Interest Coverage Ratio

Customer’s “Interest Coverage Ratio” shall at all times exceed ? to 1. For purposes hereof, “Interest Coverage Ratio” shall mean the ratio of: (a) income before interest (including payments in the nature of interest under capital leases), taxes, depreciation, amortization, and other non-cash charges, to (b) Customer’s cash interest expense in respect of all indebtedness for borrowed money including that portion of capitalized lease obligations representing the interest factor; all as  set forth in Customer’s regular  financial statements prepared in accordance with GAAP.