Change in GAAP. Upon written notice to the Administrative Agent, Holdings, the Borrowers and the Restricted Subsidiaries may elect to apply generally accepted accounting principles in the United States, as in effect from time to time (“U.S. GAAP”), in lieu of GAAP, which change shall take effect at the end of such fiscal quarter or year specified by the Borrowers and in which case all accounting terms (including financial ratios and other financial calculations for the Test Period then ended and all subsequent periods) required to be submitted pursuant to this Agreement shall be prepared in conformity with U.S. GAAP. As of such effective date, at the request of the Borrowers the Administrative Agent shall enter into and is hereby authorized by the Lenders to enter into an amendment to this Agreement which shall provide for and give effect to the change in GAAP.
Appears in 4 contracts
Samples: Syndicated Facility Agreement, Syndicated Facility Agreement (DTZ Jersey Holdings LTD), Syndicated Facility Agreement (DTZ Jersey Holdings LTD)
