“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 meanmean, on any date of determination, the ratio, as of the end of any fiscal quarter of Holdings,ratio of # Consolidated Net DebtIndebtedness on such date minus the unrestricted cash and Cash Equivalents of the Borrowers and the Restricted Subsidiaries as of the end of any fiscal quartersuch date to # Consolidated EBITDA for the period of four (4) consecutive fiscal quarters most recently ending with the last day ofon such fiscal quarter, all calculated for Holdings and its Subsidiaries on a consolidated basis.date.

“Net Leverage Ratio” shall meanmeans, with respect to any Test Period, the ratio, as of the end of any fiscal quarter of Holdings,ratio 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 calculatedTest Period to # Consolidated EBITDA of the ​ for Holdings and its Subsidiaries on a consolidated basis.such Test Period.

“Consolidated Total Net Leverage Ratio” shall mean the ratio,mean, as of any date, the end of any fiscal quarter of Holdings,ratio of # Consolidated Total Net Debt as of the end of any fiscal quartersuch date to # Consolidated EBITDA for the period of four (4) consecutive fiscal quartersFiscal Quarters ending with the last day ofon or immediately prior to such fiscal quarter, all calculateddate for Holdings and its Subsidiaries on a consolidated basis.which financial statements are required to have been delivered under this Agreement.

“Total Net Leverage Ratio” shall mean the ratio,means, as of any date, the end of any fiscal quarter of Holdings,ratio of # ConsolidatedTotal Net Debt as of the end of any fiscal quarterFunded Indebtedness on such date to # Consolidated EBITDA for the period of four (4) consecutive fiscal quarters ending withReference Period ended on such date (or, if such date is not the last day of sucha fiscal quarter, all calculated for Holdings and its Subsidiariesended on a consolidated basis.the last day of the fiscal quarter most recently ended prior to such date).

“Consolidated Total Net Leverage Ratio” shall meanmeans, with respect to any four-quarter period, the ratio, as of the end of any fiscal quarter of Holdings,ratio of # Consolidated Total 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 Holdingsperiod to # Consolidated EBITDA of the Borrower and its Restricted Subsidiaries on a consolidated basis.for such period.

“Consolidated First Lien Net Leverage Ratio” shall meanmeans, with respect to any four-quarter period, the ratio, as of the end of any fiscal quarter of Holdings,ratio of # Consolidated First Lien 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 Holdingsperiod to # Consolidated EBITDA of the Borrower and its Restricted Subsidiaries on a consolidated basis.for such period.

“Total Net Leverage Ratio” shall meanmeans the ratio, as of the endany date of any fiscal quarterdetermination, of Holdings, of #(a) (i) Consolidated NetTotal Debt outstanding 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 calculatedthe 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 Holdingsthe most recently ended Test Period, in each case of the Corporation and its Subsidiaries on a consolidated basis.

“Consolidated Total Net Leverage Ratio” shall meanmeans, with respect to any four-quarter period, the ratio, as of the end of any fiscal quarter of Holdings,ratio of # Consolidated Total 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 Holdingsperiod to # Consolidated EBITDA of the Lead Borrower and its Restricted Subsidiaries on a consolidated basis.for such period.

“Consolidated Secured Net Leverage Ratio” shall meanmeans, with respect to any four-quarter period, the ratio, as of the end of any fiscal quarter of Holdings,ratio of # Consolidated Secured 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 Holdingsperiod to # Consolidated EBITDA of the Borrower and its Restricted Subsidiaries on a consolidated basis.for such period.