Change of Fiscal Periods Sample Clauses
The Change of Fiscal Periods clause establishes the conditions under which a company may alter its standard accounting or fiscal year periods. Typically, this clause outlines the process for notifying relevant parties, such as lenders or investors, and may require prior consent before any changes are made to the fiscal calendar. By providing a clear framework for modifying fiscal periods, the clause ensures transparency and consistency in financial reporting, thereby preventing confusion or disputes related to changes in accounting timelines.
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Change of Fiscal Periods. Change its Fiscal Year or any other fiscal period with respect to which it reports financial results hereunder or otherwise without the financial covenants and reporting obligations of Borrower hereunder which would be affected thereby having been amended in a manner acceptable to the Administrative Agent in its reasonable business judgment.
18. Section 7.1(a) of the Credit Agreement is hereby amended to read in its entirety as follows:
(a) Within thirty (30) days after the end of each calendar month commencing with the calendar month ending June 30, 2006 (other than the calendar months ending each Fiscal Quarter, for which the period shall be forty-five (45) days, and excluding the Fiscal Quarter ending December 31, for which the period shall be sixty (60) days), the consolidated balance sheet of Borrower and its Subsidiaries as at the end of such calendar month and the consolidated statements of income and operations for such calendar month, and the portion of the Fiscal Year ended with such calendar month, all in reasonable detail. Such financial statements shall be certified by the president or chief financial officer of Borrower as fairly presenting the financial condition and results of operations of Borrower and its Subsidiaries in accordance with GAAP (other than footnote disclosures), consistently applied, as at such date and for such periods, subject only to normal year-end accruals and audit adjustments.
19. Section 7.1(b) of the Credit Agreement is hereby amended to read in its entirety as follows:
Change of Fiscal Periods. Change its Fiscal Year or any other fiscal period with respect to which it reports financial results hereunder or otherwise.
Change of Fiscal Periods. FOC will not, and will not permit any Subsidiary to, have a fiscal year other than one coinciding with the calendar year or have any fiscal quarter other than once coinciding with a calendar quarter.
Change of Fiscal Periods. The Company shall, for financial reporting purposes, cause its, and each of its Subsidiaries’ (a) fiscal years to end on December 31 of each year and (b) fiscal quarters to end on March 31, June 30, September 30 and December 31 of each year.
Change of Fiscal Periods. FTO will not, and will not permit any Subsidiary to, have a fiscal year other than one coinciding with the calendar year or have any fiscal quarter other than once coinciding with a calendar quarter.