Base Profits definition

Base Profits means 5% of gross revenues from the Marine Business.
Sample 1Sample 2Sample 3
Base Profits shall initially be $37,500, but shall increase from time to time in the event the Company (or any subsidiary) acquires any Related Company, in an amount equal to the total Profits of the Related Company for prior 12 month period divided by two. “Revenue” means total revenue less (i) returns, (ii) discounts, (iii) adjustments, and (iv) allowances, calculated by the Company subject to customary generally accepted accounting practices. “Profit” means gross profit calculated by the Company subject to customary generally accepted accounting practices. The Company shall calculate the Bonus as soon as practicable after each June 30th and December 31st, during the Term, and pay the Consultant any Bonus due promptly after such calculation is made. “Total Revenue” means gross sales collected by the Company, relating solely to the operations of One Exam Prep LLC [plus any Related Companies], less (i) returns, (ii) discounts, (iii) adjustments, and (iv) allowances, calculated by the Company subject to customary generally accepted accounting practices, rounded down to the nearest multiple of $250,000 (for example, $1,900,000 is rounded down to $1,750,000 and $240,000 is rounded down to $0, similarly, ($1,300,000) would be rounded down to ($1,250,000)). “Total Profits” means net profit of One Exam Prep LLC [plus any Related Companies], as calculated by the Company subject to customary generally accepted accounting practices, rounded down to the nearest multiple of $25,000 (for example, $890,000 is rounded down to $875,000 and $24,000 is rounded down to $0, similarly, ($290,000) would be rounded down to ($275,000)). In the event that Total Revenue or Total Profits are negative, they shall decrease the applicable Bonus, provided that the Bonus shall in no event be less than $0, provided further that any negative Bonus calculation for any period ending June 30th, shall carry over and adjust downward any positive Bonus for any period ending December 31st.
Sample 1
Base Profits means the sum of Fifteen Million Seven Hundred Ninety- Six Thousand Dollars ($15,796,000). NFC acknowledges that its decision to purchase the assets of the Management Company pursuant to the terms of the Asset Purchase Agreement was based largely on the audited December 1993 and December 1994 financial statements and proforma adjustments to cash flow of the Management Company for those years and the interim balance sheet and income statement as of and for the 8-month period ended August 31, 1995 prepared by the Management Company on a "first-in, first-out" basis. If for any reason the foregoing financial statements are found to be materially inaccurate, if the parties are unable to agree upon an adjustment of the Base Profits, then at NFC's option, in its sole discretion, NFC may terminate the Asset Purchase Agreement, this Agreement and any other agreement entered into in connection with the Asset Purchase Agreement. Notwithstanding the foregoing, the Base Profits figure set forth above is dependent upon the accuracy of the add-back items provided by the Management Company and the Managers to NFC for purposes of calculating the Base Profits. If during the course of the due diligence investigation to be conducted by NFC prior to the effective date of this Agreement, it is determined by NFC that any of the add-back items listed on Exhibit A hereto have been materially misstated, if the parties are unable to agree upon an adjustment of the Base Profits, then at NFC's option, in its sole discretion, NFC may terminate the Asset Purchase Agreement, this Agreement and any other agreement entered into in connection with the Asset Purchase Agreement. In addition, NFC represents and warrants that its base profit calculation for the 13 accounting periods ending July 15, 1995 for its Tidewater and Baltimore divisions used to calculate the Base Profits fairly presents the results of operations of such divisions in conformance with generally accepted accounting principles consistently applied, except for such matters noted on such calculation. The parties hereto agree that, in connection with the audit of NFC's books and records to be conducted by NFC's independent auditors ("NFC AUDITORS") for the year ended December 30, 1995, which will include an observation of the physical inventory taken at the Tidewater and Baltimore divisions, NFC Auditors will review the books and records of the Tidewater and Baltimore divisions and prepare a report thereon on or before January...
Sample 1

Examples of Base Profits in a sentence

  • The Executive shall receive additional incentive bonuses, if earned,with respect to the fiscal years ending during the Term pursuant to Subsection 13.2.3 and/or 13.2.4 (each an "Additional Incentive Bonus"); provided, however, that no Additional Incentive Bonus for a fiscal year shall be payable if the Net After-Tax Profits (as hereinafter defined) for such fiscal year do not exceed Base Profits (as hereinafter defined).

