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This excerpt taken from the WEN 8-K filed Mar 12, 2009. Consolidated Net Income” means, for any Person for any period, the Consolidated net income (or loss) of such Person and its Subsidiaries (other than Unrestricted Subsidiaries other than to the extent the net income of such Unrestricted Subsidiary is received by a Restricted Subsidiary in cash as a dividend or distribution)
for such period determined in accordance with GAAP; provided,however, that (a) the net income of any other Person in which such Person or one of its Subsidiaries has a joint interest with a third party (which interest does not cause the net income of such other Person to be Consolidated into the net income of such Person) shall be included only to the extent of the amount of
dividends or distributions actually paid to such Person or Subsidiary, (b) the net income of any Subsidiary of such Person that is subject to any restriction or limitation on the payment of dividends or the making of other distributions shall be excluded to the extent of such restriction or limitation, (c) extraordinary gains and losses and any increase or decrease to net income that is required to be recorded because of the adoption of new accounting policies, practices
or standards required by GAAP shall be excluded, (d) gains and losses from businesses reflected on the Financial Statements of such Person as discontinued operations shall be excluded and (e) non-cash impairment charges pursuant to GAAP (i) of up to $460.1 million in the aggregate in respect of Fiscal Year 2008 related to company-owned restaurants of Holdco Co-Borrower and its Subsidiaries and (ii) after Fiscal Year 2008, if related to the goodwill or other long-lived assets of
WII Co-Borrower and its Subsidiaries (any such charges pursuant to this clause (e), the “ This excerpt taken from the WEN 8-K filed Jan 16, 2009. Consolidated Net
Income” means, with reference to any period, the net income (or loss) of
the Borrower and its Restricted Subsidiaries calculated on a consolidated basis
for such period in accordance with Agreement Accounting Principles.
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