Financial Statement Calculations Sample Clauses
The Financial Statement Calculations clause defines how financial figures and metrics are to be determined and reported under the agreement. It typically outlines the accounting standards or principles to be used, such as GAAP or IFRS, and may specify the treatment of particular items like revenue recognition, expenses, or adjustments for extraordinary events. This clause ensures consistency and transparency in financial reporting between the parties, reducing the risk of disputes over financial data and supporting accurate performance measurement or compliance with financial covenants.
Financial Statement Calculations. The financial covenant(s) set forth in the Section entitled “Negative Covenants” or in any subsection thereof shall, except as may be otherwise expressly provided with respect to any particular financial covenant, be calculated on the basis of the Borrower’s financial statements prepared on a consolidated basis with its Subsidiaries in accordance with GAAP. Except as may be otherwise expressly provided with respect to any particular financial covenant, if any financial covenant states that it is to be tested with respect to any particular period of time (which may be referred to therein as a “Test Period”) ending on any test date (e.g., a fiscal month end, fiscal quarter end, or fiscal year end), then compliance with that covenant shall be required commencing with the period of time ending on the first test date that occurs after the date of this agreement (or, if applicable, of the amendment to this agreement which added or amended such financial covenant).
Financial Statement Calculations. The financial covenant(s) set forth in Section 5.2 entitled "Financial Covenants", except as may be otherwise expressly provided with respect to any particular financial covenant, shall be calculated on the basis of the Borrower’s financial statements prepared on a consolidated basis with its Subsidiaries in accordance with GAAP, provided that, if after the date hereof there occurs any change in GAAP or in the application thereof on the operation of any provision hereof and the Bank notifies the Borrower that the Bank requests an amendment to any provision hereof for such purpose, regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such provision is amended in accordance herewith. Notwithstanding the foregoing, for purposes of determining compliance with any financial covenant contained herein, the effects of FASB Accounting Standards Update 2016- 02 (Topic 842) shall be disregarded.
Financial Statement Calculations. Any financial covenant(s) set forth in this Agreement shall, except as may be otherwise expressly provided with respect to any particular financial covenant, be calculated on the basis of the Borrower's financial statements prepared on a consolidated basis with its Subsidiaries in accordance with GAAP. Except as may be otherwise expressly provided with respect to any particular financial covenant, if any financial covenant states that it is to be tested with respect to any particular period of time (which may be referred to therein as a “Test Period”) ending on any test date (e.g., a fiscal month end, fiscal quarter end, or fiscal year end), then compliance with that covenant shall be required commencing with the period of time ending on the first test date that occurs after the date of this Agreement (or, if applicable, of the amendment to this Agreement which added or amended such financial covenant).
Financial Statement Calculations of the Credit Agreement captioned "Financial Statement Calculations" is hereby amended and restated to read as follows:
Financial Statement Calculations. The financial requirements set forth in this Article 9 shall be computed in accordance with GAAP (or, in the case of financial statements for non-Domestic Subsidiaries, similar accounting standards) applied on a basis consistent with financial statements previously submitted by the Borrower and Guarantors to the Bank. The financial covenants set forth in Article 10 shall be calculated on the basis of the Borrower's financial statements prepared on a consolidated basis with its Subsidiaries in accordance with GAAP (or, in the case of financial statements for non-Domestic Subsidiaries, similar accounting standards). I\15453359.12