Consolidated Net Leverage Ratio.The Borrower will not permit the Consolidated Net Leverage Ratio to exceed the applicable maximum Consolidated Net Leverage Ratio set forth below on the last day of each applicable fiscal quarter:

Consolidated Net Leverage Ratio. Permit the Consolidated Net Leverage Ratio as at the last day of any period of four consecutive fiscal quarters of the Borrower (or, if less, the number of full fiscal quarters subsequent to the Closing Date) ending with any fiscal quarter to exceed 3.75:1.00 (provided, that, at the election of the Borrower by delivering written notice to the Administrative Agent on or prior to the consummation of a Material Permitted Acquisition, the applicable Consolidated Net Leverage Ratio shall be 4.25:1.00 for four quarters following such Material Permitted Acquisition; provided, further, that the Borrower may only make up to three such elections during the term of this Agreement and, after making any such election, may only make a subsequent election after at least one full fiscal quarter shall have elapsed after the end of any step-up in the maximum Consolidated Net Leverage Ratio as a result of a prior election); provided, further, that from and after the Collateral Release Date (unless the Collateral and Guarantees have been reinstated in accordance with [Section 10.14(c)], Indebtedness of Subsidiaries (other than any Specified Joint Ventures and Foreign Subsidiaries) must be permitted under Section 7.2.

Consolidated Net Leverage Ratio. Permit the Consolidated Net Leverage Ratio as at the last day of any period of four consecutive fiscal quarters of the Borrower (or, if less, the number of full fiscal quarters subsequent to the Closing Date[[Borrower:Organization]] ending with any fiscal quarter to exceed 3.75:1.00 (provided, that, at the election of the Borrower by delivering written notice to the Administrative Agent on or prior to the consummation of a Material Permitted Acquisition, the applicable Consolidated Net Leverage Ratio shall be 4.25:1.00 for four quarters following such Material Permitted Acquisition; provided, further, that the Borrower may only make up to three such elections during the term of this Agreement and, after making any such election, may only make a subsequent election after at least one full fiscal quarter shall have elapsed after the end of any step-up in the maximum Consolidated Net Leverage Ratio as a result of a prior election[[Borrower:Organization]]; provided, further, that from and after the Collateral Release Date (unless the Collateral and Guarantees have been reinstated in accordance with Section 10.14(c[[Borrower:Organization]], Indebtedness of Subsidiaries (other than any Specified Joint Ventures and Foreign Subsidiaries[[Borrower:Organization]] must be permitted under [Section 7.2].

Consolidated Net Leverage Ratio. Permit the Consolidated Net Leverage Ratio as of the end of any fiscal quarter to be greater than 4.00 to 1.00 (the “Maximum Permitted Net Leverage Ratio”), subject to [Section 8.11(c)].

Consolidated Net Leverage Ratio. Permit the Consolidated Net Leverage Ratio as of the end of any fiscal quarter of the Borrower to be greater than 3.75:1.0.; provided that, upon the occurrence of a Qualified Acquisition, for each of the four fiscal quarters of the Borrower immediately following such Qualified Acquisition (including the fiscal quarter of the Borrower in which such Qualified Acquisition was consummated) (such period of increase, a “Covenant Holiday”), the ratio set forth above shall be increased to 4.25:1.0; provided, further, that, # for at least one (1) fiscal quarter of the Borrower immediately following each Covenant Holiday, the Consolidated Net Leverage Ratio as of the end of such fiscal quarter shall not be greater than 3.75:1.0 prior to giving effect to another Covenant Holiday pursuant to the immediately preceding proviso, # there shall be no more than two (2) Covenant Holidays during the term of this Agreement, and # each Covenant Holiday shall only apply with respect to the calculation of the Consolidated Net Leverage Ratio for purposes of determining compliance with this [Section 8.11(b)] as of the end of any fiscal quarter of the Borrower and for purposes of determining compliance with [clause (d)] in the definition of Permitted Acquisition for purposes of determining the permissibility of any Qualified Acquisition and not for any other purpose.

Consolidated Net Leverage Ratio. The Borrower will not permit the Consolidated Net Leverage Ratio to exceed, as of the last day of each of the following fiscal quarters, the ratio set forth next to such fiscal quarter in the table below:

determining compliance with any provision of this Agreement which requires the calculation of the Consolidated First Lien Net Leverage Ratio, the Consolidated Secured Net Leverage Ratio, the Consolidated Total Net Leverage Ratio or the Consolidated Interest Coverage Ratio; or

determining compliance with any provision of this Agreement which requires the calculation of the Consolidated First Lien Net Leverage Ratio, the Consolidated Secured Net Leverage Ratio, the Consolidated Total Net Leverage Ratio or the Consolidated Interest Coverage Ratio; or

For purposes of any calculation of the First Lien Net Leverage Ratio, Consolidated EBITDA, Consolidated Interest Expense, Consolidated Interest Coverage Ratio or Total Net Leverage Ratio, in the event that any Specified Transaction has occurred during the Test Period for which the First Lien Net Leverage Ratio, Consolidated EBITDA, Consolidated Interest Expense, Consolidated Interest Coverage Ratio or Total Net Leverage Ratio is being calculated or following the end of such Test Period and on or prior to the date of determination, such calculation shall be made on a Pro Forma Basis.

determining compliance with any provision of this Agreement which requires the calculation of any financial ratio or test, including the Consolidated First Lien Net Leverage Ratio, Consolidated Fixed Charge Coverage Ratio, Consolidated Secured Leverage Ratio and Consolidated Total Net Leverage Ratio (and, for the avoidance of doubt, any financial ratio set forth in [Section 2.15(a)]); or