RELEVANT PROFITS Clause Samples

RELEVANT PROFITS. For the purposes of this schedule "Relevant Profits" shall mean the ---------------- gross profit on the ordinary activities of the Business of the Group from the Properties and any Substituted Property (but not any new properties from which the Group may trade during the Earn Out Period) as shown in the Relevant Accounts (after making any adjustments considered by Reporting Accountants to be necessary so that the Relevant Accounts comply with the provisions of this schedule); but 2.1 after charging or providing for all losses, costs, charges and expenses borne or incurred by the Group which are directly attributable to the Properties and Substituted Properties (but not New Properties), accounted for in accordance with past practices and properly chargeable against revenue in the period to which the Relevant Accounts relate (save as provided for in paragraph 2.2) including: 2.1.1 the following expenses incurred in managing the Group's shops: (a) staff costs (including contributions to pension schemes); (b) bank charges; (c) print, post and stationery; (d) telephone; (e) cash delivery costs; (f) over/under paid cash; (g) cash differences in the safe; (h) recruitment costs; (i) but excluding costs which shall be central overheads. 2.1.2 bad debts incurred net of recoveries but after recovery costs; 2.1.3 expenditure in connection with short-term leasing or hiring commitments incurred directly for the purposes of the Group's Business (but not lease finance agreements made to finance the acquisition of fixed assets); 2.1.4 all rental and other costs in relation to the occupation by the Group (including insurance, utility and security costs) of the Properties and any Substituted Properties from time to time occupied by them for the purpose of carrying on their Business; 2.1.5 a contribution (equal to 0.59% of Turnover as shown in the Relevant Accounts) towards the costs of the central overheads of the Group; and 2.1.6 all liabilities, losses, costs, charges and expenses borne or incurred by the Group in relation to the Time to Insure Agreement (subject to paragraph 2.3); and 2.1.7 a provision (equal to 0.39% of Turnover notionally on account of advertising expenses incurred by the Group; and such provision shall be included in substitution for the figure in the Relevant Accounts (in substitution for any advertising expenses actually incurred) whether the advertising expenses actually incurred shall be greater or less than such provision. 2.2 before crediting to...