Common use of FRB Clause in Contracts

FRB. The Board of Governors of the Federal Reserve System, and any Governmental Authority succeeding to any of its principal functions. GAAP: Generally accepted accounting principles set forth from time to time in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the U.S. accounting profession), which are applicable to the circumstances as of the date of determination.