Common use of Consolidated Leverage Ratio Clause in Contracts

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as of the last day of each fiscal quarter of the Borrower, commencing with the fiscal quarter ending March 31, 2020, to be greater than 3.25:1.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as of the last day of each any period of four consecutive fiscal quarter quarters of the Borrower, commencing with Time Warner (including the fiscal quarter ending March 31, 2020, 2011) will not exceed 4.50 to be greater than 3.25:1.001.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as of the last day of each any period of four consecutive fiscal quarter quarters of the Borrower, commencing with Borrower (including the fiscal quarter ending March December 31, 2020, 2005) will not exceed 5.00 to be greater than 3.25:1.001.00.

Consolidated Leverage Ratio. The Borrower and its Restricted Subsidiaries shall maintain a Consolidated Leverage Ratio equal to or less than 3.00 to 1.00, determined as of at the last day of each fiscal quarter Fiscal Quarter of the Borrower, commencing Borrower on an average basis with respect to the fiscal quarter ending March 31, 2020, to be greater than 3.25:1.00most recent four Fiscal Quarters then ending.

Consolidated Leverage Ratio. The Commencing with the fiscal quarter ending June 30, 2015, the Borrower will not permit the Consolidated Leverage Ratio as of the last day of each any fiscal quarter to be greater than 4.50:1.00 or, as of the Borrower, commencing with the last day of any fiscal quarter ending March 31, 2020during a Specified Acquisition Period, to be greater than 3.25:1.005.50:1.00.

