Common use of QUINENCO S Clause in Contracts

QUINENCO S. A., in turn, in its capacity of guarantor and joint and several debtor of the note securing the loan referred to under clause one herein, hereby undertakes as follows before Banco del Estado de Chile: a) Keeping assets free from all and every encumbrances, collaterals, burdens, restrictions or privileges for an amount equivalent to at least 1.3 times the outstanding balance of all the unsecured debts held by Quinenco S.A. For these purposes, both assets and debts shall be valued at book value; b) Keeping an individual indebtedness level whereby the financial debt / total capital formation ratio not exceeding 0.45 times. To this end, financial debt shall be construed as the addition of lots 21,010; 21,015; 21,020; 21,025; 21,030; 21,060; 21,075; 22,010; 22,020; 22,030; 22,040 and 22,045 of Quinenco's individual FECU. Total capital formation shall be construed as the addition of individual net worth, plus financial debt; c) Keeping a minimum individual net worth of at least UF 33 million. The aforementioned obligations, as well as that provided in the clause hereinabove shall remain in full effect for as long as the relevant loan remains unpaid.