Scott Marcotikus, Goldman Sachs:
My first question relates to the bank covenant at seven times. It looks likely to be tripped at some point in the second half of the year. I’m just wondering what measure you can take to perhaps appease the banks to grant a waiver on that facility? You mentioned with regard to the bank debt the average rate on that is around 4%. I am wondering if you are in the midst of renegotiating your credit facility at some point as those interest rates are going to probably be dramatically higher. Can you comment on what you are forecasting for the second half of the year as far as interest expense?
We don’t expect to trip our covenant. We think we will be below seven times and our terms of our leverage covenant and therefore we don’t expect to have to amend our credit agreement to address the leverage covenant.
"We don't expect to trip our covenant" was nothing but a dodge.