Consolidated Leverage Ratio. The (i) Permit the Consolidated Leverage Ratio as of at the last day of each any period of four consecutive fiscal quarter quarters of the BorrowerBorrower to exceed 2.75 to 1.00 or (ii) upon the consummation of a Material Acquisition, commencing with permit the Consolidated Leverage Ratio as at the last day of the period of four consecutive fiscal quarter ending March 31, 2020, quarters following such Material Acquisition of the Borrower to be greater than 3.25:1.00exceed 3.00 to 1.00.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of the last day of each any fiscal quarter of the Borrowerquarter, commencing with the fiscal quarter ending March 31ended September 30, 2020, to be greater than 3.25:1.003.25 to 1.00; provided that the Consolidated Leverage Ratio may be greater than 3.25:1.00 for two (consecutive or non-consecutive) quarters so long as it is not greater than 3.50:1.00 as of the last day of any such quarter.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of at the last day of each any fiscal quarter of the Borrower, commencing with the fiscal quarter ending March 31, 2020, to be greater than 3.25:1.003.5 to 1.0.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio Ratio, (i) as of the last day of each the fiscal quarter ending September 30, 2017, to be greater than 3.50:1.00, (ii) as of the Borrowerlast day of the fiscal quarter ending December 31, commencing with 2017, to be greater than 3.375:1.00 and (iii) as of the last day of the fiscal quarter ending March 31, 20202018 and as of the last day of any fiscal quarter of the Borrower thereafter, to be greater than 3.25:1.00.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of at the last day of each fiscal quarter any period of the Borrowerfour consecutive Fiscal Quarters, commencing with the fiscal quarter Fiscal Quarter ending March December 31, 20202015 and for every Fiscal Quarter thereafter, to be greater than 3.25:1.00exceed 4.50 to 1.00; provided, however, that during a Specified Acquisition Period, the Consolidated Leverage Ratio shall not exceed during the period commencing with the Fiscal Quarter ending December 31, 2015 and for every Fiscal Quarter thereafter, 5.00 to 1.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio Ratio, as of at the last day end of each fiscal quarter of the Borrower, commencing Borrower (beginning with the first full fiscal quarter ending March 31after the Effective Date), 2020shall be less than or equal to 5.00 to 1.00, except with respect to any fiscal quarter ending in the 270-day period immediately following a Permitted Acquisition, in which case the Consolidated Leverage Ratio shall be greater less than 3.25:1.00or equal to 5.50 to 1.00.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of the last day of each any fiscal quarter of the Borrowerquarter, commencing with the fiscal quarter ending March 31ended September 30, 20202015, to be greater than 3.25:1.003.25 to 1.00.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of the last day of each any fiscal quarter of the Borrowerquarter, commencing with the fiscal quarter ending March 31ended September 30, 20202012, to be greater than 3.25:1.004.00 to 1.00.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of the last day end of each fiscal quarter of the Borrower, commencing with the fiscal quarter ending March 31June 30, 20202023, to be greater than 3.25:1.003.75:1.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as of the last day of each any period of four consecutive fiscal quarter quarters of the Borrower, commencing with Time Warner (including the fiscal quarter ending March 31September 30, 2020, 2015) will not exceed 4.50 to be greater than 3.25:1.001.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as of the last day of each fiscal quarter of the Borrower, commencing with the fiscal quarter ending March 31, 2020quarter, to be greater than 3.25:1.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as of the last day of each fiscal quarter of the Borrower, commencing Beginning with the fiscal quarter ending March 31, 20202024, permit the Consolidated Leverage Ratio as at the last day of any fiscal quarter of Borrower to be greater than 3.25:1.00equal to or exceed 2.50 to 1.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio Ratio, as of at the last day end of each fiscal quarter of the Borrower, commencing Borrower (beginning with the fiscal quarter ending March December 31, 20202017), shall be less than or equal to 5.00 to 1.00, except with respect to any fiscal quarter ending in the 270-day period immediately following a Permitted Acquisition, in which case the Consolidated Leverage Ratio shall be greater less than 3.25:1.00or equal to 5.50 to 1.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as of At the last day of each any fiscal quarter permit the Consolidated Leverage Ratio of the Borrower, commencing with Borrower for the period of four consecutive fiscal quarter quarters ending March 31, 2020, on such day to be greater more than 3.25:1.002.75 to 1.00.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of at the last day of each fiscal quarter any period of twelve consecutive months of the Borrower, commencing with the fiscal quarter ending March 31, 2020measured quarterly, to be greater than 3.25:1.00exceed 2.75 to 1.00.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio Ratio, as of the last day of each fiscal quarter of the Borrower, commencing with the fiscal quarter ending on March 31, 2020, 2015 to be greater than 3.25:1.004.0 to 1.0.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of the last day of each any fiscal quarter of the Borrowerquarter, commencing with the fiscal quarter ending March 31ended June 30, 20202023, to be greater than 3.25:1.003.25 to 1.00; provided that the Consolidated Leverage Ratio may be greater than 3.25:1.00 for four (consecutive or non-consecutive) quarters so long as it is not greater than 3.50:1.00 as of the last day of any such quarter.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio Ratio, as of the last day of each fiscal quarter of the Borrower, commencing with the fiscal quarter ending March 31, 2020, Borrower and its consolidated Subsidiaries shall be less than or equal to be greater than 3.25:1.002.50 to 1.0.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of at the last day of each fiscal quarter any period of the Borrowerfour consecutive Fiscal Quarters, commencing with the fiscal quarter Fiscal Quarter ending March 31, 20202015 and for every Fiscal Quarter thereafter, to be greater than 3.25:1.00exceed 4.50 to 1.00; provided, however, that during a Specified Acquisition Period, the Consolidated Leverage Ratio shall not exceed during the period commencing with the Fiscal Quarter ending March 31, 2015 and for every Fiscal Quarter thereafter, 5.00 to 1.00.”

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of at the last day of each fiscal quarter any period of the Borrowerfour consecutive Fiscal Quarters, commencing with the fiscal quarter Fiscal Quarter ending March 31, 20202013 and for every Fiscal Quarter thereafter, to be greater than 3.25:1.00exceed 4.00 to 1.00; provided, however, that during a Specified Acquisition Period, the Consolidated Leverage Ratio shall not exceed during the period commencing with the Fiscal Quarter ending March 31, 2013 and for every Fiscal Quarter thereafter, 4.50 to 1.00.”

Consolidated Leverage Ratio. The Consolidated Leverage Ratio of the Borrower and its Consolidated Subsidiaries, as of the last day of each any fiscal quarter of the Borrower, commencing with the shall not exceed: (i) for each fiscal quarter ending on or before March 31, 20202008, to be greater than 3.25:1.003.75:1x, and (ii) for each fiscal quarter thereafter, 3.50:1x.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of at the last day of each any period of four consecutive fiscal quarters of the Borrower ending with any fiscal quarter of the Borrower, commencing with the fiscal quarter ending March December 31, 20202004, to be greater than 3.25:1.00exceed 6.00 to 1.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as of the last day of each any period of four consecutive fiscal quarter quarters of the Borrower, commencing with Borrower (including the fiscal quarter ending March 31, 2020, 2006) will not exceed 4.50 to be greater than 3.25:1.001.00.

