Common use of Consolidated Fixed Charge Coverage Ratio Clause in Contracts

Consolidated Fixed Charge Coverage Ratio. The Company will not permit the Consolidated Fixed Charge Coverage Ratio as at the last day of any fiscal quarter of the Company to be less than (i) 1.10 to 1.00, as at the last day of the fiscal quarters ending on or nearest to June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024 and (ii) 1.25 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.

Consolidated Fixed Charge Coverage Ratio. The Company will not permit the Maintain a Consolidated Fixed Charge Coverage Ratio as at of the last day of any each fiscal quarter of during the Company to be less than (i) 1.10 to 1.00periods specified below, as at the last day of the fiscal quarters ending commencing on or nearest to June 30, 20232008, of not less than the ratio set forth below opposite the applicable period: Effective Date through September 29, 2009 1.25 to 1.00 September 30, 2023, December 31, 2023, March 31, 2024 2009 and June 30, 2024 and (ii) 1.25 thereafter 1.40 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.

Consolidated Fixed Charge Coverage Ratio. The Company will not permit Permit the Consolidated Fixed Charge Coverage Ratio as at the last day of any fiscal quarter of the Company time to be less than (i) the ratios and for the periods set forth below: Closing Date through and including March 30, 2011 1.10 to 1.00, as at the last day of the fiscal quarters ending on or nearest to June 30, 2023, September 30, 2023, December 31, 2023, 1.00 March 31, 2024 2011 through and June including March 30, 2024 2012 1.15 to 1.00 March 31, 2012 and (ii) 1.25 thereafter 1.20 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.

Consolidated Fixed Charge Coverage Ratio. The Company will not permit Permit the Consolidated Fixed Charge Coverage Ratio as at of the last day of any fiscal quarter of the Company to be less than (i) 1.10 to 1.00the ratio indicated: June 28, as at the last day of the fiscal quarters ending on or nearest to 2020 and September 27, 2020 1.50:1.00 December 27, 2020 1.35:1.00 March 28, 2021 1.45:1.00 June 3027, 20232021 and September 26, September 302021 2.25:1.00 December 26, 2023, December 31, 2023, March 31, 2024 2021 and June 30, 2024 and (ii) 1.25 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.thereafter 2.50:1.00

Consolidated Fixed Charge Coverage Ratio. The Company will Loan Parties shall not permit the Consolidated Fixed Charge Coverage Ratio as at of the last day of any fiscal quarter of the Company to be less than (i) 1.10 to 1.00, as at the last day of the fiscal quarters ending on or nearest to June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024 and (ii) 1.25 to 1.00, as at the last day of starting with the fiscal quarter ending on or nearest December 31, 2016) as set forth below to be less than the minimum ratio set forth in the table below opposite such date: Measurement Period Minimum Consolidated Fixed Charge Coverage Ratio September 30, 2024 2016 through and including June 30, 2017 1.15 to 1.00 September 30, 2017 1.25 to 1.00 December 31, 2017 1.50 to 1.00 March 31, 2018 and the last day of each fiscal quarter thereafter.thereof 2.00 to 1.00

Consolidated Fixed Charge Coverage Ratio. The Company will not permit Permit the Consolidated Fixed Charge Coverage Ratio as at the last day of any fiscal quarter of the Company time to be less than (i) 1.10 to 1.00, as at the last day of ratios and for the fiscal quarters ending on or nearest to June periods set forth below: Closing Date through and including March 30, 2023, September 30, 2023, December 31, 2023, 2012 1.15 to 1.00 March 31, 2024 2012 and June 30, 2024 and (ii) 1.25 thereafter 1.20 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.

Consolidated Fixed Charge Coverage Ratio. The Company will not permit the Commencing on OctoberJuly 31, 20222023, maintain at all times a Consolidated Fixed Charge Coverage Ratio, tested at the end of each calendar month based upon the immediately preceding Applicable Fiscal Period, of not less than the ratio set below for such calendar month end: ​ ​Period Ratio as at OctoberJuly 31, 2022 – December 31, 20222023 – September 30,2023 0.50 to 1.00 JanuaryOctober 31, 2023 and the last day of any fiscal quarter of the Company each calendar month thereafter 1.00 to be less than (i) 1.10 to 1.00, as at the last day of the fiscal quarters ending on or nearest to June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024 and (ii) 1.25 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.1.00 ​

Consolidated Fixed Charge Coverage Ratio. The Company will not permit Permit the Consolidated Fixed Charge Coverage Ratio as at the last day of any period of four (4) consecutive fiscal quarters of Holdings and its Subsidiaries, commencing with the fiscal quarter of the Company ending June 30, 2022, to be less than (i) 1.10 to 1.00, as at 1.25:1.00; provided that this financial covenant shall not be tested on the last day of the fiscal quarters ending on or nearest to June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024 and (ii) 1.25 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter2024.

