Institutional Financial Exigency. The term “Institutional Financial Exigency,” as used in this Agreement shall mean a determination by the Administration that the University is at imminent risk of incurring a demonstrably bona fide financial exigency, defined as a severe financial crisis that fundamentally compromises the academic integrity of the institution as a whole and which the Administration believes may not be alleviated by less drastic means than retrenchment.