Consolidated Leverage Ratio. The Beginning with the fiscal quarter ending June 30, 2021, permit the Consolidated Leverage Ratio as of the last day end of each any fiscal quarter of the Borrower, commencing with the fiscal quarter ending March 31, 2020, Holdings to be greater than 3.25:1.00.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio Ratio, measured as of the end of the four Fiscal Quarter period ending on the last day of each fiscal quarter of the Borrowerany Fiscal Quarter, commencing with the fiscal quarter Fiscal Quarter ending March 3123, 20202012, to be greater than 3.25:1.002.00 to 1.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as As of the last day of each any fiscal quarter of quarter, permit the Borrower, commencing with the fiscal quarter ending March 31, 2020, Consolidated Leverage Ratio to be greater than 3.25:1.002.25 to 1.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio Ratio, calculated as of the last day of each fiscal quarter set forth below or as of the Borrowerany other date on a Pro Forma Basis, commencing with the fiscal quarter ending March 31, 2020, shall be less than or equal 2.00 to be greater than 3.25:1.001.0.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of at the last day of each any period of four consecutive fiscal quarter quarters of the Borrower, commencing with the first fiscal quarter ending March 31, 2020after the Effective Date, to be greater than 3.25:1.00exceed 2.75 to 1.0.

Consolidated Leverage Ratio. The Permit, at any time on or after March 31, 1999, the Consolidated Leverage Ratio to be more than 2.50 to 1.00 as of at the last day of each any fiscal quarter of the BorrowerCompany, commencing with calculated (x) in the case of any fiscal quarter ending March prior to December 31, 20201999, by annualizing the Consolidated EBITDA component of such calculation for the period from January 1, 1999 to be greater than 3.25:1.00the measurement date, and (y) on and after December 31, 1999, for the preceding four fiscal quarters ending on the measurement date.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as As of the last day of each fiscal quarter of the Borrower, commencing with the fiscal quarter ending on March 31, 20202020 and thereafter, in the case of the Borrower, permit the Consolidated Leverage Ratio to be greater than 3.25:1.00exceed 4.50:1.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio Ratio, as of the last day of each fiscal quarter of the Borrower, commencing with the fiscal quarter ending March 31, 2020, Consolidated Group shall be less than or equal to be greater than 3.25:1.002.5 to 1.0.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of at the last day of each any fiscal quarter of the Borrower, commencing with for the period of four consecutive fiscal quarter ending March 31, 2020quarters of the Borrower then ending, to be greater than 3.25:1.00exceed 2.75 to 1.00.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of at the last day of each any period of four consecutive fiscal quarter quarters of the BorrowerBorrower ending on or after June 30, commencing with the fiscal quarter ending March 31, 2020, 2005 to be greater than 3.25:1.00exceed 2.25 to 1.00.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of the last day of each any fiscal quarter of the Borrower, commencing with the fiscal quarter ending March 31, 2020, to be greater than 3.25:1.003.50 to 1.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio Ratio, as of at the last day end of each fiscal quarter of the Borrower, commencing Borrower (beginning with the fiscal quarter ending March 31, 20202011), shall be less than or equal to 5.00 to 1.00, except with respect to any fiscal quarter ending in the 270-day period immediately following a Permitted Acquisition, in which case the Consolidated Leverage Ratio shall be greater less than 3.25:1.00or equal to 5.50 to 1.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio Ratio, calculated as of the last day of each fiscal quarter of the Borrower, commencing (beginning with the fiscal quarter ending March 31ended September 30, 20202011) or as of any other date on a Pro Forma Basis, shall be less than or equal 2.00 to be greater than 3.25:1.001.0.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio Ratio, as of the last day of each fiscal quarter of the Borrower, commencing with the fiscal quarter ending March 31, 2020, Consolidated Group shall be less than or equal to be greater than 3.25:1.002.0 to 1.0.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as of the last day of each any period of four consecutive fiscal quarter quarters of the Borrower, commencing with Time Warner (including the fiscal quarter ending March December 31, 2020, 2015) will not exceed 4.50 to be greater than 3.25:1.001.