Common use of Funded Debt Coverage Clause in Contracts

Funded Debt Coverage. OSG and its Subsidiaries shall maintain a Funded Debt Ratio for any Test Period ending on the last day of any fiscal quarter set forth below of not greater than the ratio set forth below: FISCAL QUARTER RATIO 12/31/01 6.00:1.00 03/31/02 7.70:1.00 06/30/02 7.30:1.00 09/30/02 7.00:1.00 12/31/02 and thereafter 6.00:1.00

Funded Debt Coverage. OSG and its Subsidiaries shall maintain a Funded Debt Ratio for any Test Period ending on the last day of any fiscal quarter set forth below of not greater than the ratio set forth below: FISCAL QUARTER RATIO 12/31/01 6.00:1.00 03/31/02 7.70:1.00 06/30/02 7.30:1.00 09/30/02 7.00:1.00 12/31/02 12/31/2000 5.00 : 1.00 03/31/2001 5.00 : 1.00 06/30/2001 5.00 : 1.00 09/30/2001 5.60 : 1.00 12/31/2001 5.30 : 1.00 03/31/2002 5.30 : 1.00 06/30/2002 and thereafter 6.00:1.004.80 : 1.00

Funded Debt Coverage. OSG and its Subsidiaries shall maintain a Funded Debt Ratio for any Test Period ending on the last day of any fiscal quarter set forth below of not greater than the ratio set forth below: FISCAL QUARTER RATIO 12/31/01 6.00:1.00 03/31/02 7.70:1.00 06/30/02 7.30:1.00 09/30/02 7.00:1.00 12/31/02 12/31/2000 5.00 : 1.00 03/31/2001 5.00 : 1.00 06/30/2001 5.00 : 1.00 09/30/2001 4.75 : 1.00 12/31/2001 4.75 : 1.00 03/31/2002 and thereafter 6.00:1.004.50 : 1.00

Funded Debt Coverage. OSG and its Subsidiaries shall maintain a Funded Debt Ratio for any Test Period ending on the last day of any fiscal quarter in each Fiscal Year set forth below of not greater than the ratio set forth below: FISCAL QUARTER YEAR RATIO 12/31/01 6.00:1.00 03/31/02 7.70:1.00 06/30/02 7.30:1.00 09/30/02 7.00:1.00 12/31/02 and thereafter 6.00:1.002000 5.00 : 1.00 2001 4.75 : 1.00 2002 4.50 : 1.00