Consolidated Net Interest Expense Ratio (Section 7.4(a)). The ratio of 1. the difference between A. the sum of (1) earnings before income taxes of IBM and its consolidated Subsidiaries for the period of four consecutive fiscal quarters ended on the date referred to in paragraph (b) above, excluding gains or losses from the divestiture or sale of a business $_____________ (2) Consolidated Net Interest Expense (to the extent deducted in arriving at earnings before income taxes) $_____________ (3) depreciation expense (to the extent deducted in arriving at earnings before income taxes) $_____________ (4) amortization expense (to the extent deducted in arriving at earnings before income taxes) $_____________ (5) restructuring charges made after the Effective Date (to the extent deducted in arriving at earnings before income taxes) $_____________ Total of (1), (2), (3), (4) and (5) above $_____________ and
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Sources: 364 Day Credit Agreement (Ibm Credit LLC), 364 Day Credit Agreement (International Business Machines Corp)
Consolidated Net Interest Expense Ratio (Section 7.4(a)). The ratio of
of 1. the difference between A. 1. the sum of
(1) earnings before income taxes of IBM and its consolidated Subsidiaries for the period of four consecutive fiscal quarters ended on the date referred to in paragraph (b) above, excluding gains or losses from the divestiture or sale of a business $_____________
(2) Consolidated Net Interest Expense (to the extent deducted in arriving at earnings before income taxes) $_____________
(3) depreciation expense (to the extent deducted in arriving at earnings before income taxes) $_____________
(4) amortization expense (to the extent deducted in arriving at earnings before income taxes) $_____________
(5) restructuring charges made after the Effective Date (to the extent deducted in arriving at earnings before income taxes) $_____________ Total of (1), (2), (3), (4) and (5) above $_____________ and
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