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as As of the last day of each fiscal quarter of the Borrower, commencing with permit the fiscal quarter ending March 31, 2020, Consolidated Leverage Ratio to be greater than 3.25:1.003.00 to 1.00.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of the last day of each fiscal quarter of the Borrower, commencing with the last day of the fiscal quarter ending March December 31, 20202014, to be greater than 3.25:1.003.00 to 1.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as As of the last day of each fiscal quarter of the BorrowerFiscal Quarter, commencing with the fiscal quarter ending March 31, 2020, maintain a Consolidated Leverage Ratio that is less than or equal to be greater than 3.25:1.004.35 to 1.0.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio Ratio, calculated as of the last day of each fiscal quarter of the Borrower, commencing (beginning with the fiscal quarter ending March December 31, 20202012) or as of any other date on a Pro Forma Basis, shall be less than or equal to be greater than 3.25:1.002.50 to 1.0.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as of As at the last day of any fiscal quarter, permit the Consolidated Leverage Ratio for the period of four consecutive fiscal quarters of the Borrower then ending to exceed 4.00:1.00; provided such ratio shall be (i) 3.75:1.00 for each fiscal quarter of the Borrowerending on or after June 30, commencing with the 2014 and prior to June 30, 2015, (ii) 3.50:1.00 for each fiscal quarter ending March 31on or after June 30, 20202015 and prior to June 30, to be greater than 3.25:1.002016 and (iii) 3.25:1.00 for each fiscal quarter ending on or after June 30, 2016.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as of the last day of each any period of four consecutive fiscal quarter quarters of the Borrower, commencing with Time Warner (including the fiscal quarter ending March 31September 30, 2020, 2014) will not exceed 4.50 to be greater than 3.25:1.001.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as of the last day of each any period of four consecutive fiscal quarter quarters of the Borrower, commencing with Time Warner (including the fiscal quarter ending March December 31, 2020, 2005) will not exceed 4.50 to be greater than 3.25:1.001.00.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of at the last day of each any period of four consecutive fiscal quarter quarters of the Borrower, commencing with the fiscal quarter ending March 31, 2020, Borrower to be greater than 3.25:1.003.50 to 1.0.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as As of the last day of each any fiscal quarter of quarter, permit the Borrower, commencing with the fiscal quarter ending March 31, 2020, Consolidated Leverage Ratio to be greater than 3.25:1.003.00 to 1.00.

Consolidated Leverage Ratio. The Beginning with the fiscal quarter ending December 31, 2018, permit the Consolidated Leverage Ratio as of the last day end of each any fiscal quarter of the Borrower, commencing with the fiscal quarter ending March 31, 2020, Holdings to be greater than 3.25:1.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as As of the last day of each any fiscal quarter of quarter, permit the Borrower, commencing with Consolidated Leverage Ratio to be greater than (i) 3.25 to 1.00 through the fiscal quarter ending March September 30, 2018 and (ii) 3.00 to 1.00 for the fiscal quarter ending December 31, 2020, to be greater than 3.25:1.002018 and thereafter.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio Ratio, as of the last day of each fiscal quarter of the Borrower, commencing with the fiscal quarter ending March 31, 2020, Consolidated Group shall be less than or equal to be greater than 3.25:1.003.0 to 1.0.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio Ratio, as of the last day of each fiscal quarter of the Borrower, commencing Borrower (beginning with the fiscal quarter ending March 31June 30, 20202023), shall be less than or equal to 5.00 to 1.00, except with respect to any fiscal quarter ending in the 270-day period immediately following a Permitted Acquisition, in which case the Consolidated Leverage Ratio shall be greater less than 3.25:1.00or equal to 5.50 to 1.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio Permit, as of the last day of each fiscal quarter quarter, the Consolidated Leverage Ratio of the Borrower, commencing with the fiscal quarter ending March 31, 2020, Borrower and its Consolidated Subsidiaries to be greater more than 3.25:1.004.75 to 1.00, for any fiscal quarter.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as of the last day of each fiscal quarter of the Borrower, commencing with the fiscal quarter ending March 31, 2020, to be greater than 3.25:1.00.. CHAR1\1710066v1CHAR1\0000000x0

