Applicable Accounting Principles Sample Clauses
The 'Applicable Accounting Principles' clause defines the specific set of accounting standards that must be used when preparing and presenting financial statements or records under the agreement. Typically, this clause will specify whether Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), or another recognized framework applies, and may also address which country's version of those standards is relevant. By clearly identifying the accounting rules to be followed, this clause ensures consistency, comparability, and transparency in financial reporting, thereby reducing the risk of misunderstandings or disputes over financial information.
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Applicable Accounting Principles. When conducting a verification of origin to which Generally Accepted Accounting Principles may be relevant, CBP will apply and accept the Generally Accepted Accounting Principles applicable in the country of production.
Applicable Accounting Principles. 10 Arbiter..........................................................................................................
Applicable Accounting Principles. (a) The Company shall procure that all its Financial Statements delivered or to be delivered to the Agent under this Agreement shall be prepared in accordance with the Applicable Accounting Principles, accounting practices and financial reference periods consistent with those applied in the Original Financial Statements and the Base Case Model. If such Financial Statements are prepared on a different accounting basis to the Applicable Accounting Principles (including in the case of a change of Applicable Accounting Principles), accounting practices and financial reference periods consistent with those applied in the Original Financial Statements and the Base Case Model:
(i) the Company shall promptly so notify the Agent;
(ii) if requested by the Agent (acting on the instructions of the Majority Lenders) following notification under paragraph (i) above, the Company must (or otherwise, if not requested by the Agent, the Company may) promptly supply to the Agent a full description of the change notified under paragraph (i) and a statement (the “Reconciliation Statement”) signed by the CEO or CFO of the Company;
(iii) the Company and the Agent (acting on the instructions of the Majority Lenders) on behalf of the Lenders) shall promptly after such notification enter into negotiations in good faith with a view to agreeing (A) such amendments to the terms contemplated in Clause 24 (Financial Covenant) and/or the definitions of any or all of the terms used therein as are necessary to give the Lenders (or the Group, as applicable) comparable protection to that contemplated at the date of this Agreement, (B) the Margin and (C) any other amendments to this Agreement which are necessary to ensure that the adoption by the Group or Reporting Entity Group of such different accounting basis does not result in any material alteration in the commercial effect of the obligations of the Company or any Obligor in the Finance Documents;
(iv) if amendments satisfactory to the Majority Lenders are agreed by the Company and the Agent (acting on the instructions of the Majority Lenders) in writing within thirty (30) days of such notification to the Agent, those amendments shall take effect in accordance with the terms of that agreement; and
(v) if such amendments are not so agreed within thirty (30) days, the Company shall promptly deliver to the Agent:
(A) in reasonable detail and in a form satisfactory to the Agent (acting on the instructions of the Majority Lenders), details ...
Applicable Accounting Principles. Unless otherwise specifically provided herein, any accounting term used in this Agreement shall have the meaning customarily given such term in accordance with Applicable Accounting Principles and all financial computations hereunder shall be computed in accordance with Applicable Accounting Principles consistently applied. That certain items or computations are explicitly modified by the phrase “in accordance with Applicable Accounting Principles” shall in no way be construed to limit the foregoing. If any Accounting Changes (as defined below in this Section 1.6) occur and such changes result in a change in the calculation of the financial covenant set forth in Section 14.2.1, standards or terms used in this Agreement or any other Loan Documents, then the Canadian Borrower, the Administrative Agent and the Lenders agree to enter into negotiations in good faith in order to amend such provisions of this Agreement so as to equitably reflect such Accounting Changes with the desired result that the criteria for evaluating Canadian Borrower’s and the Obligors’ financial condition shall be substantially the same after such Accounting Changes as if such Accounting Changes had not been made; provided, however, that the agreement of Required Lenders to any required amendments of such provisions shall be sufficient to bind all Lenders. “
Applicable Accounting Principles. The Closing Accounts shall be prepared in accordance with the following methods and principles (together with the definitions and Specific Accounting Treatments set out below the "Agreed Accounting Principles"), which shall apply in the order of priority shown below:
(1) The specific accounting principles set out in this Exhibit (including the definitions and Specific Accounting Treatments) below.
(2) The accounting principles, practices and policies applied in the preparation of the financial statements of the Company dated 31 December 2022
(3) Austrian GAAP as in force on 31 December 2022. For the avoidance of doubt, limb (1) shall take precedence over limbs (2) and (3) above and limb 2 above shall take precedence over limb 3 above.
Applicable Accounting Principles. The following will apply for purposes of calculating the Net Working Capital set forth in the Pre-Closing Statement, the Proposed Closing Statement and the Definitive Closing Statement:
Applicable Accounting Principles. The Closing Statement (and all calculations of Working Capital and the Cash Amount) shall be prepared and calculated (i) in accordance with GAAP, except that the Closing Statement (and all calculations of Working Capital and the Cash Amount) shall not include any purchase accounting or other adjustment arising out of the consummation of the transactions contemplated by this Agreement (except with respect to the implementation of the Pre-Closing Transactions) and (ii) consistent with the calculation of Working Capital as of June 30, 2013 attached as Schedule 10(WC).
Applicable Accounting Principles. If any financial statement of the Borrower delivered or to be delivered to the Agent under Clause 17.2(a) or 17.2(b) is not to be or, as the case may be, has not been prepared in accordance with Applicable Accounting Principles:
Applicable Accounting Principles. For purposes of this Agreement, the phrase "Applicable Accounting Principles" shall mean generally accepted accounting principles applied in a manner consistent with the accounting principles used in the preparation of, and reflected in, the Audited Financial Statements (as defined in Section 6.9), subject, however, to the following:
Applicable Accounting Principles. The Profit Statement (and all calculations of Independent Agent Net Profits) shall be prepared and calculated in accordance with GAAP as consistently applied by the Insurer (including calculating reserves in accordance with the same methodology used to calculate such reserves in preparation of the Interim Financial Statements), except that the Profit Statement (and all calculations of Independent Agent Net Profits) shall not include any purchase accounting or other adjustment arising out of the consummation of the transactions contemplated by this Agreement (except with respect to the implementation of the Pre-Closing Transactions).