Consolidated Fixed Charge Coverage Ratio. The Company will not permit Permit the Consolidated Fixed Charge Coverage Ratio to be less than (i) 1.35:1.00 as at of the last day of each fiscal quarter ending March 31, 2019 (for the avoidance of doubt, such calculation shall be for the three (3) month period ending on such date), June 30, 2019 and September 30, 2019 and (ii) 1.50:1.00 as of the last day of any fiscal quarter of thereafter. In all cases, the Company to Consolidated Fixed Charge Coverage Ratio shall be less than (i) 1.10 to 1.00, as at determined based on information for the last day of the fiscal quarters ending on or nearest to June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024 and (ii) 1.25 to 1.00, as at the last day of the fiscal most recent quarter ending on or nearest to September 30, 2024 and each quarter thereafterannualized.

Consolidated Fixed Charge Coverage Ratio. The Company will not permit the Maintain a Consolidated Fixed Charge Coverage Ratio as at of the last day of any each fiscal quarter of during the Company to be less than (i) 1.10 to 1.00periods specified below, as at the last day of the fiscal quarters ending commencing on or nearest to June 30, 20232008, of not less than the ratio set forth below opposite the applicable period: Closing Date through September 29, 2009 1.15 to 1.00 September 30, 2023, December 31, 2023, March 31, 2024 2009 and June 30, 2024 and (ii) 1.25 thereafter 1.30 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.

Consolidated Fixed Charge Coverage Ratio. The Company will not permit Permit the Consolidated Fixed Charge Coverage Ratio as Ratio, at any time during the last day of any fiscal quarter of the Company following periods, to be less than (i) the ratio set forth below opposite such period: Closing Date through December 31, 2011 1.10 to 1.001.0 January 1, as at the last day of the fiscal quarters ending on or nearest to 2012 through June 30, 20232012 1.20 to 1.0 July 1, September 30, 2023, 2012 through December 31, 20232012 1.30 to 1.0 January 1, March 31, 2024 2013 and June 30, 2024 and (ii) 1.25 thereafter 1.50 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.1.0

Consolidated Fixed Charge Coverage Ratio. The Company will not permit the Consolidated Fixed Charge Coverage Ratio as at As of the last day of any fiscal quarter of quarter, permit the Company Consolidated Fixed Charge Ratio to be less than (i) 1.10 to 1.00the corresponding ratio set forth below: PERIOD MINIMUM RATIO March 31, as at the last day of the fiscal quarters ending on or nearest to 2014 through June 30, 2023, 2015 1.20 to 1.00 September 30, 2023, 2015 through December 31, 2023, 2016 1.25 to 1.00 March 31, 2024 2017 and June 30, 2024 and (ii) 1.25 thereafter 1.30 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.

Consolidated Fixed Charge Coverage Ratio. The Company will not permit Permit the Consolidated Fixed Charge Coverage Ratio as at of the last day end of any fiscal quarter of the Company to be less than (i) 1.10 to 1.00, as at the last day of ratio set forth below opposite the fiscal quarters ending on or nearest to June 30, 2023, September 30, 2023, applicable period: Closing Date through December 31, 20232005 1.25 to 1.0 January 1, March 2006 through December 31, 2024 and June 2006 0.60 to 1.0 January 1, 2007 through December 30, 2024 2007 1.10 to 1.0 December 31, 2007 and (ii) thereafter 1.25 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.1.0

Consolidated Fixed Charge Coverage Ratio. The Company will not permit Permit the Consolidated Fixed Charge Coverage Ratio as at the last day of any fiscal quarter of the Company Test Period ending on any date set forth below to be less than (i) 1.10 to 1.00the ratio set forth below opposite such date: September 30, as at the last day of the fiscal quarters ending on or nearest to 2012 1.25 : 1.00 December 31, 2012 1.25 : 1.00 March 31, 2013 1.35 : 1.00 June 30, 2023, 2013 1.35 : 1.00 September 30, 2023, 2013 1.35 : 1.00 December 31, 2023, March 31, 2024 and June 30, 2024 and (ii) 1.25 to 2013 1.35 : 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.