Consolidated Leverage Ratio. The Consolidated Leverage Ratio Permit, as of the last day of each fiscal quarter quarter, the Consolidated Leverage Ratio of the BorrowerBorrower and its Consolidated Subsidiaries to be more than: (a) 5.00 to 1.00, commencing with the for any fiscal quarter ending March 31on or before June 30, 20202002; and (b) 4.50 to 1.00, to be greater than 3.25:1.00for any fiscal quarter ending thereafter.

Consolidated Leverage Ratio. The Commencing with the fiscal quarter ending September 30, 2013, permit the Consolidated Leverage Ratio as of the last day end of each any fiscal quarter of the Borrower, commencing with the fiscal quarter ending March 31, 2020, Borrower to be greater than 3.25:1.003.00:1.00.

Consolidated Leverage Ratio. The Commencing with the fiscal quarter (and fiscal year) ending December 31, 2010, permit the Consolidated Leverage Ratio as of at the last day of each any period of four consecutive fiscal quarter quarters of the Borrower, commencing with the fiscal quarter ending March 31, 2020, Borrower to be greater than 3.25:1.002.25 to 1.0.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as of the last day of each fiscal quarter of the Borrower, commencing with the fiscal quarter ending March 31, 20202022, to be greater than 3.25:1.003.25:1.00 for the four fiscal quarter period ending on such date.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as As of the last day of each fiscal quarter of the Borrower, commencing with the fiscal quarter ending March 31on September 30, 20202015 and thereafter, in the case of the Borrower, permit the Consolidated Leverage Ratio to be greater than 3.25:1.00exceed 4.50:1.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio (a) Permit, as of the last day of each fiscal quarter quarter, the Consolidated Leverage Ratio of the Borrower, commencing with the fiscal quarter ending March 31, 2020, Borrower and its Consolidated Subsidiaries to be greater more than 3.25:1.004.75 to 1.00, for any fiscal quarter. (b) Permit, as of the last day of each fiscal quarter, the Consolidated Leverage Ratio of Inergy, L.P. and its Consolidated Subsidiaries to be more than 5.00 to 1.00, for any fiscal quarter.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of at the last day of each any fiscal quarter of the Borrower, commencing with the fiscal quarter ending March 31, 2020, Company to be greater than 3.25:1.004.5 to 1.0 for the first two consecutive fiscal quarters ended on or after the Closing Date, with such ratio stepping down to 4.0 to 1.0 for the immediately following fiscal quarter and each fiscal quarter ended thereafter.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of at the last day of each any period of four consecutive fiscal quarter quarters of the BorrowerBorrower ending on or after June 30, commencing with the fiscal quarter ending March 31, 2020, 2003 to be greater than 3.25:1.00exceed 2.75 to 1.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as As of the last day of each any fiscal quarter of the Borrower, (commencing with the fiscal quarter ended on or about March 2, 2013), permit the Consolidated Leverage Ratio for the Reference Period ending March 31, 2020, on such day to be greater than 3.25:1.00exceed 3.00 to 1.00.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of the last day end of each any fiscal quarter of the Borrower, commencing with the fiscal quarter ending March 31September 30, 20202013, to be greater than 3.25:1.003.00:1.0.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio Ratio, as of the last day of each fiscal quarter of the Borrower, commencing with the fiscal quarter ending March 31, 2020, shall be less than or equal to be greater than 3.25:1.003.00 to 1.00.

Consolidated Leverage Ratio. The (i) Permit the Consolidated Leverage Ratio as of the last day of each fiscal quarter of the Borrower, commencing with the any fiscal quarter ending March 31on June 30, 20202012 or September 30, 2012 to be greater than 3.25:1.003.00 to 1.00.

