Common use of Financial Leverage Clause in Contracts

Financial Leverage. Prior to accounting for the Qualifying ------------------ Catastrophic Event, the total amount of ▇▇ ▇▇▇▇-term debt and short-term debt divided by the total amount of ▇▇ ▇▇▇▇-term debt and shareholders equity (excluding any payment received for the Preferred Shares), determined in accordance with GAAP, shall not be more than 47.5%.

Financial Leverage. Prior to accounting for the Qualifying ------------------ Catastrophic Event, the total amount of ▇▇ ▇▇▇▇-term debt and short-term debt divided by the total amount of ▇▇ ▇▇▇▇-term debt and shareholders equity (excluding any payment received for the Preferred Shares), determined in accordance with GAAP, shall not be more than 47.5%.