, rent rolls, operating statements and other documents and information are true and complete in all material respects. (xi) For purposes of this Section 5.1(r), all of the financial reporting requirements may be satisfied by the Borrower posting the required deliveries on a secure website reasonably satisfactory to the Lender and sending to the Lender and its servicer each month an electronic mail communication notifying the Lender and its servicer of the linkage to such website; provided that notwithstanding the foregoing, in the event the Lender includes the Loan in a Secondary Market Transaction in which Securities are issued or otherwise changes the identity of its servicer to a Person other than the initial servicer identified to the Borrower as of the Closing Date, then the Lender may require that such deliveries be made to Lender and its servicer in hard copy and on diskette or through electronic mail (including Microsoft Excel format), in form and substance reasonably acceptable to Lender.

  • Change in Management Permit a change in the senior management of Borrower.

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