Agreed Accounting Principles Sample Clauses

The 'Agreed Accounting Principles' clause defines the specific set of accounting standards and methods that both parties consent to use for financial calculations and reporting under the agreement. This clause typically outlines whether generally accepted accounting principles (GAAP), International Financial Reporting Standards (IFRS), or a customized set of rules will govern the preparation of financial statements, and may specify how certain items like revenue recognition or asset valuation are to be treated. By establishing a clear and mutually accepted accounting framework, the clause ensures consistency and transparency in financial reporting, reducing the risk of disputes over financial data and interpretations.
Agreed Accounting Principles. (a) Bidco shall procure that all financial statements of the Group or of any Borrower delivered or to be delivered to the Facility Agent under this Agreement shall be prepared in accordance with Applicable GAAP save as provided in Clause 19.4 (Financial Statements). If such financial statements are prepared on a different accounting basis to Applicable GAAP, including on the basis of IFRS (with the exception of financial statements delivered in accordance in Clause 19.4 (Financial Statements): (i) Bidco shall promptly so notify the Facility Agent; (ii) Bidco and the Facility Agent (on behalf of the Lenders) shall promptly after such notification enter into negotiations in good faith with a view to agreeing (i) such amendments to Clause 20 (Financial Covenants of Bidco and the Other Obligors) and 21 (Capital Expenditure) and/or the definitions of any or all of the terms used therein as are necessary to give the Lenders and Bidco comparable protection to that contemplated at the date of this Agreement and (ii) any other amendments to this Agreement which are necessary to ensure that the adoption by the Group of such different accounting basis (including IFRS) does not result in any material alteration in the commercial effect of the obligations of any Obligor in the Finance Documents; (iii) if amendments satisfactory to the Majority Lenders are agreed by Bidco and the Facility Agent in writing within 30 days of such notification to the Facility Agent, those amendments shall take effect in accordance with the terms of that agreement; (iv) if such amendments are not so agreed within 30 days, within 15 days after the end of that 30 day period, Bidco shall deliver to the Facility Agent: (A) in reasonable detail and in a form satisfactory to the Facility Agent, details of all such adjustments as need to be made to the relevant financial statements in order to reflect the Applicable GAAP at the date of delivery of the relevant financial statements; and (B) sufficient information, in form and substance as may be reasonably required by the Facility Agent, to enable the Lenders to determine whether Clause 20 (Financial Covenants Of Bidco And The Other Obligors) and 21 (Capital Expenditure) have been complied with. (b) No alteration may be made to the financial year end of the Parent without the prior written consent of the Facility Agent (acting on the instructions of the Majority Lenders) (in which event the Facility Agent may require such changes to the financial c...
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Agreed Accounting Principles. For purposes of the Agreement, “
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Agreed Accounting Principles. 7 Agreement ....................................... 1
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Agreed Accounting Principles. Seller records a current asset for prepaid expenses when the amount paid in advance is greater than and the coverage period is greater than or equal to twelve months. The exception to the above is prepaid expenses with regards to package insurance policy premiums; which are paid on a quarterly basis and are always recorded as a current asset. During the monthly closing process, all prepaid expenses are adjusted to remove the expired portion of the expense from the balance sheet to the income statement in accordance with generally accepted accounting principles.
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Agreed Accounting Principles. The Completion Date Net Asset Statement must be prepared and audited in accordance with the Agreed Accounting Principles.
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Agreed Accounting Principles. Agreed Accounting Principles" shall ---------------------------- mean Generally Accepted Accounting Principles as modified by those principles and practices generally described on Schedule 5.6 attached hereto.
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Agreed Accounting Principles. 2.05(c) Arbitrator ............................................... 1.03(b)(iii) Audited Financial Statements ............................. 2.05(b) Benefit Arrangements ..................................... 9.01(d) Books and Records ........................................ 5.02(a) Book Value ............................................... 1.03(a) Business ................................................. 9.01(a) Buyer ....................................................
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Related to Agreed Accounting Principles

  • Accounting Principles Where the character or amount of any asset or liability or item of income or expense is required to be determined or any consolidation or other accounting computation is required to be made for the purposes of this Agreement, it shall be done, unless otherwise specified herein, in accordance with GAAP.

