RECURRING EBIT definition
RECURRING EBIT means the Company's operating income before interest, taxes and all other non operating costs as determined in accordance with US generally accepted accounting principles, applied in a manner consistent with the past practice of the Company, to the extent such practice is consistent with US generally accepted accounting principles which shall in any case prevail. It shall include all divisions and subsidiaries which represent a succession to and a continuation of the Business, as the Business may be expanded at ▇▇▇ ▇▇▇▇▇▇ an in Spain, except that any loss, charge, payment or expense shall be excluded from such computation to the extent it is (i) extraordinary or non-recurring, (ii) not related to the Business or is incurred in relation with the expansion of the business operations by way of acquisitions or opening and staffing new schools or offices, (iii) a payment, charge or expense for allocation of home office, executive, general and administrative expense or similar payment to the Purchaser and its affiliates, (iv) an interest expense or charge relating to funds furnished to the Company in replacement of funds withdrawn from the company (by way of dividends, loans or otherwise) by the Purchaser or any of its affiliates, and (v) depreciation or amortization of the real estate in excess of 2% of the value of the real estate of the Company as of the date of its acquisition by the Company. Share Purchase Agreement - 8 - ================================================================================