Accounting and Financial Determinations; Fiscal Year/Fiscal Quarter Clause Samples

Accounting and Financial Determinations; Fiscal Year/Fiscal Quarter. (a) Unless otherwise specified, all accounting terms used in each Credit Document shall be interpreted, and all accounting determinations and computations thereunder (including under Article IX and the definitions used in such calculations) shall be made, in accordance with GAAP applied in the preparation of the most recent financial statements referred to in Section 5.1(e)(i). If any preparation in the financial statements referred to in Section 7.1 hereafter occasioned by the promulgation of rules, regulations, pronouncements and opinions by or required by the Financial Accounting Standards Board or the American Institute of Certified Public Accountants (or successors thereto or agencies with similar functions) results in a change in any results, amounts, calculations, ratios, standards or terms found in this Agreement from those which would be derived or be applicable absent such changes, the Borrowers may reflect such changes in the financial statements required to be delivered pursuant to Section 7.1, but calculations of the financial covenants set forth in Article IX shall be made without giving effect to any such changes. Upon the request of the Borrowers or any Secured Party, the parties hereto agree to enter into negotiations in order to amend the financial covenants and other terms of this Agreement if there occur any changes in GAAP that have a material effect on the financial statements of the Borrowers, so as to equitably reflect such changes with the desired result that the criteria for evaluating the financial condition of the Borrowers and such other terms shall be the same in all material respects after such changes as if the changes had not been made. Unless otherwise expressly provided, all financial covenants and defined financial terms shall be computed on a consolidated basis for the Borrowers, in each case without duplication. (b) If, on the Consolidated Amendment Date, the fiscal year and fiscal quarter schedule of PAMT shall not be identical to the fiscal year and fiscal quarter schedule of Turtle Beach immediately prior to Consolidated Amendment Date, the Borrowers shall, as soon as practicable, change the fiscal year end and fiscal quarter end of any Obligor such that the fiscal year and fiscal quarter end schedules of all Obligors are identical. Prior to the conversion thereof, the Borrower shall maintain a set of books and records of PAMT on both its fiscal year and fiscal quarter schedule and the fiscal year and fiscal quarter...