Definition of Net Income. The introductory paragraph of Section 2.2(b)(3) of the Amendment shall be deleted in its entirety and the following shall be substituted in place thereof:
Definition of Net Income. For purposes of the foregoing, Net Income shall be the net income of the Corporation, determined by an audit for the relevant calendar year, performed in accordance with generally accepted accounting principles and utilizing the same methodology used in calculating the financial statements attached in Exhibit "D". In making the computation, Net Income shall not be reduced by (1) state and federal income taxes, (2) any management fees paid or payable to Buyer or its affiliates, (3) accounting fees incurred in 1996 in excess of $9,000.00 and in 1997 in excess of $10,000.00, (4) legal fees or expenses paid by the Corporation due to the investigation, negotiations and purchase of the Corporation by Buyer in excess of $4,000.00, and (5) extraordinary expenses incurred outside the ordinary course of business, in the aggregate of $15,000.00 in the relevant calendar year. Expenses incurred in opening or expanding of offices in Lancaster, Pennsylvania or Baltimore, Maryland shall not be considered extraordinary expenses for purpose of the foregoing. Net Income shall be reduced by (1) all items of capital gain and non-recurring profit(including the forgiveness of debt pursuant to (section)1.6), less expenses attributable to that gain or profit, (2) the full amount of Sellers' salaries, excluding any bonus payments under Sections 3.2, 3.3 and 3.4 of Sellers' Employment Agreement, regardless of whether any payments are deferred or services are volunteered. Notwithstanding the foregoing, in 1996 Net Income shall not be reduced by any amount of salary earned in excess of $152,000.00 for services rendered by Sellers in the aggregate and for which they waive and forgive the actual receipt of such salary.
Definition of Net Income. For purposes of this Agreement, “net income” shall mean the Employer’s aggregate earnings net of losses from operations after deduction of all appropriate expenses, charges and reserves, including the Incentive Bonus and federal and state income taxes. Net income will be determined by Union Bank in accordance with generally accepted accounting principles (“GAAP”) consistently applied and as included in the financial statements prepared by the CPA firm designated by the Employer; provided, however, that in determining such net income:
Definition of Net Income. For purposes of this Agreement, "Net Income" shall be determined in accordance with United Kingdom generally accepted accounting principles prepared on a basis consistent with the past practices of MBL Sub, and defined as the after-tax income of MBL Sub, excluding extraordinary items, minority interest expenses and cumulative effect of accounting changes (as provided in the audited financial statements of MBL Sub for the relevant periods), PROVIDED, that, if applicable to MBL Sub, Net Income shall be adjusted as appropriate (to the extent not already adjusted) for the allocation of all regional and MBL Group holding company-related costs on a commercially reasonable and fair basis.
Definition of Net Income. The definition of “Net Income” as set forth in Section 1.01 of the Original Indenture is hereby deleted in its entirety.
