Change in Financial Status Sample Clauses
The Change in Financial Status clause is designed to address situations where a party's financial condition significantly deteriorates during the term of an agreement. Typically, this clause requires the affected party to promptly notify the other party if events such as insolvency, bankruptcy filings, or material adverse changes in financial health occur. Its core practical function is to protect the interests of the non-affected party by allowing them to reassess risk, potentially triggering remedies such as renegotiation, additional security, or even early termination of the contract.
Change in Financial Status. The Supplier shall promptly inform the Company of any change in its Commission, FERC, PJM or other agency certification, licensing, or membership status. The Supplier shall also promptly inform the Company of any facts which would cause a change in the Credit Amount applicable to the Supplier. Failure to satisfy, on an ongoing basis, any of the requirements set forth in this Article, including those with respect to certification, or failure to provide additional credit funds when requested by the Company, if any such failure is not cured within ten (10) business days from receipt of written notice thereof, will constitute an event of Default.
Change in Financial Status. Messiah Village may discontinue or reduce any financial assistance if there is a change in Resident’s financial circumstances permitting Resident to bear all or an increased portion of the Monthly Service Fee or other charges for Personal Care or Nursing Care services, or if any factual representation by Resident made in the original Application for Residency and related documents or in support of a request for financial assistance is determined to have been materially false or inaccurate, or if the continuation of such financial assistance will, in Messiah Village’s opinion, impair the ability of Messiah Village to attain its objectives while operating on a sound financial basis. Messiah Village shall take into consideration future economic conditions and the ability of Resident’s estate to satisfy financial obligations when making a determination regarding Resident’s request for financial assistance under this Agreement.
Change in Financial Status. The SO shall promptly inform the Company of any facts that would cause a change in the credit resources available to the SO. If any failure to satisfy, on an ongoing basis, any of the requirements set forth in this Section, including failure to provide additional credit resources when requested by the Company, is not cured within 10 Business Days from receipt of written or electronic notice thereof, such failure will constitute a failure to maintain creditworthy status.
Change in Financial Status. Any type of financial records that show the change in financial status; documents of the student’s and/or parents’ or guardians’ finances prior to and after the change in circumstances including pay stubs, tax forms, bank statements, leases, notes from employers, etc.; layoff notices, unemployment compensation reports, insurance reports, unanticipated bills not covered by insurance, bankruptcy petitions, divorce decrees, ▇▇▇▇▇ and pay stubs may be useful, depending on the circumstance. It is important to note that if a student is considered financially dependent (by financial aid and federal government guidelines), the parents’ or guardians’ financial information must be considered even if the parents/guardians say they are not contributing to the student’s education.
Change in Financial Status. Other than in the ordinary course of business, since August 1, 2002, Seller has not (i) transferred or otherwise terminated any Customer Contracts; (ii) disposed of customer records or other manifestations of general goodwill used in the Business; (iii) mortgaged, pledged or subjected to lien, charge or any other encumbrance any of the Goodwill Assets; (iv) waived any rights of substantial value; (v) amended any Customer Contract; (vi) entered into any transactions other than in the ordinary course; or (vii) suffered any occurrence which has or may have a materially adverse affect upon the Business' financial status.