  • If the Adjusted Assumed Profits for any Relevant Accounting Period are equal to, or higher than, the Assumed Profits for that period, the Authority shall, within one month after the end of that period, pay to the Contractor the amount (X) calculated in accordance with the following formula:- FORMULA REDACTED where:- A is the Adjusted Assumed Profits for that period;B is the Assumed Profits for that period; and C is the Base Profits for that period.

  • The Executive shall receive an additional incentive bonus, if earned, with respect to the fiscal years ending during the Term (the "Additional Incentive Bonus"); provided, however, that an Additional Incentive Bonus for a fiscal year shall only be payable if the Net After-Tax Profits (as hereinafter defined) for such fiscal year exceed Base Profits (as hereinafter defined).

  • If Net After-Tax Profits for a fiscal year exceed Base Profits for such fiscal year, the Executive shall receive an Additional Incentive Bonus equal to the Applicable Percentage set forth in the table below multiplied by the difference between actual Net After-Tax Profits and Base Profits.

  • Notwithstanding the determination of Applicable Percentage in the table set forth in Subsection 2.3.3 above, if gross revenues for a fiscal year of the Marine Business increase by an amount of 20% or more as compared to gross revenues for the previous fiscal year of the Marine Business, then the Applicable Percentage for such fiscal year will be 2.0% so long as Net After Tax Profits for such fiscal year exceed Base Profits for such fiscal year.

  • If Net After-Tax Profits for a fiscal year exceed Base Profits for such fiscal year, the Executive shall receive an Additional Incentive Bonus (in addition to any Additional Incentive Bonus pursuant to Subsection 13.2.4) equal to the Applicable Percentage set forth in the table below multiplied by the difference between actual Net After- Tax Profits and Base Profits.

  • In the packet, a Recalculated Tax-Adjusted Net Operating Base Profits column was added to reflect this change and the Fiscal Year 2018-19 actuals show a slight increase in the Florida Profit Adjustment Liability.

  • If Net After-Tax Profits for a fiscal year exceed Base Profits for such fiscal year, the Executive shall receive an Additional Incentive Bonus (in addition to any Additional Incentive Bonus pursuant to Subsection 13.2.4) equal to the Applicable Percentage set forth in the table below multiplied by the difference between actual Net After-Tax Profits and Base Profits.

Related to Base Profits

  • Operating Profits means, as applied to any Person for any period, the operating income of such Person for such period, as determined in accordance with GAAP.

  • Operating Profit means the excess of Gross Revenues over the following deductions (“Deductions”) incurred by Manager, on behalf of Owner, in operating the Hotel:

  • Gross Profits means the gross profits calculated under section 4;

  • Gross Income from Operations means all sustainable income as reported on the financial statements delivered by the Borrower in accordance with this Agreement, computed in accordance with accounting principles reasonably acceptable to Lender, consistently applied, derived from the ownership and operation of the Property from whatever source, INCLUDING, but not limited to, (i) Rents from Tenants that are in occupancy, open for business and paying unabated Rent, (ii) utility charges, (iii) escalations, (iv) intentionally omitted; (v) service fees or charges, (vi) license fees, (vii) parking fees, and (viii) other required pass-throughs but EXCLUDING (i) Rents from Tenants that are subject to any bankruptcy proceeding (unless such Tenant has affirmed its Lease or Inland Western Retail Real Estate Trust, Inc. has master leased such Tenant's premises for full contract rent for a period not less than three years, and the net worth of Inland Western Retail Real Estate Trust, Inc. (as determined by Lender) is not less than such entity's net worth as of September 30, 2003), or are not in occupancy, open for business or paying unabated Rent, (ii) sales, use and occupancy or other taxes on receipts required to be accounted for by Borrower to any Governmental Authority, (iii) refunds and uncollectible accounts, (iv) sales of furniture, fixtures and equipment, (v) Insurance Proceeds (other than business interruption or other loss of income insurance), (vi) Awards, (vii) unforfeited security deposits, (viii) utility and other similar deposits and (ix) any disbursements to Borrower from the Reserve Funds. Gross income shall not be diminished as a result of the Mortgage or the creation of any intervening estate or interest in the Property or any part thereof.

  • Gross Operating Profit For any Fiscal Year, the excess of Gross Revenues for such Fiscal Year over Gross Operating Expenses for such Fiscal Year.

