Statutory EBIT definition
Statutory EBIT means, net earnings before interest expense and tax expense calculated in accordance with SAP as set forth in column 1, line 29, page 4 in the 1999 Annual Statement.
Statutory EBIT means, for any period, the sum of the net income before dividends to policyholders and before federal and foreign income taxes as same would be shown on line 14(b), page 4, column 1 of a Benchmark Statement of each of PRACO and SNIC, in each case for such period as determined on a consolidated basis in accordance with SAP.
Statutory EBIT means net earnings before interest expense and tax expense in accordance with SAP as set forth in column 1, line 31, page 4 in the 2001 Annual Statement; provided that in the calculation of the Senior Debt to Statutory EBIT Ratio for any period which includes the fiscal quarter ended December 31, 2002, Statutory EBIT shall be adjusted by adding back the $24,876,486 decrease to EBIT taken in such fiscal quarter in connection with the 2002 LTD Intercompany Reinsurance Treaty; and provided further that any Statutory EBIT increases arising from either the cancellation or which partially or wholly offset the 2002 LTD Intercompany Reinsurance Treaty shall be excluded from Statutory EBIT to the extent that the Statutory EBIT increases are offset in federal income tax and/or capital gains.”