– Fiscal Crisis Sample Clauses

– Fiscal Crisis. In the event during the term of this Memorandum of Understanding the City of Tempe experiences loss of revenues or legal requirements that if not resolved during the budget year would result in the layoff of City of Tempe UAEA unit members or the serious curtailment of services provided to the citizens of Tempe, this Memorandum of Understanding may be reopened. This provision shall only apply if the general population of City of Tempe employees is subject to the same or greater reduction of pay or benefits negotiated as a result of this reopened provision. The following provisions shall apply to this circumstance. 1. The City shall notify the chapter President in writing of the need to reopen this Memorandum of Understanding. Such notice shall include the reasons for the reopening and the anticipated amount of City-wide budget shortfalls that need to be resolved in order to alleviate the need to layoff City employees or severely curtail services provided to the citizens of Tempe. 2. The City shall supply the chapter President with all available current budget information including, but not limited to, projected revenue shortfalls. 3. The Parties shall meet and confer/negotiate in a good faith effort to reach agreement on what, if any, reduction in pay and/or benefits shall occur for Unit Members in order to address the City’s budget shortfall. 4. The meet and confer/negotiation process will be for a period of no less than 30 calendar days. During this 30-calendar day period, the Parties shall meet at least weekly unless mutually agreed otherwise. 5. If the Parties are unable to reach an agreement on the issues identified for this process, the issues will be submitted directly to the City Council, which shall make a final determination. The determination of the City Council shall be final and binding on the Parties.
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– Fiscal Crisis. ‌ If, during the term of this MOU, the City of Tempe experiences loss of revenues or legal requirements, that if not resolved during the budget year would result in the layoff of employees or the serious curtailment of City services provided to the residents of Tempe, this MOU may be reopened. This provision shall only apply if the general population of employees is subject to the same or greater reduction of pay or benefits negotiated as a result of this re-opener provision. The following provisions shall apply to this circumstance: a. The City shall notify the Association President in writing of the need to reopen this MOU. Such notice shall include the reasons for the reopening and the anticipated amount of citywide budget shortfall that needs to be resolved in order to alleviate the need to lay off employees or severely curtail City services provided to the residents of Tempe. b. The City shall supply the President with all available current budget information including, but not limited to, projected revenue shortfalls. c. The parties shall meet and confer/negotiate in a good faith effort to reach agreement on what, if any reduction in pay and/or benefits shall occur for Unit Members in order to address the City’s budget shortfall. d. The meet and confer/negotiation process will be for a period of no more than thirty (30) calendar days. During this thirty (30) day period, the parties shall meet at least weekly unless mutually agreed otherwise. e. If the parties are unable to reach an agreement on the issues identified for this process, the issues will be submitted directly to the City Council which shall make a final determination. The determination of the City Council shall be final and binding on the parties.
Sample 1Sample 2See All (4)
– Fiscal Crisis. If, during the term of this MOU, the City of Tempe experiences loss of revenues or legal requirements, that if not resolved during the budget year would result in the layoff of employees or the serious curtailment of City services provided to the residents of Tempe, this MOU may be reopened. This provision shall only apply if the general population of employees is subject to the same or a. The City shall notify the Association President in writing of the need to reopen this MOU. Such notice shall include the reasons for the reopening and the anticipated amount of citywide budget shortfall that needs to be resolved in order to alleviate the need to layoff employees or severely curtail City services provided to the residents of Tempe. b. The City shall supply the President with all available current budget information including, but not limited to, projected revenue shortfalls. c. The parties shall meet and confer/negotiate in a good faith effort to reach agreement on what, if any reduction in pay and/or benefits shall occur for Unit Members in order to address the City’s budget shortfall. d. The meet and confer/negotiation process will be for a period of no more than thirty (30) calendar days. During this thirty (30) day period, the parties shall meet at least weekly unless mutually agreed otherwise. e. If the parties are unable to reach an agreement on the issues identified for this process, the issues will be submitted directly to the City Council which shall make a final determination. The determination of the City Council shall be final and binding on the parties.
Sample 1
– Fiscal Crisis. The parties to this MOU acknowledge that in the event of a fiscal crisis the City may reques the employee organization to modify this Memorandum of Understanding for the purpose of including alternatives to temporary reductions in force or the permanent elimination of positions in City employment. The term fiscal crisis will mean an event followed by a declaration of emergency by the City and may include loss of state revenues; reduction in City sales tax revenues or an emergency increase in expenditures not included in the regular City budget. The City will provide the Association with a request to reopen the Memorandum specifying the specific actions requested. The Association will have ten (10) days to accept or reject the request. If the employee organization accepts the request, the process will be in a manner as close as practicable to the Meet and Confer process. If the Association rejects the request, the City may take any actions legally permitted under state law, City's charter, code, and ordinances.
Sample 1

Related to – Fiscal Crisis

  • 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.

  • Financial Management, Financial Reports and Audits 1. The Recipient shall maintain or cause to be maintained a financial management system in accordance with the provisions of Section 4.09 of the General Conditions. 2. Without limitation on the provisions of Part A of this Section, the Recipient shall prepare and furnish to the Association not later than forty-five (45) days after the end of each calendar quarter, interim unaudited financial reports for the Project covering the quarter, in form and substance satisfactory to the Association. 3. The Recipient shall have its Financial Statements audited in accordance with the provisions of Section 4.09(b) of the General Conditions. Each audit of the Financial Statements shall cover the period of one (1) fiscal year of the Recipient. The audited Financial Statements for each such period shall be furnished to the Association not later than six (6) months after the end of such period.

