Debt to EBITDA Ratio. Permit the ratio of # Borrower’s consolidated Funded Indebtedness to # Borrower’s consolidated pro forma EBITDA to be greater than 4.00: 1.00. This ratio shall be tested as of the end of each calendar quarter during the term hereof. For the purposes hereof, this ratio shall be calculated on a rolling four quarter basis; provided, however that if, during any review period, Borrower or any Subsidiary shall have made a material Disposition or material acquisition, EBITDA shall be calculated on a pro forma basis as if such material Disposition or acquisition occurred on the first day of any such review period. In such case, solely with respect to calculations made in connection with determining Borrower’s pro forma compliance with the covenants set forth in the Loan Documents, EBITDA during such review period shall be calculated on a pro forma basis as if the material Dispositions and material acquisitions made during or after the end of the review period but on or before the date of determination had occurred on the first day of such review period.

Debt to EBITDA Ratio. The Company will maintain as of the end of each of its fiscal quarters a ratio of Consolidated Funded Debt to Consolidated EBITDA of not greater than 4.50:1.00 on a four quarter rolling basis.

Senior EBITDA Ratio. As of the end of each calendar month, a Senior EBITDA Ratio of not less than 3.00 to 1.

Consolidated Debt to EBITDA Ratio. Permit the Consolidated Debt to EBITDA Ratio as of the end of any fiscal quarter of the Company to be greater than # 3.50:1.00, for any fiscal quarter ending during the period from the Closing Date to and including October 26, 2019 and # 3.00:1.00, for any fiscal quarter ending thereafter.

Consolidated Net Debt to EBITDA Ratio. Maintain, as at the end of each fiscal quarter, a ratio of Consolidated Net Debt to EBITDA (the “Consolidated Net Debt to EBITDA Ratio”) for the four fiscal quarters then ended of not greater than 3.00 to 1.00, provided, that # the Company may, by written notice to the Administrative Agent for distribution to the Lenders and not more than two times during any five consecutive year term of this Agreement, elect to increase the maximum Consolidated Net Debt to EBITDA Ratio permitted under this [Section 6.05(a)] to 3.50 to 1.00 as of the end of a Specified Quarter and the three (3) consecutive fiscal quarters ending immediately following such Specified Quarter and # notwithstanding the [foregoing clause (i)], the Company may not elect an Adjusted Covenant Period for at least two fiscal quarters following the end of an Adjusted Covenant Period before a new Adjusted Covenant Period is available again pursuant to the [foregoing clause (i)] (it being understood and agreed that at the end of an Adjusted Covenant Period, the maximum Consolidated Net Debt to EBITDA Ratio permitted under this [Section 6.05(a)] shall revert to 3.00 to 1.00 as of the end of each subsequent fiscal quarter unless and until another Adjusted Covenant Period is elected pursuant to the terms and conditions described above)); and

EBITDA Ratio. As of the end of each calendar month, an EBITDA Ratio of not less than 1.25 to 1.

Total Outstanding Debt to EBITDA Ratio. Lender hereby waives the requirements of [Section 5.06] of the Master Agreement solely for the period ending on September 30, 2019, and further waives any Default or Event of Default that would otherwise result solely from Borrower’s failure to satisfy the Total Outstanding Debt to EBITDA Ratio covenant for such period. The Total Outstanding Debt to EBITDA Ratio covenant for all periods thereafter is not waived and remains in full force and effect.

Debt to EBITDA Ratio. Maintain, as of the end of each fiscal quarter, commencing with the first full fiscal quarter after the Closing Date, a ratio of # Consolidated Funded Debt, excluding undrawn Letters of Credit and bank guarantees, as of such date to # Consolidated EBITDA of the Company and its Consolidated Subsidiaries for the period of four fiscal quarters most recently ended, of not greater than 4.25 to 1.00 for the first four full fiscal quarters ending after the Closing Date and 4.00 to 1.00 for each fiscal quarter thereafter.

Senior Debt to EBITDA Ratio. Borrowers shall not permit the ratio of # the outstanding monetary Obligations as of the last day of the calendar quarter then ended to # EBITDA for the trailing four quarter period then ended, to be greater than 3.75:1.00 as of any calendar quarter end.

Consolidated Total Debt/Consolidated EBITDA Ratio. Ratio of Consolidated Total Debt to Consolidated EBITDA not greater than 3.00 to 1.00 as of each Fiscal Quarter end, determined on a rolling 4-quarter basis, provided, that, during the Modification Period, the ratio of Consolidated Total Debt to Consolidated EBITDA shall be determined on the following basis: