HomeMy WebLinkAbout0223.~ - t. ,, .. .Is x.
~,
a
9o~r 25 PAGE223
~•r• t ~!flE C^UHT1'. FLA.
11
leas, but only to the extent that such interest is charged
and properly chargeable tp property accounts of the Com-
pany, interest paid or accrued on borrowed money,
(iii) all Investments (other than Permitted Invest-
ments) in any Persona, leas an amount equal to the cash
received by the Company from the liquidation of such In-
veatmenta, and
(iv) the ezcess, if any, of the amount of Funded Debt
required to be theretofore retired by the Company prior
to the final maturity date thereof under the provisions
of any sinking fund, purchase fund or analogous fund re-
lating to such b'undeci Debt (including aerial maturities
other than the final maturities) over the aggregate amount
of depreciation, amortization and depletion theretofore
deducted in determining Net Earnings of the Canpany
Available .for Interest,
would exceed the \ct Earnings of the Company Available for
Interest, after deducting from such 1~'et Earnings the provi-
sion for taxes based on or measured by income or profits (ex-
cept that if the amounts claimed for depreciation, amortization
or property retirement in the computation of such provision
for taxes shall have been computed on a basis other than a
straight line basis, such provision for taxes shall be in the
amount of such taxes which would have been payable if the
a~nouiits claimed for dcl~recia±ion, amortization or property
retirement in the computation of such taxes hacl been computed
on a straight line basis, without regard to depreciation, amorti-
zation or depletion theretofore taken on any other basis), and
after deducting therefrom the net earnings or adding thereto
tlce net losses of any Acquired S~•stem for any period prior
to its acquisition ln• the Company to the extent that such net
earnings or net losses shall bare been included in the computa-
tion of Net Earnings of the Company Available for Interest
pursuant to Subdivision (d) of the definition of the term "A'et
Earnings of the Company Available for Interest and Property
Retirement Appropriations" ; provided, however, notwith-
standin~- anything contained in the foregoing provisions of
this Q 5.19,
(A) the Company may, prior to the Initial Completion
Date, lay icite.rest on the Notos in an amount not exeeedin}; the
lesser of (i) $555,000, and (ii) the amount of such interest