Common use of Cash Coverage Ratio Clause in Contracts

Cash Coverage Ratio. The Borrower shall maintain, as of the last day of each Measurement Quarter, a minimum ratio of (i) the sum of (A) Cash Dividend Income for the four-fiscal-quarter period ending on such day, plus (B) amounts received by the Borrower pursuant to the Tax Sharing Agreement during such period plus (C) the lesser of (x) 25% of the Net Proceeds received by the Borrower during such period from the sale, assignment or other disposition (but not the lease or license) of any property, including without limitation, any sale of capital stock or other equity interest in any of the Borrower’s direct or indirect Subsidiaries, and (y) $150,000,000 to (ii) an amount equal to (A) interest expense (excluding (1) all arrangement, underwriting and other similar fees payable in connection with this Agreement, (2) all arrangement, underwriting and upfront fees paid in connection with the Existing Credit Agreement and this Agreement, (3) all interest or dividends paid on Hybrid Preferred Securities and Hybrid Equity Securities, (4) interest expense payable by the Borrower in respect of any Debt owing to any Subsidiary thereof and (5) all costs (including, without limitation, any prepayment or option premium or expense) otherwise included in interest expense recognized on early retirement of debt) accrued by the Borrower in respect of all Debt during such period, plus (B) cash United States federal income taxes paid by the Borrower during such period minus (C) cash interest income received by the Borrower from Persons other than any Subsidiary of the Borrower during such period, minus (D) all amounts received by the Borrower from its Subsidiaries and Affiliates during such period constituting reimbursement of interest expense and commitment, guaranty and letter of credit charges of the Borrower to such Subsidiary or Affiliate, of not less than 1.20 to 1.00; provided, that the Borrower shall be deemed not to be in breach of the foregoing covenant if, during the Measurement Quarter, the Borrower has permanently reduced the principal amount outstanding under this Agreement and the Promissory Notes, such that the amount determined pursuant to clause (ii) above, when recalculated on a pro forma basis assuming that the amount of such reduced principal amount outstanding under this Agreement and the Promissory Notes were in effect at all times during such four-fiscal-quarter period, would result in the Borrower being in compliance with such ratio.

Cash Coverage Ratio. The Borrower Company shall maintain, as of the last day of each Measurement Quarter, a minimum ratio of (i) the sum of (A) Cash Dividend Income for the four-fiscal-quarter period ending on such day, plus (B) amounts received by the Borrower pursuant to the Tax Sharing Agreement during such period plus (C) the lesser of (x) 25% of the Net Proceeds received by the Borrower during such period Company from the sale, assignment or other disposition (but not the lease or license) of any property, including without limitation, any sale of capital stock or other equity interest in any of the Borrower’s Company's direct or indirect Subsidiaries, Subsidiaries during such period and (y) $150,000,000 50,000,000 to (ii) an amount equal to (A) interest expense (excluding (1) all arrangement, underwriting and other similar fees payable in connection with this Agreement, (2) all arrangement, underwriting and upfront fees paid in connection with the Existing Credit Agreement and this AgreementBorrowers' senior secured credit facility dated December 8, 2003, (3) all interest or dividends paid on Hybrid Preferred Securities and Hybrid Equity Securities, (4) interest expense payable by the Borrower Company in respect of any Debt owing to any Subsidiary thereof and (5) all costs (including, without limitation, any prepayment or option premium or expense) otherwise included in interest expense recognized on early retirement of debtthereof) accrued by the Borrower Company in respect of all Debt during such period, plus minus (B) cash United States federal income taxes paid by the Borrower during such period minus (C) cash interest income received by the Borrower Company from Persons other than any Subsidiary of the Borrower Company, during such period, minus (DC) all amounts received by the Borrower Company from its Subsidiaries and Affiliates during such period constituting reimbursement of interest expense and commitment, guaranty and letter of credit charges of the Borrower Company to such Subsidiary or Affiliate, of not less than 1.20 to 1.00, commencing with the Measurement Quarter ending on June 30, 2004; provided, that the Borrower Company shall be deemed not to be in breach of the foregoing covenant if, during the Measurement Quarter, the Borrower has Borrowers have permanently reduced the principal amount outstanding under this Agreement and the Promissory Notes, such that the amount determined pursuant to clause (ii) above, when recalculated on a pro forma basis assuming that the amount of such reduced principal amount outstanding under this Agreement and the Promissory Notes were in effect at all times during such four-fiscal-quarter period, would result in the Borrower Company being in compliance with such ratio.

Cash Coverage Ratio. The Borrower Company shall maintain, as of the last day of each Measurement Quarter, a minimum ratio of (i) the sum of (A) Cash Dividend Income for the four-fiscal-quarter period ending on such day, plus (B) amounts received by the Borrower Company pursuant to the Tax Sharing Agreement during such period plus (C) the lesser of (x) 25% of the Net Proceeds received by the Borrower during such period Company from the sale, assignment or other disposition (but not the lease or license) of any property, including without limitation, any sale of capital stock or other equity interest in any of the Borrower’s Company's direct or indirect Subsidiaries, Subsidiaries during such period and (y) $150,000,000 50,000,000 to (ii) an amount equal to (A) interest expense (excluding (1) all arrangement, underwriting and other similar fees payable in connection with this Agreement, (2) all arrangement, underwriting and upfront fees paid in connection with the Existing Credit Agreement and this Agreement, (3) all interest or dividends paid on Hybrid Preferred Securities and Hybrid Equity Securities, (4) interest expense payable by the Borrower Company in respect of any Debt owing to any Subsidiary thereof and (5) all costs (including, without limitation, any prepayment or option premium or expense) otherwise included in interest expense recognized on early retirement of debtthereof) accrued by the Borrower Company in respect of all Debt during such period, plus (B) cash United States federal income taxes paid by the Borrower during such period Company minus (C) cash interest income received by the Borrower Company from Persons other than any Subsidiary of the Borrower Company, during such period, minus (D) all amounts received by the Borrower Company from its Subsidiaries and Affiliates during such period constituting reimbursement of interest expense and commitment, guaranty and letter of credit charges of the Borrower Company to such Subsidiary or Affiliate, of not less than 1.20 to 1.00, commencing with the Measurement Quarter ending on June 30, 2005; provided, that the Borrower Company shall be deemed not to be in breach of the foregoing covenant if, during the Measurement Quarter, the Borrower has Borrowers have permanently reduced the principal amount outstanding under this Agreement and the Promissory Notes, such that the amount determined pursuant to clause (ii) above, when recalculated on a pro forma basis assuming that the amount of such reduced principal amount outstanding under this Agreement and the Promissory Notes were in effect at all times during such four-fiscal-quarter period, would result in the Borrower Company being in compliance with such ratio.