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:

Total Net Leverage Ratio. The Company and the other Loan Parties will not permit the Total Net Leverage Ratio, on the last day of any fiscal quarter, to be greater than 3.50:1.00 (the "Maximum Total Net Leverage Ratio"), except as permitted below.

Consolidated Total Leverage Ratio. As of the last day of any Fiscal Quarter, permit the Consolidated Total Leverage Ratio to be greater than 3.50:1.004.75:1.00; provided that for the four Fiscal Quarters ending after the date of a Material Acquisition, such maximum Consolidated Total Leverage Ratio shall be deemed to be 3.75:1.005.00:1.00, and thereafter 3.50:1.004.75:1.00.

Total Net Leverage Ratio. The Borrower will not permit the Total Net Leverage Ratio, on the last day of any fiscal quarter, to be greater than 2.75 to 1.00; provided, however, that for any fiscal quarter in which one or more Permitted Acquisitions with a total consideration of greater than $20,000,000 in the aggregate occur, the following shall apply for such fiscal quarter and the three full fiscal quarters thereafter: the Borrower will not permit the Total Net Leverage Ratio # on the last day of the fiscal quarter during which such Permitted Acquisition(s) occur and the last day of the following full fiscal quarter, to be greater than the level that would then otherwise be required plus 0.50 to 1.00 and # on the last day of second full and third full fiscal quarters occurring after such Permitted Acquisition(s), to be greater than the level that would then otherwise be required plus 0.25 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, 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, # 4.00 to 1.00, as of the end of each Reference Period ending on or after March 31, 2021 but prior to December 31, 2021 and # 3.75 to 1.00, as of the end of each Reference Period ending on or after December 31, 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.

Consolidated Total Leverage Ratio. The Consolidated Total Leverage Ratio as of the end of any fiscal quarter shall be no greater than # 5.00 to 1.0 from the Effective Date and continuing through the fiscal quarter ending December 31, 2020, # 4.50 to 1.0 for the fiscal quarter ending March 31, 2021 and continuing through the fiscal quarter ending December 31, 2021, # 4.00 to 1.0 for the fiscal quarter ending March 31, 2022 and continuing through the fiscal quarter ending December 31, 2022 and # 3.50 to 1.0 for the fiscal quarter ending March 31, 2023 and for each fiscal quarter ending thereafter.

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 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 Total Leverage Ratio. Beginning with the fiscal quarter ending December 31, 2017, as of the last day of any fiscal quarter, permit the Consolidated Total Leverage Ratio to be greater than the ratio set forth opposite such fiscal quarter below;