  • Generally Accepted Accounting Principles Wherever in this Agreement reference is made to generally accepted accounting principles, such reference shall be deemed to be the recommendations at the relevant time of the Canadian Institute of Chartered Accountants, or any successor institute, applicable on a consolidated basis (unless otherwise specifically provided herein to be applicable on an unconsolidated basis) as at the date on which a calculation is made or required to be made in accordance with generally accepted accounting principles. Where the character or amount of any asset or liability or item of revenue or expense is required to be determined, or any consolidation or other accounting computation is required to be made for the purpose of this Agreement or any document, such determination or calculation shall, to the extent applicable and except as otherwise specified herein or as otherwise agreed in writing by the parties, be made in accordance with generally accepted accounting principles applied on a consistent basis.

  • Operating Principles The operations of the Bank shall be conducted in accordance with the principles set out below. 1. The Bank shall be guided by sound banking principles in its operations. 2. The operations of the Bank shall provide principally for the financing of specific projects or specific investment programs, for equity investment, and for technical assistance in accordance with Article 15. 3. The Bank shall not finance any undertaking in the territory of a member if that member objects to such financing. 4. The Bank shall ensure that each of its operations complies with the Bank’s operational and financial policies, including without limitation, policies addressing environmental and social impacts. 5. In considering an application for financing, the Bank shall pay due regard to the ability of the recipient to obtain financing or facilities elsewhere on terms and conditions that the Bank considers reasonable for the recipient, taking into account all pertinent factors. 6. In providing or guaranteeing financing, the Bank shall pay due regard to the prospects that the recipient and guarantor, if any, will be in a position to meet their obligations under the financing contract. 7. In providing or guaranteeing financing, the financial terms, such as rate of interest and other charges and the schedule for repayment of principal shall be such as are, in the opinion of the Bank, appropriate for the financing concerned and the risk to the Bank. 8. The Bank shall place no restriction upon the procurement of goods and services from any country from the proceeds of any financing undertaken in the ordinary or special operations of the Bank. 9. The Bank shall take the necessary measures to ensure that the proceeds of any financing provided, guaranteed or participated in by the Bank are used only for the purposes for which the financing was granted and with due attention to considerations of economy and efficiency. 10. The Bank shall pay due regard to the desirability of avoiding a disproportionate amount of its resources being used for the benefit of any member. 11. The Bank shall seek to maintain reasonable diversification in its investments in equity capital. In its equity investments, the Bank shall not assume responsibility for managing any entity or enterprise in which it has an investment and shall not seek a controlling interest in the entity or enterprise concerned, except where necessary to safeguard the investment of the Bank.

  • Change in Accounting Principles If, after the date of this Agreement, there shall occur any change in GAAP from those used in the preparation of the financial statements referred to in Section 6.5 hereof and such change shall result in a change in the method of calculation of any financial covenant, standard or term found in this Agreement, either the Borrower or the Required Lenders may by written notice to the Lenders and the Borrower, respectively, require that the Lenders and the Borrower negotiate in good faith to amend such covenants, standards, and terms so as equitably to reflect such change in accounting principles, with the desired result being that the criteria for evaluating the financial condition of the Borrower and its Subsidiaries shall be the same as if such change had not been made. No delay by the Borrower or the Required Lenders in requiring such negotiation shall limit their right to so require such a negotiation at any time after such a change in accounting principles. Until any such covenant, standard, or term is amended in accordance with this Section 5.3, financial covenants shall be computed and determined in accordance with GAAP in effect prior to such change in accounting principles. Without limiting the generality of the foregoing, the Borrower shall neither be deemed to be in compliance with any financial covenant hereunder nor out of compliance with any financial covenant hereunder if such state of compliance or noncompliance, as the case may be, would not exist but for the occurrence of a change in accounting principles after the date hereof.

  • Funding Principles A Party which spends less than its allocated share of the Consortium Budget will be funded in accordance with its actual duly justified eligible costs only. A Party that spends more than its allocated share of the Consortium Budget will be funded only in respect of duly justified eligible costs up to an amount not exceeding that share.