Consolidated Leverage Ratio. The Maintain a Consolidated Leverage Ratio not exceeding 3.25:1.00. This ratio will be calculated as of the last day of each fiscal quarter for which this Agreement requires Borrowers to deliver financial statements, using the results of the Borrower, commencing with twelve-month period ending on the last day of such fiscal quarter ending March 31, 2020, to be greater than 3.25:1.00quarter.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio Ratio, (i) as of the last day of each the fiscal quarter ending September 30, 2017, to be greater than 3.50:1.00, (ii) as of the Borrowerlast day of the fiscal quarter ending December 31, commencing with 2017, to be greater than 3.375:1.00 and (iii) as of the last day of the fiscal quarter ending March 31, 20202018 and as of the last day of any fiscal quarter of the BorrowerBGC thereafter, to be greater than 3.25:1.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio Ratio, (i) as of the last day of each fiscal quarter of the Borrower, commencing with the fiscal quarter ending March 31September 30, 20202017, to be greater than 3.25:1.00.3.50:1.00, (ii) as of the last day of the fiscal quarter ending December 31, 2017, to be greater than 3.375:1.00 and

Consolidated Leverage Ratio. The Consolidated Leverage Ratio Permit, as of the last day of each fiscal quarter quarter, the Consolidated Leverage Ratio of the Borrower, commencing with the fiscal quarter ending March 31, 2020, Borrower and its Consolidated Subsidiaries to be greater more than 3.25:1.004.50 to 1.00, for any fiscal quarter.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as of for the Rolling Period ending on the last day of each fiscal quarter of the Borrower, commencing with the fiscal quarter ending March 31, 2020, Fiscal Quarter to be greater 2.50 to 1.00; provided that during the four consecutive Fiscal Quarters immediately following a Material Acquisition, the Consolidated Leverage Ratio shall be no greater than 3.25:1.002.75 to 1.00.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of the last day of each any fiscal quarter of the Borrower, commencing with the fiscal quarter ending March 31, 2020quarter, to be greater than 3.25:1.001.5 to 1.00.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of the last day of each any period of four consecutive fiscal quarter of the Borrower, quarters (commencing with the four consecutive fiscal quarter ending March 31period ended June 30, 2020, 2006) of the Borrower to be greater than 3.25:1.003.50 to 1.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio Ratio, as of at the last day end of each fiscal quarter of the Borrower, commencing Borrower (beginning with the fiscal quarter ending March December 31, 20202013), shall be less than or equal to 5.00 to 1.00, except with respect to any fiscal quarter ending in the 270-day period immediately following a Permitted Acquisition, in which case the Consolidated Leverage Ratio shall be greater less than 3.25:1.00or equal to 5.50 to 1.00.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of at the last day of each fiscal quarter any period of the Borrowerfour consecutive Fiscal Quarters ending with any Fiscal Quarter, commencing with the fiscal quarter Fiscal Quarter ending March on or around December 31, 20202012, to be greater than 3.25:1.00exceed 6.00 to 1.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as of the last day of each any period of four consecutive fiscal quarter quarters of the Borrower, commencing with Borrower (including the fiscal quarter ending March December 31, 2020, 2007) will not exceed 4.50 to be greater than 3.25:1.001.00.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio Ratio, as of the last day of each fiscal quarter quarter, of the Borrower, commencing with the fiscal quarter ending March 31, 2020, Consolidated Group to be greater than 3.25:1.003.0:1.0.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of at the last day of each any period of four consecutive fiscal quarter quarters of the BorrowerBorrower ending with any fiscal quarter, commencing with the fiscal quarter ending March 31, 20202007, to be greater than 3.25:1.00exceed 7.0 to 1.00.

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as of the last day of each fiscal quarter of the Borrower, commencing with the fiscal quarter ending March 31, 20202024, to be greater than 3.25:1.003.25:1.00 for the four fiscal quarter period ending on such date.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio Ratio, measured as of the end of the four Fiscal Quarter period ending on the last day of each fiscal quarter of the Borrowerany Fiscal Quarter, commencing with the fiscal quarter Fiscal Quarter ending March 31, 20202014, to be greater than 3.25:1.002.00 to 1.00.

Consolidated Leverage Ratio. The Permit the Consolidated Leverage Ratio as of the last day of each any period of four (4) fiscal quarter quarters of the BorrowerBorrowers, commencing with the fiscal quarter ending March 31, 20202018, to be greater than 3.25:1.003.00:1.00.