  • Operating Revenue means amounts accrued or charge to customers, cli- ents, and tenants, for the sale of prod- ucts manufactured or purchased for re- sale, for services, and for rentals of property held primarily for leasing to others. It includes both reimbursable costs and fees under cost-type con- tracts and percentage-of-completion sales accruals except that it includesonly the fee for management contracts under which the contractor acts essen- tially as an agent of the Government in the erection or operation of Govern- ment-owned facilities. It excludes inci- dental interest, dividends, royalty, and rental income, and proceeds from the sale of assets used in the business.

  • Cash Flow from Operations means net cash funds provided from operations, exclusive of Cash from Sales or Refinancing, of the Company or investment of any Company funds, without deduction for depreciation, but after deducting cash funds used to pay or establish a reserve for expenses, debt payments, capital improvements, and replacements and for such other items as the Board of Directors reasonably determines to be necessary or appropriate and subject to Loan Conditions.

  • Net Income or Net Loss means, for each Fiscal Year or other applicable period, an amount equal to the Partnership’s taxable income or loss for such year or period, as determined for federal income tax purposes, determined by the Accountants in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a) of the Code shall be included in taxable income or loss), with the following adjustments:

  • EBITA means for any period, operating profit (loss) plus (i) amortization, including goodwill impairment, (ii) amortization of non-cash distribution and marketing expense and non-cash compensation expense, (iii) restructuring charges, (iv) non-cash write-downs of assets or goodwill, (v) charges relating to disposal of lines of business, (vi) litigation settlement amounts and (vii) costs incurred for proposed and completed acquisitions.

  • unrealized profits means the fair market value of the gain to such Person of replacing such Rate Management Transaction as of the date of determination (assuming such Rate Management Transaction were to be terminated as of that date).

  • Gross Operating Revenues means, for any period of time for any Hotel Property, without duplication, all income and proceeds of sales of every kind (whether in cash or on credit and computed on an accrual basis) received by the owner (or, if such Hotel Property is ground leased, the ground lessee) of such Hotel Property or the applicable Operating Lessee or Manager for the use, occupancy or enjoyment of such Hotel Property or the sale of any goods, services or other items sold on or provided from such Hotel Property in the ordinary course of operation of such Hotel Property, including, without limitation, all income received from tenants, transient guests, lessees, licensees and concessionaires and other services to guests at such Hotel Property, and the proceeds from business interruption insurance, but excluding the following: (i) any excise, sales or use taxes or similar governmental charges collected directly from patrons or guests, or as a part of the sales price of any goods, services or displays, such as gross receipts, admission, cabaret or similar or equivalent taxes; (ii) receipts from condemnation awards or sales in lieu of or under threat of condemnation; (iii) proceeds of insurance (other than business interruption insurance); (iv) other allowances and deductions as provided by the Uniform System in determining the sum contemplated by this definition, by whatever name, it may be called; (v) proceeds of sales, whether dispositions of capital assets, FF&E or equipment (other than sales of Inventory in the ordinary course of business); (vi) gross receipts received by tenants, lessees (other than Operating Lessees), licensees or concessionaires of the owner (or, if such Hotel Property is ground leased, the ground lessee) of such Hotel Property; (vii) consideration received at such Hotel Property for hotel accommodations, goods and services to be provided at other hotels although arranged by, for or on behalf of, and paid over to, the applicable Manager; (viii) tips, service charges and gratuities collected for the benefit of employees; (ix) proceeds of any financing; (x) working capital provided by the Parent Guarantor or any Subsidiary of the Parent Guarantor or the applicable Operating Lessee; (xi) amounts collected from guests or patrons of such Hotel Property on behalf of tenants of such Hotel Property and other third parties; (xii) the value of any goods or services in excess of actual amounts paid (in cash or services) provided by the applicable Manager on a complimentary or discounted basis; and (xiii) other income or proceeds resulting other than from the use or occupancy of such Hotel Property, or any part thereof, or other than from the sale of goods, services or other items sold on or provided from such Hotel Property in the ordinary course of business. Gross Operating Revenues shall be reduced by credits or refunds to guests at such Hotel Property.

  • Operating Revenues means, for any, period, the gross revenues arising from the ownership and operation of the Properties during such period, including proceeds of any business interruption or rental loss insurance and amounts released from reserves, but specifically excluding Capital Proceeds, Capital Contributions and proceeds of Indebtedness.

