PWC Audit definition
PWC Audit means PricewaterhouseCoopers Audit;
PWC Audit means that certain financial audit of the consolidated financial statements of Varsity Group Inc. and its subsidiaries for the year ending December 31, 2006, performed by PricewaterhouseCoopers LLP and reflecting the consolidated financial condition of Varsity Group Inc. and its subsidiaries, in accordance with GAAP, such audit to have been performed in accordance with GAAS.
PWC Audit means that certain financial audit of the consolidated financial statements of Varsity Group Inc. and its subsidiaries for the year ending December 31, 2006, performed by PricewaterhouseCoopers LLP and reflecting the consolidated financial condition of Varsity Group Inc. and its subsidiaries, in accordance with GAAP, such audit to have been performed in accordance with GAAS. "Request for Advance" means a certificate substantially in the form of Schedule 1.1(D) attached hereto and made a part hereof. "Reportable Event" means a "reportable event" as defined in Section 4043 of ERISA with respect to which the notice requirements to the PBGC have not been waived. "Revolving Note" means the Borrower's amended and restated promissory note, of even date, in the amount of Five Million and 00/100 Dollars ($5,000,000.00), payable to the order of the Lender, and evidencing Borrower's obligation to repay the Advances. "Single Employer Plan" means any Plan which is covered by Title IV of ERISA, but which is not a Multiemployer Plan. "Tangible Net Worth" means the value of Borrower's total assets (including leaseholds and leasehold improvements and reserves against assets, but excluding goodwill, patents, trademarks, trade names, organization expense, unamortized debt discount and expense, capitalized or deferred research and development costs, deferred marketing expenses, and other like intangibles, and monies due from Affiliates, officers, directors, employees, shareholders, members and managers of Borrower) less total liabilities, including but not limited to accrued and deferred income taxes. "Termination Event" means (i) with respect to any Plan, the occurrence of a Reportable Event or the substantial cessation of operations (within the meaning of Section 4062(e) of ERISA); (ii) the withdrawal of the Borrower or any of its subsidiaries or any ERISA Affiliate from a Multiple Employer Plan during a plan year in which it was a substantial employer (as such term is defined in Section 4001(a)(2) of ERISA), or the termination of a Multiple Employer Plan; (iii) the distribution of a notice of intent to terminate or the actual termination of a Plan pursuant to Section 4041(a)(2) or 4041A of ERISA; (iv) the institution of proceedings to terminate or the actual termination of a Plan by the PBGC under Section 4042 of ERISA; (v) any event or condition which might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer...
Examples of PWC Audit in a sentence
Notwithstanding anything herein to the contrary, in the event that the PWC Audit indicates that the Tangible Net Worth of Borrower as of December 31, 2006 is less than $12,000,000.00, such condition shall constitute an Event of Default under this Agreement.
The PWC Audit firm, one of the most renowned audit firms in India did the audit and actually encouraged the fraud by not highlighting that in the audit.