Total Funded Senior Debt to Pro Forma Adjusted EBITDA Ratio. Emtec and its consolidated Subsidiaries shall maintain, as of the last Business Day of each fiscal quarter, a ratio of (i) Total Funded Senior Debt on such date to (ii) Pro Forma Adjusted EBITDA on a trailing twelve (12) months basis for such period, of not less than the level in the right hand column below for each period set forth in the corresponding left hand column below: November 30, 2011 4.0 to 1.0 February 28, 2012 3.5 to 1.0 May 31, 2012 3.5 to 1.0 August 31, 2012 4.0 to 1.0 November 30, 2012 4.0 to 1.0 February 28, 2013 3.5 to 1.0 May 31, 2013 3.5 to 1.0 August 31, 2013 3.5 to 1.0 November 30, 2013 4.0 to 1.0 February 28, 2014 3.5 to 1.0 May 31, 2014 3.5 to 1.0 August 31, 2014 3.5 to 1.0 November 30, 2014 4.0 to 1.0 February 28, 2015 3.5 to 1.0 May 31, 2015 3.5 to 1.0 August 31, 2015 3.5 to 1.0 November 30, 2015 4.0 to 1.0 February 28, 2016 3.5 to 1.0 May 31, 2016 3.5 to 1.0 ; provided, that if the Companies sell the Federal Procurement Business, then the ratio in the right hand column above shall be “3.5 to 1.0” for each listed date.
