Maintenance of Ratios Clause Samples

Maintenance of Ratios. At the end of each quarter during the Term commencing February 28, 2001, on a rolling four-quarter basis, the VL Group shall maintain the following ratios, provided that (a) the first test as at February 28, 2001, shall be calculated by extrapolating from the relevant results for that quarter; (b) the second test effective May 31, 2001 shall be calculated by extrapolating from the relevant results for that quarter and the preceding quarter; (c) the third test effective August 31, 2001 shall be calculated by extrapolating from the relevant results for that quarter and the 2 preceding quarters and (d) the fourth and all subsequent tests shall be calculated in respect of the preceding four quarters:

Maintenance of Ratios. ACT shall maintain at the end of each fiscal quarter of ACT, on a consolidated basis, the following ratios: 12.1.1 a Fixed Charge Coverage Ratio of not less than 1.30 to 1.00; and

Maintenance of Ratios. (a) For each fiscal quarter and fiscal year while the Notes are outstanding, beginning with the fiscal quarter ended March 31, 2017 and fiscal year ended December 31, 2017, the Company shall not have a Debt to Total Capitalization Ratio (i) greater than 25% excluding the Indebtedness Incurred under the 2017 Convertible Notes and (ii) greater than 45% after giving effect to the Indebtedness Incurred under the 2017 Convertible Notes; (g) Section 3.13 of the Indenture is hereby amended and replaced in its entirety with the following:

Maintenance of Ratios. 43 11.12 PAYMENT OF LEGAL FEES AND OTHER EXPENSES ....................43 11.13

Maintenance of Ratios. With respect to the Borrower, maintain at all times, on a consolidated basis: 15.7.1 a Senior Debt to EBITDA Ratio of no more than 3.75 : 1.00 up to and including September 29, 1999 and of 3.25 : 1.00 thereafter; 15.7.2 a Fixed Charge Coverage Ratio of at least 2.00 : 1.00; 15.7.3 a ratio of Senior Debt to Total Capitalization of no more than 0.65 : 1.00 up to and including September 29, 1999 and of no more than 0.60 : 1.00 thereafter.

Maintenance of Ratios. 14.8.1 Subject to subsection 14.8.2, maintain at all times, on a consolidated basis: 14.8.1.1 an Interest-Bearing Debt/EBITDA Ratio no greater than 3.50:1.00, provided that, for any twelve (12) month period (each such period, a “Step Up Period”) following the date on which the Borrower notifies the Agent that Saputo or its Subsidiaries have completed, in the twelve (12) preceding consecutive months, an acquisition or a series of acquisitions for which the aggregate consideration exceeds US$1,000,000,000, the Interest-Bearing Debt/EBITDA Ratio shall be no greater than 4.00:1.00; provided further however that, immediately after the end of any Step Up Period, the Interest- Bearing Debt/EBITDA Ratio shall be no greater than 3.50:1.00 for at least two (2) consecutive fiscal quarters before the Borrower may benefit from another Step Up Period pursuant to the immediately preceding proviso; and 14.8.1.2 an Interest Coverage Ratio of not less than 2.50:1.00. 14.8.2 When any acquisition or Disposal of business permitted hereunder is made by any of Saputo or its Subsidiaries during any period in respect of which the financial ratios of subsection 14.8.1 or the EBITDA Threshold have to be calculated, such ratios or EBITDA Threshold may at the option of Saputo in the case of an acquisition but shall in the case of a Disposal of business be calculated as if such acquisition or such Disposal had occurred on the first day of the relevant period of calculation (therefore integrating in or excluding from the calculation, as applicable, the historical financial results of the business concerned).

Maintenance of Ratios. Borrower shall maintain the following ratios, on a consolidated basis:

Maintenance of Ratios. As of the end of each fiscal quarter while the 2022 Notes are outstanding, beginning with the fiscal quarter ended March 31, 2018, the Company shall not have a Debt to Equity Ratio greater than 35%.

Maintenance of Ratios. IPG shall maintain: 13.11.1 at all times during the Term, a ratio of Total Debt to Consolidated Total Capitalization not exceeding the following: Period Ratio ------ ----- On or prior to March 30, 2002: 0.59:1 ------- From March 31, 2002 to June 29 2002: 0.585:1 ------- From June 30, 2002 to September 29, 2002: 0.58:1 ------- From September 30, 2002 to December 30, 2002: 0.575:1 ------- From December 31, 2002 to March 30, 2003: 0.57:1 ------- From March 31, 2003 to June 29 2003: 0.565:1 ------- From June 30, 2003 to September 29, 2003: 0.56:1 ------- On September 30, 2003 and thereafter during the Term: 0.55:1 ------- 13.11.2 at the end of each fiscal quarter of IPG during the Term, a Consolidated ratio of Net Income Available for Fixed Charges to Fixed Charges for the immediately preceding period of four consecutive fiscal quarters including the fiscal quarter ending on the calculation date (taken as a single accounting period) of not less than: Period Ratio ------- ----- On or prior to September 30, 2002: 1.75:1 ------ On December 31, 2002 and March 31, 2003 1.85:1 ------ On June 30, 2003 and thereafter: 2.00:1 ------ 13.11.3 at all times during the Term, a minimum Consolidated Net Worth equal to the sum total of US $275,000,000 and (i) 50% of positive Consolidated Net Income for the period commencing October 1, 2001 through the end of IPG's most recently ended fiscal quarter (i.e. without any deduction for net losses) plus (ii) an amount equal to the aggregate net proceeds of any issuance of equity Securities during the Term to any Person other than a member of the Restricted Group; 13.11.4 at the end of each fiscal quarter of IPG during the Term, a ratio of Total Debt to EBITDA for the immediately preceding period of four consecutive fiscal quarters including the fiscal quarter ending on the calculation date (taken as a single accounting period) not exceeding the lesser of: (a) Period Ratio ------ ------ On December 31, 2001: 6.00:1 ------ On March 31, 2002: 5.75:1 ------ On June 30, 2002: 5.50:1 ------ On September 30, 2002: 5.25:1 ------ On December 31, 2002: 5.00:1 ------ On March 31, 2003: 4.75:1 ------ On June 30, 2003: 4.50:1 ------ On September 30, 2003: 4.25:1 ------ On December 31, 2003, March 31, 2004 and June 30, 2004: 4.00:1 ------ On September 30, 2004, December 31, 2004, March 31, 2005 and June 30, 2005: 3.50:1 ------ On September 30, 2005 and December 31, 2005 3.25:1 ------ or (b) beginning with the March 31, 2002 results (i.e. commencin...