Mexican GAAP definition

Mexican GAAP means, generally accepted accounting principles in Mexico as in effect from time to time, except that for purposes of Section 10.05, Mexican GAAP shall be determined on the basis of such principles in effect on the date hereof and consistent with those used in the preparation of the most recent audited financial statements referred to in Section 7.05. In the event that any change in Mexican GAAP shall occur and such change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then the Issuer and the Administrative Agent agree to enter into negotiations in order to amend such provisions of this Agreement so as to equitably reflect such change in Mexican GAAP with the desired result that the criteria for evaluating the Issuer's financial condition shall be the same after such change as if such change had not been made. Until such time as such an amendment shall have been executed and delivered by the Issuer, the Administrative Agent and the Required Lenders, all financial covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such change in Mexican GAAP had not occurred.
Mexican GAAP means financial reporting standards in Mexico and the accounting principles and policies of the Company and its Restricted Subsidiaries, in each case as in effect from time to time, or any financial reporting standards authorized by the Mexican Comisión Nacional Bancaria y de Valores and applied by the Company. All ratios and computations shall be computed in conformity with Mexican GAAP.
Mexican GAAP means generally accepted accounting principles in Mexico in effect on the Issue Date.

Examples of Mexican GAAP in a sentence

  • Results are prepared in accordance with Mexican GAAP (Generally Accepted Accounting Principles).

  • Loan impairment charges and other differences in presentation under IFRS Mexican GAAP Loan impairment charges are calculated following the rules issued by the Mexican Ministry of Finance and the National Banking and Securities Commission.

  • Basis of presentation and consolidation Financial statements of the ICA and subsidiaries (the Company) are prepared in accordance with Mexican GAAP.

  • All accounting and financing terms not specifically defined herein shall be construed in accordance with Mexican GAAP.

  • Except as set forth in CLAUSE 2.7 of the ----------------------- Disclosure Schedule, the Company has no liability (whether absolute or contingent, liquidated or non-liquidated and whether due or to become due) which by its nature should have been known and which would have been required by Mexican GAAP to be reflected on a balance sheet, except for liabilities shown on the balance sheet referred to in Clause 2.6 (the "Most Recent Balance Sheet").

More Definitions of Mexican GAAP

Mexican GAAP has the meaning set forth in Section 1.03.
Mexican GAAP means, as applicable, (i) Mexican Generally Accepted Accounting Principles (Principios de Contabilidad Generalmente Aceptados) issued by the Mexican Accounting Principles Commission of the Mexican Institute of Public Accountants effective until December 31, 2005, (ii) the Mexican Financial Information Standards (Normas de Información Financiera) issued by the Mexican Council for the Research and Development of Financial Information Standards, effective from January 1, 2006, as amended from time to time, or (iii) IFRS as in effect as of January 1, 2012 or earlier should the Company elect to apply them earlier than that date pursuant to Transitory Article Third of the January 27, 2009 amendments to the Disposiciones de Carácter General Aplicables a las Emisoras de Valores y a Otros Participantes del Xxxxxxx de Valores in effect from time to time in Mexico.