Financial Distress Event definition

Financial Distress Event means the occurrence of one or more of the following events:

Financial Distress Event means the occurrence or one or more of the events listed in paragraph 3 of Schedule 16 (Financial Distress); FOIA means the Freedom of Information Act 2000 as amended from time to time and any subordinate legislation made under that Act from time to time together with any guidance and/or codes of practice issued by the Information Commissioner or relevant Government department in relation to such legislation; Framework means the framework arrangements established by the Authority for the provision of the Goods and/or Services to Contracting Bodies by suppliers (including the Supplier) pursuant to the OJEU Notice; Framework Agreement means this agreement consisting of the Clauses together with the Framework Schedules and any appendices and annexes to the same; Framework Commencement Date means 06/10/2014; Framework Execution Date means the date of execution of this Framework Agreement;

Financial Distress Event the occurrence of one or more of the events listed in Paragraph 3.1 of Schedule 7.4 (Financial Distress);

Examples of Financial Distress Event in a sentence

• The Service Provider shall promptly notify (or shall procure that its auditors promptly notify) the Purchaser in writing following the occurrence of a Financial Distress Event (and in any event ensure that such notification is made within ten (10) Working Days of the date on which the Service Provider first becomes aware of the Financial Distress Event).

• Following approval of any Financial Distress Event Remedial Plan pursuant to clause 45.5, the Service Provider shall implement the plan in accordance with its terms and review the plan on a regular basis and assess whether it remains adequate and up to date so as to ensure the continued performance of this Contract.

• The Supplier shall not be subject to a maximum deductible threshold until such time as it is subject to a Financial Distress Event as defined in Schedule 1 of this Agreement.

• In the event of a Financial Distress Event occurring, the Supplier shall, and shall procure that any affected key Sub-Contractor shall, as soon as reasonably practicable review the effect of the Financial Distress on the continued performance of the Services under this Contract and provide a report to FCDO.

• Where the Supplier reasonably believes that the relevant Financial Distress Event (or the circumstance or matter which has caused or otherwise led to it) no longer exists, it shall notify CCS and subject to the agreement of the Parties, the Supplier may be relieved of its obligations under Paragraph 4.64.6.

More Definitions of Financial Distress Event

Financial Distress Event means the occurrence or one or more of the events listed in this Schedule [ ]

Financial Distress Event has the meaning given to it in the Financial Difficulties Schedule where that Schedule is used;

Financial Distress Event has the meaning given to that term in the UKSAR2G Contract;

Financial Distress Event means the occurrence of one or more of the following events: the Service Provider’s or the relevant Key Sub-contractor’s credit or Dun & Bradstreet rating (as applicable) drops one or more levels below the level set out in clause 45.1 (Financial Distress); the Service Provider or a Key Sub-contractor issues a profits warning to a stock exchange or makes any other public announcement about a material deterioration in its financial position or prospects; there is a public investigation into improper financial accounting and reporting, suspected fraud and/or any other impropriety of the Service Provider or a Key Sub-contractor; the Service Provider or a Key Sub-Contractor commits a material breach of covenants to its lenders; a Key Sub-Contractor notifies the Purchaser that the Service Provider has not satisfied any material sums properly due under a specified invoice and not subject to a genuine dispute; the commencement of any litigation against the Service Provider or a key Sub-Contractor with respect to financial indebtedness; or any financial indebtedness of the Service Provider or a Key Sub-contractor becoming due as a result of an event of default which (in respect of this sub-section (g) only) the Purchaser reasonably believes could materially impact on the continued performance of the Services.

Financial Distress Event means the occurrence or one or more of the events listed in paragraph 3 of Schedule 16 (Financial Distress); "FOIA" means the Freedom of Information Xxx 0000 as amended from time to time and any subordinate legislation made under that Act from time to time together with any guidance and/or codes of practice issued by the Information Commissioner or relevant Government department in relation to such legislation;

Financial Distress Event means the occurrence or one or more of the events listed in paragraph 3 of this Call Off Schedule 5 (Financial Distress);

Financial Distress Event. Further Competition Award Criteria" means the occurrence or one or more of the events listed in paragraph 3 of Schedule 16 (Financial Distress);means the award criteria set out in Part B of Panel Agreement Schedule 6 (Award Criteria);