Common use of Cash Dividend Clause in Contracts

Cash Dividend. Prior to the declaration of the Special Distribution, Discover shall declare and distribute to MSDCI a cash dividend (the “Cash Dividend”) in an amount equal to the excess of Discover’s balance sheet capital over the estimated amount that is determined to be necessary as of the Distribution Time, based on Xxxxxx Xxxxxxx’x and Discover’s views (which will take into consideration, among other things, the amount of managed credit card receivables, deferred tax assets and intangible assets of the Discover Group) of underlying business risk, regulatory requirements and rating agency views.

Cash Dividend. Prior to the declaration completion of the Special DistributionRestructuring, Discover shall declare and distribute to MSDCI a cash dividend (the “Cash Dividend”) in an amount equal to the excess of Discover’s balance sheet capital over the estimated amount that is determined to be necessary as of the Distribution Time, based on Xxxxxx Xxxxxxx’x and Discover’s views (which will take into consideration, among other things, the amount of managed credit card receivables, deferred tax assets and intangible assets of the Discover Group) of underlying business riskrisks, regulatory requirements and rating agency views.