Common use of Accounting Terms and Calculations Clause in Contracts

Accounting Terms and Calculations. Except as may be expressly provided to the contrary herein, all accounting terms used herein shall be interpreted and all accounting determinations hereunder shall be made in accordance with GAAP. To the extent any change in GAAP affects any computation or determination required to be made pursuant to this Agreement, such computation or determination shall be made as if such change in GAAP had not occurred unless the Borrowers and the Majority Banks agree in writing on an adjustment to such computation or determination to account for such change in GAAP. For the avoidance of doubt, for the purposes of determining whether a Borrower is solvent or insolvent, rights of contribution or reimbursement against other Borrowers for obligations owed on a joint and several basis may be taken into consideration.