  • EBIT means, with reference to any period, Net Income for such period plus the sum of all amounts deducted in arriving at such Net Income amount in respect of (a) Interest Expense for such period and (b) federal, state, and local income taxes for such period.

  • Adjusted gross income means that term as defined in section 62 of the internal revenue code of 1986.

  • Gross Profit means the sum produced by adding to the “net profit” the amount of the Insured “standing charges”, or if there be no “net profit”, the amount of the Insured “standing charges” less such a proportion of any net trading loss as the amount of the Insured “standing charges” bears to all the “standing charges” of the business.

  • Net Revenue means an entity’s total revenue less its operating expenses, interest paid, depreciation, and taxes. “Net Revenue” is synonymous with “Profit.”

  • Operating Income means the Company’s or a business unit’s income from operations but excluding any unusual items, determined in accordance with generally accepted accounting principles.

  • Adjusted Net Operating Income or “Adjusted NOI” means, for any period, the Net Operating Income of the applicable Hotel Properties for such period, subject to the following adjustments:

  • Adjusted Funds From Operations means, for any period, Net Cash Flows From Operating Activities for such period plus Interest Expense for such period minus (x) the portion (but not less than zero) of Net Cash Flows From Operating Activities for such period attributable to any consolidated Subsidiary that has no Debt other than Nonrecourse Indebtedness and (y) After-Tax Transitional Funding Instrument Revenue for such period.

  • Adjusted Net Earnings from Operations means, with respect to any fiscal period of Foamex, the net income of Foamex and its Subsidiaries after provision for income taxes for such fiscal period, as determined in accordance with GAAP on a consolidated basis (excluding the Joint Ventures and the China Joint Venture) and reported on the Financial Statements for such period, excluding any and all of the following included in such net income: (a) gain or loss arising from the sale of any capital assets; (b) gain (or loss) arising from any write-up (or write-down) in the book value of any asset; (c) earnings of any Person, substantially all the assets of which have been acquired by Foamex or any of its Subsidiaries in any manner, to the extent realized by such other Person prior to the date of acquisition; (d) earnings of any Person (other than Foamex Canada and the Mexican Subsidiaries and their respective Subsidiaries) in which Foamex or any of its Subsidiaries has an ownership interest unless (and only to the extent) such earnings shall actually have been received by Foamex or any of its Domestic Subsidiaries in the form of cash distributions; (e) earnings of any Person to which assets of Foamex or any of its Subsidiaries shall have been sold, transferred or disposed of, or into which Foamex or any of its Subsidiaries shall have been merged, or which has been a party with Foamex or any of its Subsidiaries to any consolidation or other form of reorganization, prior to the date of such transaction; (f) gain or loss arising from the acquisition of debt or equity securities of Foamex or any of its Subsidiaries or from cancellation or forgiveness of Debt; and (g) gain or loss arising from extraordinary items, as determined in accordance with GAAP.

  • Earnings from Operations for any period means net earnings excluding gains and losses on sales of investments, extraordinary items and property valuation losses, as reflected in the financial statements of the Company and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.

  • Total Profit means the aggregate amount (before taxes) of the following: (i) the amount received by Grantee pursuant to Issuer's repurchase of the Option (or any portion thereof) pursuant to Section 7, (ii) (x) the amount received by Grantee pursuant to Issuer's repurchase of Option Shares pursuant to Section 7, less (y) the Grantee's purchase price for such Option Shares, (iii) (x) the net cash amounts received by Grantee pursuant to the sale of Option Shares (or any other securities into which such Option Shares are converted or exchanged) to any unaffiliated party, less (y) the Grantee's purchase price of such Option Shares, (iv) any amounts received by Grantee on the transfer of the Option (or any portion thereof) to any unaffiliated party, and (v) any amount equivalent to the foregoing with respect to the Substitute Option.

  • Cash from Operations means the net cash realized by the Company from any source other than a Capital Transaction, after payment of all cash expenditures of the Company, including, but not limited to, all operating expenses including all fees payable to the Manager or Affiliates, all payments of principal and interest on indebtedness, expenses for repairs and maintenance, capital improvements and replacements, and such reserves and retentions as the Manager reasonably determines to be necessary and desirable in connection with Company operations with its then existing assets and any anticipated acquisitions.