Adoption of IFRS Clause Samples

Adoption of IFRS. If at any time (x) the Borrower adopts IFRS with the agreement of its independent public accountants and (y) the SEC requires or permits United States reporting companies to utilize IFRS in lieu of GAAP for reporting purposes, the Borrower shall promptly notify the Lender in writing that it has elected to so use IFRS in lieu of GAAP and, upon any such notice, references herein to GAAP shall thereafter be construed to mean IFRS as in effect from time to time; provided that, to the extent that such election would affect any financial ratio set forth in this Agreement or requirement, (i) the Borrower shall provide to the Lender financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such election and (ii) if the Borrower or the Lender shall so request, the Lender and the Borrower shall negotiate in good faith to amend such ratio to preserve the original intent thereof in light of such election; provided that, until so amended, such ratio or requirement shall continue to be computed in accordance with GAAP prior to such election.
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Adoption of IFRS. It is expected that the Borrower will adopt International Financial Reports Standards (“IFRS”) effective January 1, 2011. Whereas the first time adoption of IFRS will result in an opening balance sheet as at January 1, 2011 with balances, including opening retained earnings (deficit), restated to comply with IFRS, the Administrative Agent and the Lenders hereby agree that the Tangible Net Worth threshold set forth in Section 11.1(o) will be amended as at January 1, 2011 to be correspondingly adjusted up or down, consistent with the change in the opening retained earnings (deficit) balance from generally accepted accounting principles to IFRS. Such amendment shall be proposed by the Borrower to the Administrative Agent and the Lenders in writing and be confirmed by the Administrative Agent, on behalf of the Majority Lenders, upon the Majority Lenders’ acceptance thereof provided that in the event the Borrower and the Majority Lenders cannot agree on such amendment, the provisions of Section 1.17 shall apply. The Borrower shall, in connection with the delivery of the financial statements and the financial covenant compliance certificate under this agreement for the Fiscal Quarter ended March 31, 2011, provide a reconciliation of the opening balance sheet as at January 1, 2011 between generally accepted accounting principles and IFRS. For greater certainty, the Administrative Agent and the Lenders agree that there shall not be a breach of any financial covenants by the Borrower arising solely from the change in the opening balance sheet balances as restated from generally accepted accounting principles to IFRS.
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Adoption of IFRS. It is expected that the Parent will adopt IFRS effective January 1, 2011. The Parent shall, in connection with the delivery of the financial statements and the financial covenant compliance certificate under this agreement for the Fiscal Quarter ended June 30, 2011, provide a reconciliation of the opening balance sheet as at January 1, 2011 between GAAP and IFRS. For greater certainty, the Administrative Agent and the Lenders agree that there shall not be a breach of any financial covenants by the Borrower arising solely from the change in the opening balance sheet balances as restated from GAAP to IFRS.
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Adoption of IFRS. It is expected that the Borrower will adopt IFRS effective January 1, 2011. The Borrower shall, in connection with the delivery of the financial statements and the financial covenant compliance certificate under this Agreement for the Fiscal Quarter ended June 30, 2011, provide a reconciliation of the opening balance sheet as at January 1, 2011 between GAAP and IFRS. For greater certainty, the Administrative Agent and the Lenders agree that there shall not be a breach of any financial covenants by the Borrower arising solely from the change in the opening balance sheet balances as restated from GAAP to IFRS.
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Related to Adoption of IFRS

  • Notification of Incidents If Contractor becomes aware of or has reasonable suspicion of a privacy incident or security incident regarding any State data, Contractor must report such incident to the State and the State Chief Information Security Officer as soon as possible, but no later than twenty-four (24) hours after such incident. The decision to notify the affected data subjects and the form of such notice following report of a privacy incident or security incident are the responsibility of the State. Notwithstanding anything to the contrary in this Contract, Contractor will indemnify, hold harmless and defend the State and its officers, and employees for and against any claims, damages, costs and expenses related to any privacy incident or security incident involving any State data. For purposes of clarification, the foregoing sentence shall in no way limit or diminish Contractor’s obligation(s) to indemnify, save, hold harmless, or defend the State under any other term of this Contract. Contractor will reasonably mitigate any harmful effects resulting from any privacy incident or security incident involving any State data.

  • Notification of Individuals To notify individuals of the breach or unauthorized use or disclosure when notification is required under state or federal law and to pay any costs of such notifications, as well as any costs associated with the breach. The County Compliance Manager shall approve the time, manner and content of any such notifications.

  • Duration of Insurance Contribution An employee is eligible for School District contributions as provided in this Article as long as an employee is employed by the School District. Employees whose employment terminates during the school year will be eligible for insurance and district contributions to insurance through the end of the month in which they terminate provided they pay the employee portion of the insurance premium for that month. Otherwise, the employee’s insurance will terminate as of the last day of employment.

  • Protection of Investments 1. All investments made by investors of either Contracting Party shall enjoy, in the territory of the other contracting party fair and equitable treatment. 2. Subject to the measures necessary for the maintenance of public order, such investments will enjoy a constant protection and security, excluding any unjustified or discriminatory measure which could adversely affect, in law or in fact, management, maintenance, use, enjoyment or disposal of such investments.

  • Termination of Investment The obligation of the Investor to make an Advance to the Company pursuant to this Agreement shall terminate permanently (including with respect to an Advance Date that has not yet occurred) in the event that (i) there shall occur any stop order or suspension of the effectiveness of the Registration Statement for an aggregate of fifty (50) Trading Days, other than due to the acts of the Investor, during the Commitment Period, and (ii) the Company shall at any time fail materially to comply with the requirements of Article VI and such failure is not cured within thirty (30) days after receipt of written notice from the Investor, provided, however, that this termination provision shall not apply to any period commencing upon the filing of a post-effective amendment to such Registration Statement and ending upon the date on which such post effective amendment is declared effective by the SEC.