Common use of Generally Accepted Accounting Principles or GAAP Clause in Contracts

Generally Accepted Accounting Principles or GAAP. When used in §§9.1 and 10, whether directly or indirectly through reference to a capitalized term used therein, means (A) generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are in effect for the fiscal year ended on the Balance Sheet Date, consistently applied, and (B) to the extent consistent with such principles, the accounting practice of Ryder reflected in its financial statements for the year ended on the Balance Sheet Date, and (ii) when used in general, other than as provided above, means (A) generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied, and (B) consistently applied with past financial statements of Ryder adopting the same principles, provided that in each case referred to in this definition of “generally accepted accounting principles” a certified public accountant would, insofar as the use of such accounting principles is pertinent, be in a position to deliver an unqualified opinion (other than a qualification regarding changes in generally accepted accounting principles) as to financial statements in which such principles have been properly applied.

Generally Accepted Accounting Principles or GAAP. When used in §§9.1 and §10, whether directly or indirectly through reference to a capitalized term used therein, means (A) generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are in effect for the fiscal year ended on the Balance Sheet Date, consistently applied, and (B) to the extent consistent with such principles, the accounting practice of Ryder reflected in its financial statements for the year ended on the Balance Sheet Date, and (ii) when used in general, other than as provided above, means (A) generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied, and (B) consistently applied with past financial statements of Ryder adopting the same principles, provided that in each case referred to in this definition of “generally accepted accounting principles” a certified public accountant would, insofar as the use of such accounting principles is pertinent, be in a position to deliver an unqualified opinion (other than a qualification regarding changes in generally accepted accounting principles) as to financial statements in which such principles have been properly applied.