Flagship Operations definition
Flagship Operations means business generated and/or performed out of the Purchaser's office located in and around Dallas, Texas and dealing specifically with emergency response, loss mitigation, restoration and reconstruction services. "Previous Periods Losses" for purposes of this section shall mean negative Adjusted Net Income for the Earn Out Period. For instance if the Flagship Operations experience a loss during the Earn Out Period, the loss shall be included in the Earn Out Calculation (i.e., any net losses during the Earn Out Period shall be deducted against profits in subsequent months and periods during the Earn Out Period). In all instances where revenues are generated by joint efforts of the Flagship Operations and other operations of the Purchaser or Parent, a reasonable and equitable allocation of such revenues will be made. Within forty-five (45) days following the expiration of the first twelve months during the Earn Out Period, the Purchaser shall calculate the amount of the Earn Out accrued during such twelve month period and pay such amount (the "INSTALLMENT") to the Seller. Along with the Installment, the Purchaser shall prepare and deliver to the Seller a written calculation of the amount of such Installment. Within ten (10) days following the end of each calendar month during the Earn Out Period, the Purchaser shall prepare and deliver to the Seller a written calculation of the amount of the Earn Out accrued from the commencement of the Earn Out Period through such month's end.