 What accounting principles are used in the case of a Foreign Subsidiary?
The Borrower shall, and shall cause each Restricted Subsidiary to, pay, discharge, or otherwise satisfy all material Tax liabilities of the Borrower and its Restricted Subsidiaries before the same shall become delinquent, except where the validity or amount thereof is being contested in good faith by appropriate proceedings and the Borrower or applicable Restricted Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP (or in the case of a Foreign Subsidiary, the comparable accounting principles in the relevant jurisdiction).
GAAP