Spill Profit definition
Spill Profit means the aggregate Revenue generated by the Companies and/or their Subsidiaries from their emergency response and clean-up related remediation activities in response to an Extraordinary Spill Event (regardless of the duration of time that such remediation activities take place) minus any (i) costs of goods sold including any reclassification of certain equipment and personnel in accordance with historic accounting practices as set forth on Exhibit C, (ii) allocated or incremental SG&A expenses incurred to enable the Companies and/or their Subsidiaries to respond to an Extraordinary Spill Event, (iii) litigation costs (including legal, expert, settlement, and judgment costs), fines, or levies that result from an Extraordinary Spill Event, and (iv) maintenance expenses that are required to restore the equipment used to respond to an Extraordinary Spill Event to the condition that existed before such event, but in no event shall maintenance expenses include (x) to the extent not already excluded in the calculation of Revenue, any maintenance expenses that are billed to and paid by customers or (y) any amounts in excess of $750,000 in the aggregate for any Spill Event Year.
Examples of Spill Profit in a sentence
SEACOR Environmental Services will notify Buyer of any objections to an Annual Statement, setting forth a reasonably detailed description of such objection and a statement of the adjustments to Adjusted Spill Profit that SEACOR Environmental Services believes, based on such objections, should be reflected on the Annual Statement.
SEACOR Environmental Services shall have reasonable access to the books and records of the Companies and their Subsidiaries during regular business hours to verify the amounts shown on the Annual Statement and the computation of Adjusted Spill Profit made by Buyer.