Common use of Accounting Policy Clause in Contracts

Accounting Policy. The Parent agrees that it will not adopt any accounting policy or change the consistency of application of its accounting principles from GAAP (a) unless the revised policy and practice adopted from time to time is generally accepted in The Netherlands and/or in accordance with International Accounting Standards and (b) provided that prior to any revised policy and practice being adopted the Parent will notify the Agent thereof and, if required by the Agent, will either (i) negotiate in good faith with the Agent in order that the provisions of Clause 24 (Financial Condition) may be amended as may be necessary to grant to the Lenders protection comparable to that granted on the Effective Date or (ii) provide either financial statements on the same basis as before or provide financial statements containing a statement reconciling the previous and the then current accounting policy in order that the Agent may determine the financial condition of the Group having regard to the terms of this Agreement.