Common use of Material Changes in Financial Condition Clause in Contracts

Material Changes in Financial Condition. A letter from the chief financial officer or treasurer, providing information on any material changes in financial condition since submission of the QS and those that are pending. Additionally, Proposers shall be required to provide updated information following the Technical Proposal Due Date as long as the dissemination of such information is permitted by law. The following list identifies certain items that TxDOT would consider a material change in financial condition. This list is intended to be indicative only. At the discretion of TxDOT, any failure to disclose a prior or pending material change may result in disqualification from further participation in the selection process. In instances where a material change has occurred, or is anticipated, the affected entity shall provide a statement describing each material change in detail, the likelihood that the developments will continue during the period of performance of the Project development, and the projected full extent of the changes likely to be experienced in the periods ahead. Estimates of the impact on revenues, expenses and the change in equity shall be provided separately for each material change as certified by the CFO or treasurer. References to the notes in the financial statements are not sufficient to address the requirement to discuss the impact of material changes. The affected entity shall also provide a discussion of measures that would be undertaken to insulate the Project from any recent material adverse changes, and those currently in progress or reasonably anticipated in the future. If the financial statements indicate that expenses and losses exceed income in the fiscal periods between submission of the QS and the most recent completed periods (even if there has not been a material change), the affected entity shall provide a discussion of measures that will be undertaken to make the entity profitable in the future and an estimate of when the entity will be profitable.

Material Changes in Financial Condition. A letter from the chief financial officer or treasurer, providing Respondent shall provide information on regarding any material changes in financial condition since submission of Respondent, any Equity Member and any Major Non-Equity Member and, if applicable, each Guarantor for the past three fiscal years and anticipated for the next fiscal year. In each case, if any of the QS and those that are pendingforegoing entities is a consortium, partnership, or any other form of joint venture, Respondent shall provide this information for all members. Additionally, Proposers shall be required to provide updated information following the Technical Proposal Due Date as long as the dissemination of such information is permitted by law. The following list identifies certain items that TxDOT would consider a If no material change in has occurred and none is pending, each of these entities shall provide a letter from their respective chief executive officer, chief financial condition. This list is intended to be indicative only. At the discretion of TxDOTofficer, any failure to disclose a prior or pending material change may result in disqualification from further participation in the selection processtreasurer (or equivalent position or role) so certifying. In instances where a material change has occurred, or is anticipated, the affected entity shall provide a statement describing each material change in detail, the likelihood that the developments factors underlying the change will continue during the period of performance of the Project development, and the projected full extent of the changes likely to be experienced in the periods ahead. Estimates of the impact on revenues, expenses and the change in equity shall be provided separately for each material change as certified by the CFO chief executive officer, chief financial officer, or treasurertreasurer (or equivalent position or role). References to the notes in the financial statements are not sufficient to address the requirement to discuss the impact of material changes. The Where a material change will have a negative financial impact, the affected entity shall also provide a discussion of measures that it would be undertaken undertake to insulate the Project from any recent material adverse changessuch negative financial impact, and those any material changes currently in progress or reasonably anticipated in the future. If the financial statements indicate that expenses and losses exceed income in the fiscal periods between submission each of the QS and the most recent three completed periods fiscal years (even if there has not been a material change), the affected entity shall provide a discussion of measures that will be undertaken to make the entity profitable in the future and an estimate of when the entity will be profitable. Set forth below is a representative list of events intended to provide examples of what ADOT considers a material change in financial condition. This list is intended to be indicative only and is not exhaustive.

Material Changes in Financial Condition. A letter from the chief financial officer or treasurer, providing information on any material changes in financial condition since submission of the QS and those that are pending. Additionally, Proposers shall be required to provide updated information following the Technical Proposal Due Date as long as the dissemination of such information is permitted by law. The following list identifies certain items that TxDOT would consider a material change in financial condition. This list is intended to be indicative only. At the discretion of TxDOT, any failure to disclose a prior or pending material change may result in disqualification from further participation in the selection process. In instances where a material change has occurred, or is anticipated, the affected entity shall provide a statement describing each material change in detail, the likelihood that the developments will continue during the period of performance of the Project development, and the projected full extent of the changes likely to be experienced in the periods ahead. Estimates of the impact on revenues, expenses and the change in equity shall be provided separately for each material change as certified by the CFO or treasurer. References to the notes in the financial statements are not sufficient to address the requirement to discuss the impact of material changes. The affected entity shall also provide a discussion of measures that would be undertaken to insulate the Project from any recent material adverse changes, and those currently in progress or reasonably anticipated in the future. If the financial statements indicate that expenses and losses exceed income in the fiscal periods between submission of the QS and the most recent completed periods (even if there has not been a material change), the affected entity shall provide a discussion of measures that will be undertaken to make the entity profitable in the future and an estimate of when the entity will be profitable.