“Net Leverage Ratio” shall mean the ratio, as of the end of any fiscal quarter of Holdings, of # Consolidated Net Debt as of the end of any fiscal quarter to # EBITDA for the period of four (4) consecutive fiscal quarters ending with the last day of such fiscal quarter, all calculated for Holdings and its Subsidiaries on a consolidated basis.

“Total Net Leverage Ratio” shall mean, on any date of determination, the ratio of # Consolidated Indebtedness on such date minus the unrestricted cash and Cash Equivalents of the Borrowers and the Restricted Subsidiaries as of such date to # Consolidated EBITDA for the period of four fiscal quarters most recently ending on such date.

“Net Leverage Ratio” means, with respect to any Test Period, the ratio of # Consolidated Net Debt as of the last day of such Test Period to # Consolidated EBITDA of the ​ for such Test Period.

“Consolidated Total Net Leverage Ratio” shall mean, as of any date, the ratio of # Consolidated Total Net Debt as of such date to # Consolidated EBITDA for the four consecutive Fiscal Quarters ending on or immediately prior to such date for which financial statements are required to have been delivered under this Agreement.

“Total Net Leverage Ratio” means, as of any date, the ratio of # Total Net Funded Indebtedness on such date to # Consolidated EBITDA for the Reference Period ended on such date (or, if such date is not the last day of a fiscal quarter, ended on the last day of the fiscal quarter most recently ended prior to such date).

“Consolidated Total Net Leverage Ratio” means, with respect to any four-quarter period, the ratio of # Consolidated Total Net Debt as of the last day of such period to # Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such period.

“Consolidated First Lien Net Leverage Ratio” means, with respect to any four-quarter period, the ratio of # Consolidated First Lien Net Debt as of the last day of such period to # Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such period.

“Total Net Leverage Ratio” means the ratio, as of any date of determination, of (a) (i) Consolidated Total Debt outstanding as of the last day of the most recently ended Test Period minus # Qualified Cash as of the last day of the most recently ended Test Period to # Consolidated Adjusted EBITDA for the most recently ended Test Period, in each case of the Corporation and its Subsidiaries on a consolidated basis.

“Consolidated Total Net Leverage Ratio” means, with respect to any four-quarter period, the ratio of # Consolidated Total Net Debt as of the last day of such period to # Consolidated EBITDA of the Lead Borrower and its Restricted Subsidiaries for such period.

“Consolidated Secured Net Leverage Ratio” means, with respect to any four-quarter period, the ratio of # Consolidated Secured Net Debt as of the last day of such period to # Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such period.