  • Regulatory Capitalization Company Bank is “well-capitalized,” as such term is defined in the rules and regulations promulgated by the FDIC and the Montana Division of Banking. Company is “well-capitalized,” as such term is defined in the rules and regulations promulgated by the FRB.

  • Tax Relief Services Bank will provide tax relief services as provided in Section 8.2.

  • 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.

  • Subsidiaries; Capitalization (a) The Company does not own or control, directly or indirectly, any interest in any corporation, partnership, limited liability company, association or other business entity, other than the Subsidiaries of the Company set forth on Section 3.2(a) of the Company Disclosure Schedules. Each of the Company’s Subsidiaries has been duly organized and is validly existing and in good standing under the Laws of its jurisdiction of incorporation and has requisite corporate or other entity power and authority to own and operate its properties and assets, to carry own its business as presently conducted and contemplated to be conducted. Each of the Company’s Subsidiaries is presently qualified to do business as a foreign corporation or other entity in each jurisdiction in which it is required to be so qualified and is in good standing in each such jurisdiction (except where the failure to be so qualified or in good standing has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect). All shares or other equity securities of the Company’s Subsidiaries that are issued and outstanding have been duly authorized and validly issued in compliance with applicable Laws, are fully paid and nonassessable, and have not been issued in violation of any purchase option, call option, right of first refusal, preemptive right, subscription right or other similar right. (b) The capitalization of the Company (both as of the date of this Agreement, and the capitalization of the Company as will exist following the completion of the Restructuring) is set forth on Section 3.2(b) of the Company Disclosure Schedules. Other than such Company Shares set forth on set forth on Section 3.2(b) of the Company Disclosure Schedules, the Company is not authorized to issue any other class or series of Company Shares. (c) All Company Shares that are issued and outstanding (or that will be issued and outstanding following the completion of the Restructuring) have been (or will be) duly authorized and validly issued in compliance with applicable Laws, are (or will be) fully paid and nonassessable, and have not (or will not have) been issued in violation of any purchase option, call option, right of first refusal, preemptive right, subscription right or other similar right. The Company Shares have the rights, preferences, privileges and restrictions set forth in the Company Governing Documents. (d) There are no authorized or outstanding options, restricted stock, warrants or other equity appreciation, phantom equity, profit participation or similar rights for the purchase or acquisition from the Company of any Company Shares. Except as set forth on Section 3.2(d) of the Company Disclosure Schedules, and the Company Governing Documents, the Company is not a party to or subject to any agreement or understanding and there is no agreement or understanding between any Persons that affects or relates to the voting or giving of written consents with respect to any security or by a director of the Company. To the Company’s knowledge, no officer or director has made any representations or promises regarding equity incentives to any officer, employee, director or consultant of the Company that is not reflected in the issued and outstanding share and option numbers contained in this Section 3.2. (e) The only Company Shares that will be issued and outstanding immediately after the Closing will be such share(s) owned by PubCo following the consummation of the Initial Merger.

  • Anti-Money Laundering/International Trade Law Compliance No Covered Entity is a Sanctioned Person. No Covered Entity, either in its own right or through any third party, (i) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (ii) does business in or with, or derives any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or (iii) engages in any dealings or transactions prohibited by any Anti-Terrorism Law.

  • Wall Street Transparency and Accountability Act of 2010 The parties hereby agree that none of (i) Section 739 of the WSTAA, (ii) any similar legal certainty provision included in any legislation enacted, or rule or regulation promulgated, on or after the Trade Date, (iii) the enactment of the WSTAA or any regulation under the WSTAA, (iv) any requirement under the WSTAA or (v) any amendment made by the WSTAA shall limit or otherwise impair either party’s right to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased cost, regulatory change or similar event under this Confirmation, the Equity Definitions or the Agreement (including, but not limited to, any right arising from any Acceleration Event).

  • Wall Street Transparency and Accountability Act In connection with Section 739 of the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from Change in Law, Hedging Disruption, Increased Cost of Hedging, an Excess Ownership Position, or Illegality (as defined in the Agreement)).

  • Disclosure Controls and Procedures; Deficiencies in or Changes to Internal Control Over Financial Reporting The Company has established and maintains disclosure controls and procedures (as defined in Rules 13a-15 and 15d-15 under the Exchange Act), which (i) are designed to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to the Company’s principal executive officer and its principal financial officer by others within those entities, particularly during the periods in which the periodic reports required under the Exchange Act are being prepared; (ii) have been evaluated by management of the Company for effectiveness as of the end of the Company’s most recent fiscal quarter; and (iii) are effective in all material respects to perform the functions for which they were established. Since the end of the Company’s most recent audited fiscal year, there have been no significant deficiencies or material weakness in the Company’s internal control over financial reporting (whether or not remediated) and no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. The Company is not aware of any change in its internal control over financial reporting that has occurred during its most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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