content_image/171320.jpg content_image/171321.jpg
(Expressed in thousands of United States dollars) 

## 11. Long-Term Debt 

## Long-Term Debt 

($ thousands) 

<img src='content_image/171320.jpg'>

Long-term debt repayments per fiscal year are as follows: 

<img src='content_image/171321.jpg'>

Certain of the Company’s long-term debt obligations have covenants restricting the issuance of additional debt such that consolidated debt cannot exceed 65% of the Company’s consolidated capital structure, as defined by the long-term debt agreements. As at December 31, 2011, the Company was in compliance with all debt covenants. 

