GAAP Election definition

GAAP Election means, as of the end of any financial reporting period, the written election of Spark to prepare the financial statements of the Consolidated Companies in accordance with GAAP, rather than IFRS, provided any such election, once made, shall be irrevocable. Any calculation or determination in this Agreement that requires the application of IFRS for periods that include fiscal quarters ended prior to the GAAP Election shall remain as previously calculated or determined in accordance with IFRS. Following delivery to the Administrative Agent of a completed Compliance Certificate attaching the information required to be delivered for such financial reporting period, the Required Lenders and Loan Parties shall negotiate in good faith to amend (in a manner mutually satisfactory to the Required Lenders and Loan Parties) the thresholds or methods of calculation of any financial covenant, calculation or definition or competent applicable thereto in the Loan Documents, such that compliance therewith is neither more nor less burdensome (as determined by the Required Lenders in their reasonable discretion) to Loan Parties as a result of the GAAP Election and, thereafter, all references to GAAP or IFRS shall be deemed references to GAAP.
Sample 1Sample 2Sample 3
GAAP Election means, as of the end of any financial reporting period, the written election of Spark to prepare the financial statements of the Consolidated Companies in accordance with GAAP, rather than IFRS, provided any such election, once made, shall be irrevocable. Any calculation or determination in this Agreement that requires the application of IFRS for periods that include fiscal quarters ended prior to the GAAP Election shall remain as previously calculated or determined in accordance with IFRS. Following delivery to the Administrative Agent of a completed Compliance Certificate attaching the information required
Sample 1Sample 2
GAAP Election has the meaning set forth in Section 1.03.
Sample 1

Related to GAAP Election

  • 10) Election has the meaning set forth in Section 6.05(a).

  • LCA Election has the meaning specified in Section 1.09(a).

  • Section 336(e) Election has the meaning set forth in Section 7.06.

  • Primary election means any regular primary election held under the election

  • Election cycle means the period beginning on the first day persons are eligible to

  • Regular election means an election held on a regular election date to elect an individual to, or nominate an individual for, elective office in the regular course of the terms of that elective office.

  • Regular primary election means the election on the fourth Tuesday of June of

  • Election Year means a year in which ordinary elections for local governments are required to be held;

  • Distribution Election With respect to any Series, as specified in the related Supplement.

  • LCT Election has the meaning assigned to such term in Section 1.06.

  • Deferral Election means the Participant’s election under Section 3.1 to defer all or a portion of his or her Compensation.

  • Cash Election shall have the meaning set forth in Section 3.2.2.

  • Mixed Election has the meaning set forth in Section 3.01(b)(iii).

  • Investment Election means an election, made in such form as the Administrative Committee may direct, pursuant to which a Participant may elect the Investment Funds in which the amounts credited to his Account will be deemed to be invested.

  • Election Form means the form established from time to time by the Committee that a Participant completes, signs and returns to the Committee to make an election under the Plan.

  • Election Period means the period immediately preceding the beginning of each Plan Year established by the Administrator, such period to be applied on a uniform and nondiscriminatory basis for all Employees and Participants. However, an Employee's initial Election Period shall be determined pursuant to Section 5.1.

  • Payment Election means an election pursuant to Section 5.1.

  • Election Date has the meaning specified in Section 312(h).

  • IDR Reset Election has the meaning given such term in Section 5.11(a).

  • Qualified Election Period means the six Plan Year period beginning with the Plan Year in which the Participant first becomes a Qualified Participant.

  • Qualified Election means a Participant's waiver of a Qualified Joint and Survivor Annuity or a Qualified Pre-Retirement Survivor Annuity. Any such waiver must be consented to in writing by the Participant's Spouse. The Spouse's consent must: designate a specific Beneficiary (including any class of Beneficiaries or any contingent Beneficiaries, which may not be changed without spousal consent) or expressly permits designations by the Participant without any further spousal consent; acknowledge the effect of the election; and be witnessed by a member of the Committee or a Notary Public. Additionally, a Participant's waiver of the Qualified Joint and Survivor Annuity shall not be effective unless the election designates a form of benefit payment which may not be changed without spousal consent (or the Spouse expressly permits designations by the Participant without any further spousal consent). Notwithstanding this consent requirement, if the Participant establishes to the satisfaction of a member of the Committee that there is no Spouse or the Spouse cannot be located, a waiver will be deemed a Qualified Election. Any spousal consent (or deemed spousal consent) obtained under this provision will be valid only with respect to such Spouse. A consent that permits designations by the Participant without further consent by such Spouse must acknowledge that the Spouse has the right to limit consent to a specific Beneficiary and, where applicable, a specific form of benefit, and that the Spouse voluntarily elects to relinquish either or both of such rights. A revocation of a prior waiver may be made by a Participant without the consent of the Spouse at any time before the commencement of benefits. The number of revocations shall not be limited. No consent obtained under this provision shall be valid unless the Participant has received notice as provided in paragraph (b) below.

  • Stock Election shall have the meaning set forth in Section 3.2.2.

  • Extension Election has the meaning set forth in Section 2.16(c).

  • Distribution Election Form means the form established from time to time by the Plan Administrator that the Director completes, signs and returns to the Plan Administrator to designate the time and form of distribution.

  • Safe Harbor Election has the meaning set forth in Section 10.2(d).

  • Exchange Election shall have the meaning specified in Section 14.12(a).