Common use of Net Profits and Net Losses Clause in Contracts

Net Profits and Net Losses. As used herein, the terms "Net Profits" and Net Losses" mean for each fiscal year or other period an amount equal to the Company's taxable income or loss for such fiscal year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments:

Net Profits and Net Losses. As used herein, the terms "Net Profits" and "Net Losses" mean for each fiscal year or other period an amount equal to the Company's taxable income or loss for such fiscal year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: