Consolidated Operating Income

Consolidated Operating Income. Consolidated Operating Income shall mean, for any period, the net income of the Borrower and its Consolidated Subsidiaries, before any deduction in respect of interest or taxes, determined and consolidated in accordance with GAAP, excluding, however, (i) extraordinary items in accordance with GAAP (which shall include without limitation, in any event, any income, net of expenses, or loss realized by the Borrower or any Consolidated Subsidiary from any sale of assets outside the ordinary course... of business, whether tangible or intangible, including franchise territories and securities) and (ii) any non-cash charge in accordance with GAAP resulting from the partial recognition of prior actuarial losses in connection with the Borrower's payment of a lump sum distribution of pension benefits to certain vested terminated employees, to the extent such non-cash charge is recognized on or before December 31, 2013 and does not exceed $12,000,000.00. View More

Consolidated Operating Income. Consolidated Operating Income means, as to the MLP and its subsidiaries on a consolidated basis for each Rolling Period, the amount equal to gross margin (including any proceeds received from business interruption insurance provided that such proceeds are received during any Rolling Period with respect to an event or events that occurred during such Rolling Period) minus operating expenses, general and administrative expenses, depreciation and amortization, and taxes other than income taxes, in... each case for such period. View More

Consolidated Operating Income. As to the MLP and its Restricted Subsidiaries on a consolidated basis for each Rolling Period, the amount equal to gross margin minus operating expenses, general and administrative expenses, depreciation and amortization, taxes (other than income taxes) and Non-Controlling Interest Income, in each case for such period.