Adverse Accounting Effect definition
Adverse Accounting Effect means, with regard to a proposed Substitution (or, in the case of clause (i) below, a proposed refinancing), that completion of such Substitution (or, in the case of clause (i) below, refinancing) would have a material adverse effect on the leveraged lease accounting, in accordance with GAAP, for the Overall Transaction reasonably anticipated by Owner Participant consisting of one or more of the following: (i) a requirement to add liabilities on Owner Participant’s balance sheet, (ii) deferral of earnings, (iii) acceleration of book loss, in each case that would be materially adverse to Owner Participant.