Consolidated Fixed Charge Coverage Ratio. The Company will not permit the Consolidated Fixed Charge Coverage Ratio as at of the last day of any each fiscal quarter of the Company to shall be no less than (i) 1.10 to 1.00the ratio shown below opposite the applicable period corresponding thereto: Period Ratio ------ ----- Closing Date through December 31, as at the last day of the fiscal quarters ending on or nearest to June 302000 1.25 : 1.00 January 1, 20232001 through April 1, 2001 1.50 : 1.00 April 2, 2001 through September 30, 20232001 1.35 : 1.00 October 1, December 31, 2023, March 31, 2024 2001 and June 30, 2024 and (ii) 1.25 to thereafter 1.50 : 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.

Consolidated Fixed Charge Coverage Ratio. The Company will not permit the Consolidated Fixed Charge Coverage Ratio as at the last day of any fiscal quarter of the Company to be less than (i) 1.10 1.00 to 1.00, as at the last day of the fiscal quarters ending on or nearest to June 30, 2023, September 30, 20232022, December 31, 2023, 2022 and March 31, 2024 and June 302023 (or, 2024 with respect to any other Section of this Agreement requiring compliance with this Section 7.11 (other than Section 6.01(c)), 1.50 to 1.00) and (ii) 1.25 1.50 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September June 30, 2024 2023 and each quarter thereafter.

Consolidated Fixed Charge Coverage Ratio. The Company will not permit Permit the Consolidated Fixed Charge Coverage Ratio of Holdings and its Subsidiaries as at the last day of any fiscal quarter of the Company Test Period to be less than (i) 1.10 to 1.001.25:1.00than the ratios set forth below opposite such Fiscal Quarter, as at commencing with the last day of the fiscal quarters Fiscal Quarter ending on or nearest to June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 2022.September 30, 2024 and (ii) 1.25 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.2024:

Consolidated Fixed Charge Coverage Ratio. The Company will not permit Maintain, as of the last day of each Fiscal Period, a Consolidated Fixed Charge Coverage Ratio as at the last day of any fiscal quarter of the Company to be not less than (i) 1.10 to 1.00, as at the last corresponding ratio for such day of the fiscal quarters ending on or nearest to June 30, 2023, set forth below: September 30, 2023, 2011 0.49 : 1.00 December 31, 2023, 2011 0.95 : 1.00 March 31, 2024 2012 and June 30, 2024 and (ii) thereafter 1.25 to : 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.

Consolidated Fixed Charge Coverage Ratio. The Company will not permit Permit the Consolidated Fixed Charge Coverage Ratio as at the last day of any period of four (4) consecutive fiscal quarters of the Group Members, commencing with the fiscal quarter of the Company ending September 30, 2021, set forth below to be less than (i) 1.10 to 1.00, as at the last day of the fiscal quarters ending on or nearest to 1.25the ratio set forth below opposite such quarter:1.00. June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024 and (ii) 1.25 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.2023 1.20:1.00

Consolidated Fixed Charge Coverage Ratio. The Company will not permit There shall be ---------------------------------------- maintained, as of the end of each fiscal quarter to occur during the periods shown, a Consolidated Fixed Charge Coverage Ratio as of at the last day of any fiscal quarter of the Company to be less than (i) 1.10 to 1.00, as at the last day of the fiscal quarters ending on or nearest to June 30, 2023, least: Closing Date through September 30, 20231997 1.75:1.0 October 1, December 31, 2023, March 31, 2024 and June 30, 2024 and (ii) 1.25 to 1.00, as at the last day of the fiscal quarter ending on or nearest to 1997 through September 30, 2024 1999 2.00:1.0 October 1, 1999 and each quarter thereafter.thereafter 2.25:1.0

Consolidated Fixed Charge Coverage Ratio. The Company will not permit the Consolidated Fixed Charge Coverage Ratio as at As of the last day of any fiscal quarter of ending during the Company periods specified below, permit the Consolidated Fixed Charge Ratio to be less than (i) 1.10 to 1.00, as at the last day of the fiscal quarters ending on or nearest to corresponding ratio set forth below: June 30, 2023, September 30, 2023, 2015 through December 31, 2023, 2016 1.15 to 1.00 March 31, 2024 2017 and June 30, 2024 and (ii) thereafter 1.25 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.

Consolidated Fixed Charge Coverage Ratio. The Company will not permit Permit the Consolidated Fixed Charge Coverage Ratio as at the last day of any period of four consecutive fiscal quarter quarters of the Company Borrower ending with any date set forth below to be less than (i) 1.10 to 1.00the ratio set forth below opposite such period: December 31, as at the last day of the fiscal quarters ending on or nearest to 2018 1.00:1.00 March 31, 2019 1.00:1.00 June 30, 2023, 2019 1.00:1.00 September 30, 2023, 2019 1.15:1.00 December 31, 2023, 2019 1.15:1.00 March 31, 2024 2020 and June 30, 2024 and (ii) 1.25 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.thereafter 1.25:1.00”

Consolidated Fixed Charge Coverage Ratio. The Company will not permit Permit the Consolidated Fixed Charge Coverage Ratio as at the last day of any fiscal quarter for the period of four consecutive fiscal quarters of the Company Borrower then ending to be less than (i) 1.10 to 1.00, as at the last day of the ratio set forth below opposite such fiscal quarters ending on or nearest to June 30, 2023, quarter: September 30, 20232013, December 31, 20232013, March 31, 2024 and 2014, June 30, 2024 2014 and (ii) 1.25 to 1.00September 30, as at the last day of the 2014 1.15:1.00 December 31, 2014 and each fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.thereafter 1.25:1.00

Consolidated Fixed Charge Coverage Ratio. The Company will not permit Permit the Consolidated Fixed Charge Coverage Ratio as at on the last day of any fiscal quarter of the Company Holdings (each such date, a “Test Date”) to be less than (i) 1.10 to 1.00the ratio set forth below for such fiscal quarter: September 30, as at the last day of the fiscal quarters ending on or nearest to 2025 1.20:1.00 December 31, 2025 1.20:1.00 March 31, 2026 1.30:1.00 June 30, 2023, 2026 1.30:1.00 September 30, 2023, 2026 1.30:1.00 December 31, 2023, 2026 1.30:1.00 March 31, 2024 2027 and June 30, 2024 and (ii) 1.25 to 1.00, as at the last day of the each fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.ended thereafter 1.40:1.00

Consolidated Fixed Charge Coverage Ratio. The Company will not permit the Borrower shall maintain a Consolidated Fixed Charge Coverage Ratio as at for the applicable twelve (12) month period (or shorter cumulative period since January 2007) ended on the last day of any fiscal quarter Fiscal Quarter of the Company to be not less than (i) 1.10 the ratio set forth below opposite such Fiscal Quarter: FISCAL QUARTER ENDING MINIMUM CONSOLIDATED FIXED CHARGE RATIO March 31, 2007 1.0 to 1.001.0 June 30, as at 2007 1.15 to 1.00 September 30, 2007 1.15 to 1.00 December 31, 2007 and the 1.15 to 1.0 last day of the fiscal quarters ending on or nearest to June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024 and (ii) 1.25 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter Fiscal Quarter thereafter.

Consolidated Fixed Charge Coverage Ratio. The Company will not permit Permit the Consolidated Fixed Charge Coverage Ratio as at of the last day of any fiscal quarter of the Company to be less than (i) 1.10 to 1.00the ratio indicated: Fiscal Quarter Minimum Consolidated Fixed Charge Coverage Ratio September 27, as at the last day of the fiscal quarters ending on or nearest to 2020 1.50:1.00 December 27, 2020 1.35:1.00 March 28, 2021 1.45:1.00 June 3027, 20232021 and September 26, September 302021 2.25:1.00 December 26, 2023, December 31, 2023, March 31, 2024 2021 and June 30, 2024 and (ii) 1.25 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.thereafter 2.50:1.00

Consolidated Fixed Charge Coverage Ratio. The Company will not permit the Maintain a Consolidated Fixed Charge Coverage Ratio as at Ratio, calculated on the last day of any each fiscal quarter of the Company to be not less than (i) the ratio set forth opposite such date: Calendar Year March 31 June 30 September 30 December 31 1999 1.10 to 1.00, as at the last day of the fiscal quarters ending on or nearest 1.00 1.10 to June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024 and (ii) 1.25 1.00 1.10 to 1.00 2000 1.10 to 1.00 1.15 to 1.00 1.15 to 1.00 1.15 to 1.00 2001 1.15 to 1.00 1.20 to 1.00 1.20 to 1.00 1.20 to 1.00 thereafter 1.20 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.

