Common use of GAAP Changes Clause in Contracts

GAAP Changes. Notwithstanding anything to the contrary set forth herein, if changes in GAAP from those used in the preparation of the Borrower's Financial Statements for the Fiscal Year ended April 30, 1996 ("GAAP Changes") hereafter occasioned by the promulgation of rules, regulations, pronouncements and opinions by or required by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants (or successors thereto or agencies with similar functions) result in a change in the method of calculation of, or in different components in, any of the financial covenants, definitional provisions, standards of other terms or conditions found in this Agreement, (i) the parties hereto agree to enter into negotiations with respect to amendments to this Agreement to conform those covenants, definitional provisions, standards or other terms and conditions as criteria for evaluating the Borrower's financial condition and performance to substantially the same criteria as were effective prior to such GAAP Change, and (ii) the Borrower shall be deemed to be in compliance with the affected covenant or other provision during the thirty (30) day period following any such GAAP Change if and to the extent that the Borrower would have been in compliance therewith under GAAP as in effect immediately prior to such GAAP Change; provided, however, that this Section 13.21 shall not be deemed to require the Borrower or the Bank to agree to modify any provision of this Agreement or the Other Documents to reflect any such GAAP Change and, if the parties, in their sole discretion, fail to reach agreement on such modifications prior to the end of the thirty (30) day period referred to in clause (ii), the terms of this Agreement shall remain unchanged and the compliance of the Borrower with the financial covenants and other provisions contained herein shall, upon the expiration of such thirty (30) day period, be calculated in accordance with GAAP without giving effect to such GAAP Change.

GAAP Changes. Notwithstanding anything to the contrary set forth herein, if If any changes in GAAP from those used in the preparation of the Borrower's Financial Statements for the Fiscal Year ended April 30financial statements dated as of December 31, 1996 referred to in Section 8.01(m) ("GAAP Changes") hereafter occasioned by the promulgation of rules, regulations, pronouncements and opinions by or required by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants (or successors thereto or agencies with similar functions) result in a change in the method of calculation of, or in different components in, any of the financial covenants, definitional provisions, standards of or other terms or conditions found in this Agreement, (i) the parties hereto agree to enter into negotiations with respect to amendments to this Agreement to conform those covenants, definitional provisions, standards or other terms and conditions as criteria for evaluating the Borrower's financial condition and performance to substantially the same criteria as were effective prior to such GAAP Change, and (ii) the Borrower shall be deemed to be in compliance with the affected covenant or other provision during the thirty (30) 90-day period following any such GAAP Change if and to the extent that the Borrower would have been in compliance therewith under GAAP as in effect immediately prior to such GAAP Change; provided, however, that this Section 13.21 1.02(b) shall not be deemed to require the Borrower or the Bank Lender to agree to modify any provision of this Agreement or the Other Documents any other Loan Document to reflect any such GAAP Change and, if the parties, in their sole discretion, fail to reach agreement on such modifications prior to the end of the thirty (30) 90-day period referred to in clause (ii), the terms of this Agreement shall remain unchanged and the compliance of the Borrower with the financial covenants and other provisions contained herein shall, upon the expiration of such thirty (30) 90-day period, be calculated in accordance with GAAP without giving effect to such GAAP Change.

GAAP Changes. Notwithstanding anything to the contrary set forth herein, if If any changes in GAAP from those used in the preparation of the Borrower's Financial Statements for the Fiscal Year ended April 30, 1996 financial statements referred to in Section 9.01(p) ("GAAP Changes") hereafter occasioned by the promulgation of rules, regulations, pronouncements and opinions by or required by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants (or successors thereto or agencies with similar functions) result in a change in the method of calculation of, or in different components in, any of the financial covenants, definitional provisions, standards of or other terms or conditions found in this Agreement, (i) the parties hereto agree to enter into negotiations with respect to amendments to this Agreement to conform those covenants, definitional provisions, standards or other terms and conditions as criteria for evaluating the Borrower's financial condition and performance to substantially the same criteria as were effective prior to such GAAP Change, and (ii) the Borrower shall be deemed to be in compliance with the affected covenant or other provision during the thirty (30) 60-day period following any such GAAP Change if and to the extent that the Borrower would have been in compliance therewith under GAAP as in effect immediately prior to such GAAP Change; provided, however, that this Section 13.21 1.02(b) shall not be deemed to require the Borrower Borrower, the Agent or the Bank Banks to agree to modify any provision of this Agreement or the Other Documents any other Loan Document to reflect any such GAAP Change and, if the parties, in their sole discretion, fail to reach agreement on such modifications prior to the end of the thirty (30) 60-day period referred to in clause (ii), the terms of this Agreement shall remain unchanged and the compliance of the Borrower with the financial covenants and other provisions contained herein shall, upon the expiration of such thirty (30) 60-day period, be calculated in accordance with GAAP without GAAP-giving effect to such GAAP Change.