Net Earnings

Net Earnings. Shall mean gross revenues of all Co-Borrowers less all operating and non-operating expenses of all Co-Borrowers including all charges of a proper character (including current and deferred taxes on income, provision for taxes on 22 unremitted foreign earnings which are included in gross revenues, and current additions to reserves), but not including in gross revenues any gains (net of expenses and taxes applicable thereto)... in excess of losses resulting from the sale, conversion or other disposition of capital assets (i.e., assets other than current assets), any gains resulting from the write-up of assets, any equity of a Co-Borrower in the unremitted earnings of any other corporation, or any earnings of any Person acquired by a Co-Borrower through purchase, merger or consolidation or otherwise for any year prior to the year of acquisition, all determined on a consolidated basis in accordance with GAAP consistently applied. View More

Net Earnings. Shall mean the Guarantor's net earnings, as determined separately for each fiscal year, after taxes, upon a consolidated basis (after deducting minority interests) and in accordance with GAAP consistently applied.

Net Earnings. For any Year means the consolidated net earnings of the Company, as reported in the Company's audited consolidated financial statements for the Year.