Common use of Normalization Adjustments Clause in Contracts

Normalization Adjustments. all significant normalization ------------------------- adjustments, on a year-by-year basis, made by the valuer; normalization adjustments may include, but not be limited to: * non-recurring revenue and expense items (such as start-up costs); * restructuring charges or special revenues; * earnings/losses from discontinued operations; * adjustments related to changing interest rates or exchange rates; * expenses that are not expected to continue in the future or, conversely, that would be required in the future; and * adjustments relating to redundant assets that the valuer considered separately;