 What accounting principles were used in the preparation of the consolidated financial information of the Borrower?
The summary condensed consolidated financial information of the Borrower (a) as of and for the fiscal year ended, January 31, 2016, and (b) as of and for the three months ended April 30, 2016, which in each case has been derived from consolidating schedules to Claire’s Stores’ consolidated financial statements as of the same date and for the same period, copies of which have heretofore been furnished to each Lender, were prepared in accordance with GAAP consistently applied throughout the period covered thereby and present fairly in all material respects the consolidated financial position of the Borrower as at such date and the consolidated results of operations and cash flows of the Borrower for the fiscal period then ended.
GAAP