Triggering Event Conditions Sample Clauses

Triggering Event Conditions. Immediately upon the occurrence of a Triggering Event (as defined in this subsection), Medical Group shall obtain the Letter of Credit in the amount of the then applicable Letter of Credit Funding Amount. A Triggering Event, for purposes of this Section 2.8.2, shall mean any of the following: (i) Medical Group’s failure to maintain a current ratio (current assets divided by current liabilities) of 1.0 to 1.0, as determined by PacifiCare upon review of Medical Group’s financial statements; (ii) Medical Group’s failure to maintain positive Tangible Net Equity, calculated in a manner consistent with GAAP; (iii) Medical Group’s failure to provide financial statements as outlined in Section 2.8.1 of this Agreement; and (iv) Medical Group’s failure to meet Commercial Health Plan and/or Secure Horizons Health Plan claims payment timelines standards for a period of six (6) consecutive months. In any event, PacifiCare shall provide Medical Group with thirty (30) calendar days notice of a Triggering Event occurrence. Medical Group shall have thirty (30) calendar days from the date PacifiCare notifies Medical Group of the occurrence of the Triggering Event to cure to the satisfaction of PacifiCare or both parties mutually agree on a remedy prior to PacifiCare acting on Triggering Event as outlined in this Section. If the cure is not to the satisfaction of PacifiCare or if the remedy is not mutually agreed to within thirty (30) calendar days of PacifiCare notifying Medical Group, PacifiCare shall act on the terms and conditions outlined in this Section.
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Related to Triggering Event Conditions

  • Triggering Events The events referred to in Sections 3(f) and 5(a) hereof are as follows:

  • Triggering Event A "Triggering Event" shall have occurred if the Merger Agreement is terminated and Grantee then or thereafter becomes entitled to receive the Termination Fee pursuant to Section 8.5(b) of the Merger Agreement.

  • Termination Conditions This Agreement terminates upon the earlier of any of the following events: a.

  • PAYMENT CONDITIONS 6.01 Prices shall remain firm for the initial term of the Agreement and, thereafter, may be adjusted annually as provided in this paragraph. The County does not guarantee any minimum or maximum amount of dollars to be spent under this Agreement. 6.02 Negotiations for rate changes shall be commenced, by CONTRACTOR, a minimum of ninety days (90) prior to the expiration of the Agreement. Rate changes are not binding unless mutually agreed upon in writing by the County and the CONTRACTOR. 6.03 Invoice amounts shall be billed directly to the ordering department. 6.04 CONTRACTOR shall submit such invoice periodically or at the completion of services, but in any event, not later than 30 days after completion of services. The invoice shall set forth the amounts claimed by CONTRACTOR for the previous period, together with an itemized basis for the amounts claimed, and such other information pertinent to the invoice. The County shall certify the invoice, either in the requested amount or in such other amount as the County approves in conformity with this Agreement and shall promptly submit such invoice to the County Auditor-Controller for payment. The County Auditor-Controller shall pay the amount certified within 30 days of receiving the certified invoice.

  • Other Termination Events Subject to Section 6.4(b), this Agreement shall terminate with respect to all Parties upon the earliest to occur of (a) a written agreement among the Parties to terminate this Agreement, (b) the Closing and (c) the delivery of a written notice from the Majority Initial Consortium Members.