Total Net Leverage Ratio. The Borrower will not permit the Total Net Leverage Ratio to exceed # 4.25 to 1.00, as of the end of each Reference Period ending on or after Closing Date but prior to May 31, 2019, # 3.75 to 1.00, as of the end of each Reference Period ending on or after May 31, 2019 but prior to December 31, 2019, # 4.50 to 1.00, as of the end of each Reference Period ending on or after December 31, 2019 but prior to June 30, 2020, # 4.25 to 1.00, as of the end of each Reference Period ending on or after June 30, 2020 but prior to March 31, 2021, # 4.006.50 to 1.00, as of the end of each Reference Period ending on or after March 31, 2021 but prior to December 31, 2021, # 6.00 to 1.00, as of the Reference Period ending December 31, 2021 and # 3.755.50 to 1.00, as of the end of each Reference Period ending on or after December March 31, 20212022; provided, that if the Borrower delivers a Covenant Adjustment Termination Certificate, then it will not permit the Total Net Leverage Ratio to exceed the Pre-Adjustment Leverage Ratio as of the end of any Reference Period (such required level of Total Net Leverage Ratio from time to time, the “Required Ratio”). Notwithstanding the foregoing, the then-applicable Required Ratio may be increased to accommodate a Material Permitted Acquisition at the election of the Borrower as designated in the Compliance Certificate or an earlier notice or certificate delivered by the Borrower in connection with such Material Permitted Acquisition; provided, however, that # such increase shall not otherwise go into effect until the closing of such Material Permitted Acquisition; # such increase shall only apply for a period of twelve months from and after the closing of such Material Permitted Acquisition and immediately upon the expiration of such twelve month period, the required maximum Total Net Leverage Ratio shall revert to the applicable Required Ratio set forth above for the Reference Period in which such reversion occurs; # in no event shall the maximum Total Net Leverage Ratio after giving effect to any such step-up exceed 4.75 to 1.00; and # the maximum amount that any Total Net Leverage Ratio covenant level may step-up during any Reference Period is 0.50 to 1.00.

Total Net Leverage Ratio. The Borrower will not permit the Total Net Leverage Ratio to exceed # 4.25 to 1.00, as of the end of each Reference Period ending on or after Closing Date but prior to May 31, 1">2019,1">2019 and, # 3.75 to 1.00, as of the end of each Reference Period ending on or after May 31, 2019 but prior to December 31, 2019, # 4.50 to 1.00, as of the end of each Reference Period ending on or after December 31, 2019 but prior to June 30, 2020, # 4.25 to 1.00, as of the end of each Reference Period ending on or after June 30, 2020 but prior to March 31, 2021, # 4.3">006.503">00 to 1.00, as of the end of each Reference Period ending on or after March 31, 2021 but prior to December 31, 5">2021, # 6.00 to 1.00, as of the Reference Period ending December 31, 2021 and # 3.7">755.507">75 to 1.00, as of the end of each Reference Period ending on or after December 9">March 31, 11">20212022; provided, that if the Borrower delivers a Covenant Adjustment Termination Certificate, then it will not permit the Total Net Leverage Ratio to exceed the Pre-Adjustment Leverage Ratio as of the end of any Reference Period11">2021 (such required level of Total Net Leverage Ratio from time to time, the “Required Ratio”). Notwithstanding the foregoing, the then-applicable Required Ratio may be increased to accommodate a Material Permitted Acquisition at the election of the Borrower as designated in the Compliance Certificate or an earlier notice or certificate delivered by the Borrower in connection with such Material Permitted Acquisition; provided, however, that # such increase shall not otherwise go into effect until the closing of such Material Permitted Acquisition; # such increase shall only apply for a period of twelve months from and after the closing of such Material Permitted Acquisition and immediately upon the expiration of such twelve month period, the required maximum Total Net Leverage Ratio shall revert to the applicable Required Ratio set forth above for the Reference Period in which such reversion occurs; # in no event shall the maximum Total Net Leverage Ratio after giving effect to any such step-up exceed 4.75 to 1.00; and # the maximum amount that any Total Net Leverage Ratio covenant level may step-up during any Reference Period is 0.50 to 1.00.