Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as of the end of any Measurement Period ending as of the end of any fiscal quarter of the Borrower to be greater than 3.50 to 1.

Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio at any time during the term hereof and to be tested as of the end of each fiscal quarter (the “Test Date”), to be greater than 0.60 to 1.00; provided that # such ratio may exceed 0.60 to 1.00 from time to time so long as such ratio does not exceed 0.65 to 1.00 and such ratio ceases to exceed 0.60 to 1.00 within four fiscal quarters following the Test Date upon which such ratio first exceeds 0.60 to 1.00 (such four fiscal quarter period being the “Surge Period”), # the [[Consolidated Parties:Organization]] shall be permitted to utilize the Surge Period holiday no more than two (2) times for the entirety of the term of the Revolving Credit Facility, and # the Surge Period may only be utilized in conjunction with a Material Acquisition.

Secured Leverage Ratio. Permit the Secured Leverage Ratio at any time during the term hereof and to be tested on the Test Date, to be greater than 0.50 to 1.00.

Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio at any time to exceed sixty percent (60.0%).

Permit the Consolidated Leverage Ratio as of the end of any fiscal quarter of the Borrowers ending during the Specified Covenant Periodafter the Restatement Date and prior to the date of a Qualified Note Offering to be greater than the ratio set forth below opposite such fiscal quarter:

“Closing Date Total Net Leverage Ratio” means 7.25 to 1.00.

(b) Consolidated Total Leverage Ratio For the fiscal quarter ended [​ ​, 20​]

“Total Leverage Ratio” means, on any date, the ratio of # Consolidated Total Debt as of such date to # Consolidated EBITDA for the Test Period as of such date.

"Adjusted Leverage Ratio" means, as of any date, the ratio of # the Total Seasonally Adjusted Debt as of such date to # the Total Adjusted Capitalization as of such date.

Maximum Net Leverage Ratio. ​ will not permit the ratio, determined as of the end of each of its Fiscal Quarters, of # Net Consolidated Debt as of the last day of such Fiscal Quarter to # Consolidated EBITDA for the period of four (4) consecutive Fiscal Quarters ending with the end of such Fiscal Quarter to exceed 4.00 to 1.00.