Common use of Consolidated EBIT Clause in Contracts

Consolidated EBIT. At any date of determination, an amount equal to Consolidated Net Income for the most recently completed fiscal period plus (a) the following to the extent excluded or deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Expense, (ii) the provision for Federal, state, local and foreign income taxes payable, (iii) other non-recurring expenses reducing such Consolidated Net Income that do not represent a cash item in such period or any future period (in each case for such period), minus (b) the following to the extent included in calculating such Consolidated Net Income: (i) Federal, state, local and foreign income tax credits and (ii) all non-recurring items increasing such Consolidated Net Income (in each case for such period).