Consolidated Fixed Charge Coverage Ratio. The Company will not permit Permit the Consolidated Fixed Charge Coverage Ratio as at of the last day of any fiscal quarter of the Company Borrower ending during the periods specified below to be less than (i) the ratio set forth below opposite such period: Closing Date through December 30, 2012 1.10 to 1.00 December 31, 2012 through March 30, 2015 1.05 to 1.00 March 31, 2015 and each fiscal quarter thereafter 1.10 to 1.00, as at the last day of the fiscal quarters ending on or nearest to June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024 and (ii) 1.25 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.

Consolidated Fixed Charge Coverage Ratio. The Company will not As of the end of each fiscal quarter, permit the Consolidated Fixed Charge Coverage Ratio as at the last day of any fiscal quarter of the Company to be less than (i) 1.10 to 1.00, as at the last day of the fiscal quarters ending on or nearest to June than: Closing Date through December 30, 20232007 1.25:1.0 December 31, 2007 through September 29, 2008 1.35:1.0 September 30, 2023, December 31, 2023, March 31, 2024 2008 and June 30, 2024 and (ii) 1.25 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.thereafter 1.50:1.0

Consolidated Fixed Charge Coverage Ratio. The Company will not As of the last day of any fiscal quarter ending during the periods specified below, permit the Consolidated Fixed Charge Coverage Ratio as at the last day of any fiscal quarter of the Company to be less than (i) the corresponding ratio set forth below: Second Amendment Effective Date through March 28, 2021 1.10 to 1.001.00 June 27, as at the last day of the fiscal quarters ending on or nearest to June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024 and (ii) 2021 1.25 to 1.00 September 26, 2021 and thereafter 1.50 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.

Consolidated Fixed Charge Coverage Ratio. The Company will not permit As of the last day of each fiscal quarter, the Consolidated Fixed Charge Coverage Ratio as at the last day of any fiscal quarter of the Company to shall be not less than (i) 1.10 to 1.00, as at the last day of the fiscal quarters ending on or nearest to June 30, 2023, September 30, 2023, than: Closing Date through December 31, 2023, 2011 1.25:1.0 March 31, 2024 2012 and June 30, 2024 and (ii) 1.25 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.thereafter 1.50:1.0

Consolidated Fixed Charge Coverage Ratio. The Company will not permit Maintain, as of the last day of each Fiscal Period, a Consolidated Fixed Charge Coverage Ratio as at the last day of any fiscal quarter of the Company to be not less than (i) 1.10 to 1.00the corresponding ratio for such day set forth below: September 30, as at the last day of the fiscal quarters ending on or nearest to 2009 1.25 : 1.00 December 31, 2009 1.25 : 1.00 March 31, 2010 1.25 : 1.00 June 30, 2023, 2010 1.20 : 1.00 September 30, 2023, 2010 1.20 : 1.00 December 31, 2023, March 31, 2024 2010 and June 30, 2024 and (ii) thereafter 1.25 to : 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.

Consolidated Fixed Charge Coverage Ratio. The Company will not In the case of the Borrower, permit the Consolidated Fixed Charge Coverage Ratio as at of the last day of any each fiscal quarter occurring during any of the Company periods indicated below to be less than (i) 1.10 to 1.00, as at the last day of the fiscal quarters ending on or nearest to correlative ratio indicated: The Closing Date through June 30, 20232014 2.00:1.00 July 1, September 30, 2023, December 31, 2023, March 31, 2024 and 2014 through June 30, 2024 2015 2.25:1.00 July 1, 2015 and (ii) 1.25 to 1.00, as at the last day of the fiscal quarter ending on or nearest to September 30, 2024 and each quarter thereafter.thereafter 2.50:1.00

Consolidated Fixed Charge Coverage Ratio. The Company will not permit Permit the Consolidated Fixed Charge Coverage Ratio as at the last day of any period of four (4) consecutive fiscal quarters of Holdings and its Subsidiaries, commencing with the fiscal quarter of the Company ending June 30, 2022, to be less than (i) 1.10 to 1.00, as at 1.25:1.00; provided that this financial covenant shall not be tested during the last day of the fiscal quarters ending on or nearest to June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024 and (ii) 1.25 to 1.00, as at the last day of periods commencing with the fiscal quarter ending on or nearest to September 30March 31, 2024 2025 through and each including the fiscal quarter thereafterending March 31, 2026,.”