CURRENT PROFITS definition

CURRENT PROFITS means in the case of each Company the profits which may lawfully be distributed at the expiration of each financial period before making any provision for open reserves but excluding any open reserves or balance of profit and loss account (whether credit or debit but in the case of a debit subject to the proviso next hereinafter contained) existing at the beginning of the financial period. Provided that in the event of there being a deficiency on the Profit and Loss Account at the commencement of the period which is in excess of the open reserves at that date then for the purposes of this definition the profits available for distribution shall be reduced by and to the extent of such excess.
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CURRENT PROFITS means the consolidated pre-tax profit reported on the Company's audited income statement for its current fiscal year, determined in accordance with generally accepted accounting principles and methods consistently applied, prior to any reduction for Company Matching Contributions under Section 4.4 and Company Profit Sharing Contributions under Section 4.5.
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Examples of CURRENT PROFITS in a sentence

  • Each Limited Partner's Profits Interest Value is based not only on such Limited Partner's current percentage interest in the profits of ▇▇▇▇▇▇▇▇▇ ▇▇ ("CURRENT PROFITS %"), but also on the remaining period of time during which such Current Profits % is subject to anti-dilution rights and such Limited Partner cannot be required to withdraw from ▇▇▇▇▇▇▇▇▇ ▇▇, as set forth in the ▇▇▇▇▇▇▇▇▇ Partnership Agreement.

Related to CURRENT PROFITS

  • Operating Profits means, as applied to any Person for any period, the operating income of such Person for such period, as determined in accordance with GAAP.

  • Common profits means the balance of all income, rents, profits and revenues from the common areas and facilities remaining after the deduction of the common expenses;

  • EBIT means, for any period, the net income of the Company and its Subsidiaries on a Consolidated basis for such period plus each of the following with respect to the Company and its Subsidiaries on a Consolidated basis to the extent utilized in determining such net income: (a) Interest Expense and (b) provision for taxes.

  • Operating Profit means the excess of Gross Revenues over the following deductions (“Deductions”) incurred by Manager, on behalf of Owner, in operating the Hotel:

  • Non-Profit means a qualified non-profit entity as defined in Section 42(h)(5)(C), subsection 501(c)(3) or 501(c)(4) of the IRC and organized under Chapter 617, F.S., if a Florida Corporation, or organized under similar state law if organized in a jurisdiction other than Florida, to provide housing and other services on a not-for-profit basis, which owns at least 51 percent of the ownership interest in the Development held by the general partner or managing member entity, which shall receive at least 25 percent of the Developer fee, and which entity is acceptable to federal and state agencies and financial institutions as a Sponsor for affordable housing, as further described in Rule 67-48.0075, F.A.C.