Dish Network 1997 Annual Report Download - page 67

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ECHOSTAR COMMUNICATIONS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – Continued
5. Long-Term Debt – Continued
F–20
exceed the sum of the difference of cumulative consolidated cash flow (calculated in accordance with the 1997
Notes Indenture) minus 150% of consolidated interest expense of DBS Corp (calculated in accordance with the 1997
Notes Indenture), in each case from July 1, 1997 plus an amount equal to 100% of the aggregate net cash proceeds
received by DBS Corp and its subsidiaries from the issuance or sale of certain equity interests of DBS Corp or
EchoStar.
In the event of a change of control, as defined in the 1997 Notes Indenture, DBS Corp will be required to
make an offer to repurchase all of the 1997 Notes at a purchase price equal to 101% of the aggregate principal
amount thereof, together with accrued and unpaid interest thereon, to the date of repurchase.
Mortgages and Other Notes Payable
Mortgages and other notes payable consists of the following (in thousands):
December 31,
1996 1997
8.25% note payable for satellite vendor financing for EchoStar I due in equal monthly
installments of $722, including interest, through February 2001 ............................. $ 30,463 $ 24,073
8.25% note payable for satellite vendor financing for EchoStar II due in equal
monthly installments of $562, including interest, through November 2001 .............. 27,161 22,489
8.25% note payable for satellite vendor financing for EchoStar III due in equal
monthly installments of $294, including interest, through October 2002 .................. –13,812
Mortgages and other unsecured notes payable due in installments through April 2009
with interest rates ranging from 8% to 10.5% ................................ ......................... 5,138 9,357
Total ................................ ................................ ................................ ........................ 62,762 69,731
Less current portion ................................ ................................ ................................ .. (11,334) (17,885)
Mortgages and other notes payable, net of current portion ................................ .......... $ 51,428 $ 51,846