Variable Interest Entities definition
Examples of Variable Interest Entities in a sentence
For the avoidance of doubt, Subsidiaries that are Variable Interest Entities are included in the consolidated financial statements of the Borrower and its Subsidiaries and are included in the determination of any amount for the Borrower and its Subsidiaries on a consolidated basis or any similar reference.
As of the Closing Date, the Borrower has no Variable Interest Entities.
The Company controls its Variable Interest Entities through a series of contractual arrangements, and there is no enforceable agreement or understanding to rescind, amend or change the nature of such captive structure or any material terms of such contractual arrangements.
If Buyer or one of its Affiliates determines that, under the Financial Accounting Standards Board’s revised Interpretation No. 46, Consolidation of Variable Interest Entities (“FIN 46”), it may hold a variable interest in Seller, but it lacks the information necessary to make a definitive conclusion, Seller hereby agrees to provide sufficient financial and ownership information so that Buyer or its Affiliate may confirm whether a variable interest does exist under FIN 46.
Each Lender and the Administrative Agent hereby acknowledges and agrees that Nexstar Media and its Subsidiaries and Variable Interest Entities of Nexstar Media may be required to restate historical financial statements as the result of the implementation of changes in GAAP, or the respective interpretation thereof, and that such restatements, solely as a result of such requirement to restate, will not result in a Default or an Event of Default under the Loan Documents.