Definition of Net Income Sample Clauses

Definition of Net Income. For purposes of this Agreement, "Net Income" shall be determined in accordance with United Kingdom generally accepted accounting principles prepared on a basis consistent with the past practices of MBL Sub, and defined as the after-tax income of MBL Sub, excluding extraordinary items, minority interest expenses and cumulative effect of accounting changes (as provided in the audited financial statements of MBL Sub for the relevant periods), PROVIDED, that, if applicable to MBL Sub, Net Income shall be adjusted as appropriate (to the extent not already adjusted) for the allocation of all regional and MBL Group holding company-related costs on a commercially reasonable and fair basis.

Definition of Net Income. As used herein the term “Net Income” shall mean the amount, determined in accordance with U.S. Generally Accepted Accounting Principles applicable to the cash method of accounting of gross sales and other income arising out of the use of the Facilities collected by AFA (as defined in Section 4.1), minus all operating expenses, other business expenses (strictly related to the use and operation of the Facilities), taxes and interest on debt. For the avoidance of doubt, in the calculation of Net Income, AFA shall not deduct costs incurred by AFA for the construction of the Facilities pursuant to the Development and Construction Agreement. For further avoidance of doubt, Net Income shall not include any income generated from (i) AFA soccer academies, camps, or soccer field rentals operated outside of the Facilities; (ii) programs or events organized by AFA which take place outside of the Facilities even if some participants of such programs or events are from the soccer academy operated on the Facilities; (iii) sponsorships negotiated by AFA on a national or global basis; or (iv) programs organized in the Facilities to train foreign children arising from global agreements, provided that such programs may be hosted no more than 4 times per calendar year for periods not to exceed 2 weeks and that AFA shall pay to the Village the applicable rental value for the Facilities for the operation of such programs.

Definition of Net Income. The introductory paragraph of Section 2.2(b)(3) of the Amendment shall be deleted in its entirety and the following shall be substituted in place thereof:

Definition of Net Income. For purposes of this Agreement, “net income” shall mean the Employer’s aggregate earnings net of losses from operations after deduction of all appropriate expenses, charges and reserves, including the Incentive Bonus and federal and state income taxes. Net income will be determined by Union Bank in accordance with generally accepted accounting principles (“GAAP”) consistently applied and as included in the financial statements prepared by the CPA firm designated by the Employer; provided, however, that in determining such net income: (A) net income shall be computed without regard to “extraordinary items” of gain or loss as that term shall be defined by GAAP; (B) net income shall not include any gains, losses or profits realized from the sale of any assets other than in the ordinary course of business; and (C) net income will include a deduction for (1) the allocation of reasonable and appropriately documented direct overhead expenses, (2) payment of the commissions pursuant to Section 3(b)(ii), and (3) interest charged on any loans or advances made by Union Bank to the Employer in connection with its business operations at a rate equal to the London Interbank Rate (LIBOR).

Definition of Net Income. For purposes of the foregoing, Net Income shall be the net income of the Corporation, determined by an audit for the relevant calendar year, performed in accordance with generally accepted accounting principles and utilizing the same methodology used in calculating the financial statements attached in Exhibit "D". In making the computation, Net Income shall not be reduced by (1) state and federal income taxes, (2) any management fees paid or payable to Buyer or its affiliates, (3) accounting fees incurred in 1996 in excess of $9,000.00 and in 1997 in excess of $10,000.00, (4) legal fees or expenses paid by the Corporation due to the investigation, negotiations and purchase of the Corporation by Buyer in excess of $4,000.00, and (5) extraordinary expenses incurred outside the ordinary course of business, in the aggregate of $15,000.00 in the relevant calendar year. Expenses incurred in opening or expanding of offices in Lancaster, Pennsylvania or Baltimore, Maryland shall not be considered extraordinary expenses for purpose of the foregoing. Net Income shall be reduced by (1) all items of capital gain and non-recurring profit(including the forgiveness of debt pursuant to (section)1.6), less expenses attributable to that gain or profit, (2) the full amount of Sellers' salaries, excluding any bonus payments under Sections 3.2, 3.3 and 3.4 of Sellers' Employment Agreement, regardless of whether any payments are deferred or services are volunteered. Notwithstanding the foregoing, in 1996 Net Income shall not be reduced by any amount of salary earned in excess of $152,000.00 for services rendered by Sellers in the aggregate and for which they waive and forgive the actual receipt of such salary.

Definition of Net Income. The term "net income" is hereby defined as the gross earnings of the Trust, excluding gains on sales of securities and stock dividends received, less the expenses of the Trust. The expenses shall include (1) taxes attributable to the income of the Trust exclusive of gains on sales, (2) the compensation of the Trustees, and (3) other charges properly deductible for the maintenance and administration of the Trust; but there shall not be deducted from gross or net income any losses on securities, realized or unrealized. The Trustees shall otherwise have full discretion to determine which items shall be treated as income and which items as capital and their determination shall be binding upon the beneficiaries.

Definition of Net Income. The definition of the term Net Income contained in