Designated Standard definition

Designated Standard means generally accepted accounting principles or international financial reporting standards, as selected by NMAC.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Designated Standard means a technical specification that is:

Designated Standard means: (a) with respect to the Borrower, GAAP or IFRS (provided, that unless such standards are GAAP, any Financial Statements prepared in accordance therewith shall include a reconciliation to GAAP, certified by the Independent Auditor); and (b) with respect to any Person other than the Borrower, any of GAAP, IFRS or other applicable and appropriate generally accepted accounting principles to which such Person is subject and that may be applicable thereto from time to time. “DOE” has the meaning given to such term in the preamble hereto. “DOE Extraordinary Expenses” means, in connection with any technical, financial, legal or other difficulty experienced by the Project (e.g. engineering failure or financial workouts) (including after Project Completion) or the Borrower that requires DOE to incur time or expenses (including third party expenses) beyond the costs and expenses DOE typically incurs in connection with monitoring and administration of the Financing Documents, in accordance with Section 1702(h) of Title XVII, the amounts that DOE determines are required to: (a) reimburse DOE’s additional internal administrative costs (including any costs to determine whether an amendment or modification would be required that could constitute a “modification” (as defined in Section 502(9) of FCRA)); and (b) any related fees and expenses of the Guaranteed Party Advisors to the extent not paid directly by or on behalf of the Borrower.

Examples of Designated Standard in a sentence

• As of the Effective Date or the date of delivery of such Financial Statements pursuant to Section 8.01 (Financial Statements), as applicable, or the respective date of such Financial Statements, whichever is earlier, neither the Borrower nor the Sponsor has incurred or assumed any liabilities or obligations that would be required to be disclosed in accordance with the Designated Standard and which are not reflected in such Financial Statements or the notes thereto.

• Such Financial Statements reflect all liabilities or obligations of the Sponsor and its Subsidiaries of any nature whatsoever for the period to which such Financial Statements relate that are required to be disclosed in accordance with the Designated Standard.

• Such Financial Statements reflect all liabilities or obligations of the relevant Obligor of any nature whatsoever for the period to which such Financial Statements relate that are required to be disclosed in accordance with the Designated Standard.

• DOE shall have received audited annual Financial Statements of each of the Borrower and the Sponsor for the immediately preceding fiscal year certified by a Responsible Officer of the Borrower as fairly presenting, in all material respects, the financial condition of the Borrower Entities, the results of its operations and its cash flows for the periods indicated, in each case, in accordance with the Designated Standard applied on a basis consistent with prior years.

• As of the Effective Date or the date of delivery of such Financial Statements pursuant to Section 8.01 (Financial Statements) of the Loan Agreement, as applicable, or the respective date of such Financial Statements, whichever is earlier, the Sponsor has not incurred or assumed any liabilities or obligations that would be required to be disclosed in accordance with the Designated Standard and which are not reflected in such Financial Statements or the notes thereto.

• Such Financial Statements reflect all liabilities or obligations of the Sponsor or the Borrower, as applicable, of any nature whatsoever for the period to which such Financial Statements relate that are required to be disclosed in accordance with the Designated Standard.

• As of the Effective Date or the date of delivery of such Financial Statements pursuant to Section 8.01 (Financial Statements), as applicable, or the respective date of such Financial Statements, whichever is earlier, neither the Sponsor nor the Borrower, as applicable, has incurred or assumed any liabilities or obligations that would be required to be disclosed in accordance with the Designated Standard and which are not reflected in such Financial Statements or the notes thereto.

• Each of the Historical Financial Statements and each Financial Statement of the Sponsor delivered to DOE pursuant to Section 8.01 (Financial Statements) of the Loan Agreement is complete and correct, has been prepared in accordance with the Designated Standard and presents fairly, in all material respects, the financial condition of the Sponsor, as applicable, as of the respective dates of the Financial Statements for the respective periods covered therein.

• Each of the Historical Financial Statements and each Financial Statement of the Borrower delivered to DOE pursuant to Section 8.01 (Financial Statements) is complete and correct, has been prepared in accordance with the Designated Standard and presents fairly, in all material respects, the financial condition of the Borrower or Sponsor, as applicable, as of the respective dates of the Financial Statements for the respective periods covered therein.