Net Sales Target Clause Samples

Net Sales Target. For purposes of this Agreement, (i) the annual Net Sales Target is set forth on Schedule 1.03 for each of calendar years 2014, 2015 and 2016 (the “Net Sales Target”), and (ii) “Net Sales” shall be determined in accordance with GAAP applied in a manner consistent with that used by the Company Parties in preparing their historical financial statements, as specifically defined on Schedule 1.03 attached hereto. As used herein, “GAAP” means United States generally accepted accounting principles or any successor system of accounting principles (such as international financial reporting standards) as set forth from time to time in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the accounting profession), as in effect at the applicable time of determination and applied on a consistent basis.