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. At the end of each quarter during the Term, on a rolling four-quarter basis, the Relevant Group shall maintain the following ratios:
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. The Guarantor shall maintain:
11.11.1 at all times during the Term, a ratio of Consolidated Funded Debt to Consolidated Total Capitalization not exceeding 50%;
11.11.2 a Consolidated ratio (determined as of the end of each fiscal quarter of the Guarantor) 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) at not less than 2.0 to 1.0; and
11.11.3 at all times during the Term, a minimum Consolidated Net Worth of Cdn. $200,000,000; For greater certainty and without limiting any provision of this Agreement, each of the Borrower and the Guarantor acknowledges that the failure to respect any of the foregoing financial ratios at any time during the Term constitutes a material breach of this Agreement.
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: 12.
Maintenance of Ratios. Borrower shall maintain the following ratios, on a consolidated basis:
Maintenance of Ratios. (a) As of the last day of each fiscal quarter and fiscal year while the Notes are outstanding, beginning with the fiscal quarter ended September 30, 2018 and the fiscal year ended December 31, 2018, the Guarantor shall not have a Debt to Total Capitalization Ratio greater than 40%.
(b) For each fiscal year, beginning with the fiscal year ending December 31, 2018, as determined on the last day of such fiscal year, the Insurance Subsidiaries of the Guarantor, on a combined basis, shall maintain an annual ratio of (i) gross premiums written as determined in accordance with GAAP, but not including premiums paid from one Subsidiary to another Subsidiary, to (ii) Total Shareholders’ Equity of the Guarantor of no more than 8.0 to 1.0.
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.
