GAAP consistently applied means GAAP as used and implemented by the Company applied on a consistent basis during the term of this Agreement.
GAAP consistently applied means GAAP using the same accounting methods, policies, practices, and procedures, with consistent classification, judgments, and estimation methodology, as were used by the Company in preparing the Balance Sheet.
GAAP consistently applied means GAAP: (A) using the same accounting methods, policies, practices, and procedures, with consistent classification, judgments, and estimation methodology, as were used by the Company in preparing the Balance Sheet to the extent consistent with GAAP; (B) not taking into account any changes in circumstances or events occurring after the opening of business on the Closing Date, except to the extent such changes provide indications of conditions on the Closing Date; and (C) in no event reducing the respective amounts or reserves and accruals for the Company from the amounts included in the Balance Sheet except to reflect (i) cash payments made by the Company subsequent to the date of the Balance Sheet, and (ii) changes in circumstances or events occurring between the date of the Balance Sheet and the Closing Date, but only if such changes either definitively resolve or otherwise conclusively establish the amount of the liability exposure with respect to which the reserve in question has been established.
Examples of GAAP consistently applied in a sentence
The undersigned certifies that these are prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes.
The Company shall keep and cause each subsidiary to keep adequate records and books of account, in which complete entries will be made in accordance with GAAP consistently applied, reflecting all financial transactions of the Company and its subsidiaries, and in which, for each fiscal year, all proper reserves for depreciation, depletion, obsolescence, amortization, taxes, bad debts and other purposes in connection with its business shall be made.
Maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of the Borrower or such Subsidiary, as the case may be.
The Company shall keep and cause each Subsidiary to keep adequate records and books of account, in which complete entries will be made in accordance with GAAP consistently applied, reflecting all financial transactions of the Company and its Subsidiaries, and in which, for each fiscal year, all proper reserves for depreciation, depletion, obsolescence, amortization, taxes, bad debts and other purposes in connection with its business shall be made.
The Officer certifies that these are prepared in accordance with Generally Accepted Accounting Principles (GAAP) consistently applied from one period to the next except as explained in an accompanying letter or footnotes.
More Definitions of GAAP consistently applied
GAAP consistently applied means GAAP (A) using the same accounting methods, policies, practices, and procedures, with consistent classification, judgments, and estimation methodology, as were used by the Seller in preparing the Balance Sheet, (B) not taking into account any changes in circumstances or events occurring after the opening of business on the Closing Date, except to the extent such changes provide indications of conditions on the Closing Date and (C) in no event reducing the respective amounts or reserves and accruals for the Seller from the amounts included in the Balance Sheet except to reflect (i) cash payments made by the Seller subsequent to the date of the Balance Sheet and (ii) changes in circumstances or events occurring between the date of the Balance Sheet and the Closing Date, but only if such changes either definitively resolve or otherwise conclusively establish the amount of the liability exposure with respect to which the reserve in question has been established.
GAAP consistently applied means GAAP (A) using the same accounting methods, policies, practices and procedures, with consistent classification, judgments and estimation methodology to the extent consistent with GAAP, as were used by Seller in preparing the 2005 Audited Financial Statements and (B) in no event reducing the respective amounts of reserves and accruals for Seller from the amounts included in the 2005 Audited Financial Statements except to reflect (i) cash payments made by Seller subsequent to the date of the 2005 Audited Financial Statements or (ii) changes in facts, events or circumstances occurring between the date of the 2005 Audited Financial Statements and the Closing Date (and/or additional information or insight regarding any facts, events or circumstances that existed before or after the date of the 2005 Audited Financial Statements) that, based on the same accounting methods, policies, practices and procedures as were used by Seller in preparing the 2005 Audited Financial Statements and with consistent classification, judgment and estimation methodology, require or otherwise justify a reduction in the amount of any such reserves or accruals.
GAAP consistently applied means GAAP applied on a basis consistent with the accounting methodologies, practices, estimation techniques, assumptions and principles used by Seller as of the date hereof and the principles set forth on Section 1.2(e) of the Seller Disclosure Letter.
GAAP consistently applied means GAAP consistent with the Seller’s historical practices.
GAAP consistently applied means GAAP (A) using the same accounting methods, policies, practices, and procedures, with consistent classification, judgments, and estimation methodology, as were used by the Company in preparing the Balance Sheet and (B) not taking into account any changes in circumstances or events occurring after the close of business on the Closing Date. For the avoidance of doubt, in the event of a conflict between (i) GAAP and (ii) the accounting methods, policies, practices, and procedures, with consistent classification, judgments, and estimation methodology used by the Company in preparing the Balance Sheet, the latter shall prevail. Notwithstanding any of the foregoing, the following accounting policies are deemed GAAP Consistently Applied for the purposes of calculating Working Capital: (x) all intercompany balances are to be reconciled and eliminated and (y) with respect to accrued bonuses, (a) accrued bonuses are to be included in “current liabilities” for the calculation of Working Capital only to the extent that these have accrued in respect of the current financial year and are based on performance in the current financial year and the applicable bonus scheme rules, (b) these bonuses are to be accrued on a straight line pro rata time apportioned basis, less any related bonus payments, (c) any unpaid bonuses accrued in respect of prior financial years are not to be included in “current liabilities” and (d) these principles articulated in this clause (y) shall be applied to any accrued bonus amounts under “accrued bonus,” “other accrued liabilities” and under any other balance sheet captions.
GAAP consistently applied means GAAP using the same accounting methods, principles, policies, practices, and procedures, with consistent classification, judgments, and estimation methodology, as were used in preparing the Recent Financial Statements (provided that if there is any difference between such principles and GAAP then such principles shall apply) and (i) not taking into account any changes in circumstances or events occurring after the opening of business on the Closing Date; (ii) not including any purchase accounting or other adjustment arising out of the consummation of the transactions contemplated by this Agreement; (iii) not reflecting, directly or indirectly, any additional reserve or accrual (not including amounts thereof) that is not reflected on the Recent Balance Sheet, and (iv) not introducing any new class or classes of liabilities, asset reserves or valuation allowances in the determination of Net Working Capital that were not used in determining the Reference Amount.
GAAP consistently applied has the meaning set forth in Section 2.4(b).