Common use of Change in Financial Condition Clause in Contracts

Change in Financial Condition. If the Department reasonably determines that the likelihood of payment of the Loan or performance of the obligations under the Loan Documents is threatened by reason of a material adverse change in the financial condition or credit standing of Development Owner or, if Development Owner is a partnership, joint venture, trust or other type of business association, of any of the parties comprising Development Owner, or if the estate held by Development Owner in the Land is a leasehold estate, of the ground lessor.

Change in Financial Condition. If the Department reasonably determines that the likelihood of payment of the Loan or performance of the obligations under the Loan Documents this Contract is threatened by reason of a material adverse change in the financial condition or credit standing of Development Owner or, if Development Owner is a partnership, joint venture, trust or other type of business association, of any of the parties comprising Development Owner, or if the estate held by Development Owner in the Land is a leasehold estate, of the ground lessor.