Combined Net Income definition

Combined Net Income means, for any period, the combined net income (or loss) of the Obligors and their respective consolidated Subsidiaries, determined in accordance with GAAP; provided that there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary of any Obligor or is merged into or consolidated with any Obligor or any Subsidiary, (b) the income (or deficit) of any Person (other than a Non-CLO Subsidiary of any of the Obligors) in which any Obligor or any Subsidiary has an ownership interest, except to the extent that any such income is actually received by such Obligor or such Subsidiary in the form of dividends or similar distributions and (c) the undistributed earnings of any Subsidiary of the Obligors to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any Contractual Obligation, Organizational Document or Requirement of Law applicable to such Subsidiary.

Combined Net Income means for any period, for the applicable Loan Parties and their Restricted Subsidiaries on a combined basis, the net income of the applicable Loan Parties and such Restricted Subsidiaries (excluding extraordinary gains but including extraordinary losses) for that period.

Combined Net Income means, with respect to any period, the aggregate of the Net Income of the Loan Parties for such period attributable to the Collateral Vessels and determined on a combined basis in accordance with GAAP; provided that:

Examples of Combined Net Income in a sentence

• After its approval by the Engineer, this schedule of values shall be used as the basis for the Contractor’s monthly Applications for Payment.

• The Company shall at all times maintain a Combined Tangible Net Worth of (i) not less than $31,051,000, plus 50% of the Company's Aggregate Combined Net Income at the end of each fiscal year subsequent to the fiscal year ending December 31, 1991 and (ii) not less than 25% of Combined Long Term Indebtedness but in no event less than $31,051,000.

• Additionally, in accordance with the NERC CMEP Implementation Plan, compliance assessments are to be conducted of the “Table 1” entities for the CIP Standards requirements with which these entities must be “Auditably Compliant”; these assessments were to begin in July 2009 and be completed by year-end 2010.

• Notwithstanding the foregoing, the Company may acquire its own capital shares for an aggregate amount from and after the Closing date equal to the greater of (x) the sum of (i) 25% of the Cumulative Combined Net Income of the Company subsequent to December 31, 1991, plus (ii) $500,000, or (y) the amount then available under the Distribution Fund, which amount shall be charged to the Distribution Fund.

• The ratio of (i) the Company's Combined Net Income Before Interest and Taxes to (ii) the Company's Combined Interest Charges calculated as of the end of each fiscal quarter beginning December 31, 1991 for the period including such quarter and the immediately prior three fiscal quarters, combined, will be at least 1.35 for each of said periods.

More Definitions of Combined Net Income

Combined Net Income means, with respect to the Restricted Subsidiaries that are not Guarantors (and are not Finance Subsidiaries or Accounts Receivable Entities that are Domestic Restricted Subsidiaries), for any period, the aggregate net income (or loss) of the Restricted Subsidiaries that are not Guarantors (and are not Finance Subsidiaries or Accounts Receivable Entities that are Domestic Restricted Subsidiaries) for such period as determined on a combined basis in accordance with GAAP; provided that there shall be excluded therefrom:

Combined Net Income means, for any Measurement Period, the net income (or loss) of the Borrowers’ and their Subsidiaries but excluding any extraordinary items (including any net non-cash gains or losses during such Measurement Period arising from the sale, exchange, retirement or other Disposal of capital assets other than in the ordinary course of business, and any write up or write down of assets during such Measurement Period), all as determined on a Combined basis in accordance with GAAP.

Combined Net Income means, for any period, the combined net income (or loss) of the Obligors and their respective consolidated subsidiaries, determined in accordance with GAAP; provided that there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a subsidiary of any Obligor or is merged into or consolidated with any Obligor or any subsidiary, (b) the income (or deficit) of any Person (other than (x) a Non-CLO Subsidiary of any of the Obligors and (y) any Person accounted for under GAAP as an interest in a consolidated subsidiary) in which any Obligor or any subsidiary has an ownership interest, except to the extent that any such income is actually received by such Obligor or such subsidiary in the form of dividends or similar distributions and (c) the undistributed earnings of any subsidiary of the Obligors to the extent that the declaration or payment of dividends or similar distributions by such subsidiary is not at the time permitted by the terms of any Contractual Obligation, Organizational Document or Requirement of Law applicable to such subsidiary.

Combined Net Income means for any period, for the Borrowers and their Subsidiaries on a combined basis, the net income of the Borrowers and their Subsidiaries (excluding extraordinary gains but including extraordinary losses) for that period.

Combined Net Income for any period, the net income (or loss) of the Loan Parties for that period determined on a combined basis without duplication in accordance with GAAP.

Combined Net Income means, for any period, the combined net income (or loss) of the Obligors and their respective consolidated subsidiaries, determined in accordance with GAAP; provided that there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a subsidiary of any Obligor or is merged into or consolidated with any Obligor or any subsidiary, (b) the income (or deficit) of any CLO Subsidiary of any of the Obligors, except to the extent that any such income is actually received by such Obligor or such subsidiary in the form of dividends or similar distributions and (c) the undistributed earnings of any subsidiary of the Obligors to the extent that the declaration or payment of dividends or similar distributions by such subsidiary is not at the time permitted by the terms of any Contractual Obligation, Organizational Document or Requirement of Law applicable to such subsidiary. For the avoidance of doubt, Combined Net Income is prior to the allocation of income with respect to preferred equity interests of the Obligors.

Combined Net Income means, with respect to the Management Group Members for any period, the aggregate of the Net Income of the Management Group Members for such period, on a combined basis as provided in Section 1.02; provided, however, that, without duplication,