Common use of Leverage Ratio and Senior Leverage Ratio Clause in Contracts

Leverage Ratio and Senior Leverage Ratio. The US Borrower and its Subsidiaries shall maintain: (i) a Leverage Ratio, (a) as of the end of the Fiscal Quarter ending March 31, 2020, and as of the end of each Fiscal Quarter thereafter through and including June 30, 2020, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 5.00 to 1.00, (b) as of the end of the Fiscal Quarter ending September 30, 2020, and as of the end of each Fiscal Quarter thereafter through and including December 31, 2020, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 4.75 to 1.00 and (c) as of the end of the Fiscal Quarter ending March 31, 2021, and as of the end of each Fiscal Quarter thereafter, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 4.50 to 1.00; and (ii) a Senior Leverage Ratio, as of the end of the Fiscal Quarter ending March 31, 2020, and as of the end of each Fiscal Quarter thereafter through and including June 30, 2020, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 4.00 to 1.00, (b) as of the end of the Fiscal Quarter ending September 30, 2020, and as of the end of each Fiscal Quarter thereafter through and including December 31, 2020, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 3.75 to 1.00 and (c) as of the end of the Fiscal Quarter ending March 31, 2021, and as of the end of each Fiscal Quarter thereafter, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 3.50 to 1.00; provided, however, after January 1, 2021, on a one-time only basis, at the option of the US Borrower exercised by written notice to the Agent, upon the consummation of a Permitted Acquisition, (x) the required Leverage Ratio, shall be as of the end of the Fiscal Quarter in which such Permitted Acquisition occurs and as of the end of each of the next three (3) Fiscal Quarters thereafter (a "Temporary Leverage Increase Period"), for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 5.00 to 1.00; and (y) the required Senior Leverage Ratio, shall be as of the end of the Fiscal Quarter in which such Permitted Acquisition occurs and as of the end of each of the next three (3) Fiscal Quarters thereafter (a "Temporary Senior Leverage Increase Period"), for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 4.00 to 1.00.

Leverage Ratio and Senior Leverage Ratio. The US (A) At any time prior to a Qualified Bond Issuance, the Borrower and its Subsidiaries shall maintain: (i) maintain a Leverage Ratio, (ai) as of the end of the Fiscal Quarter ending March 31, 2020, and as of the end last day of each Fiscal Quarter thereafter after the Closing Date through and including June September 30, 20202016, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 5.00 4.00 to 1.001.0, (bii) as of the end of the Fiscal Quarter ending September 30December 31, 20202016, and as of the end last day of each Fiscal Quarter thereafter through and including December 31September 30, 20202017, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 4.75 3.75 to 1.00 1.0, and (ciii) as of December 31, 2017, and as of the last day of each Fiscal Quarter thereafter, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 3.50 to 1.0 and (B) at any time after the occurrence of a Qualified Bond Issuance, the Borrower and its Subsidiaries shall maintain (i) a Leverage Ratio, as of the end of the Fiscal Quarter ending March 31, 2021, in which the Qualified Bond Issuance occurs and as of the end of each Fiscal Quarter thereafter, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 4.50 to 1.00; 1.00 and (ii) a Senior Leverage Ratio, as of the end of the Fiscal Quarter ending March 31, 2020, and as of the end of each Fiscal Quarter thereafter through and including June 30, 2020, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 4.00 to 1.00, (b) as of the end of the Fiscal Quarter ending September 30, 2020, and as of the end of each Fiscal Quarter thereafter through and including December 31, 2020, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 3.75 to 1.00 and (c) as of the end of the Fiscal Quarter ending March 31, 2021, in which such Qualified Bond Issuance occurs and as of the end of each Fiscal Quarter thereafter, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 3.50 3.00 to 1.00; provided, however, after January 1, 2021, on a one-time only basis, at the option of the US Borrower exercised by written notice to the AgentBorrower, upon the consummation of a Permitted Acquisition, (x) the required Leverage Ratio, shall be as of the end of the Fiscal Quarter in which such Permitted Acquisition occurs and as of the end of each of the next three (3) Fiscal Quarters thereafter (a "Temporary Leverage Increase Period"), for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 5.00 to 1.00; and (y) the required Senior Leverage Ratio, shall be as of the end of the Fiscal Quarter in which such Permitted Acquisition occurs and as of the end of each of the next three (3) Fiscal Quarters thereafter (a "Temporary Senior Leverage Increase Period"), for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 4.00 3.50 to 1.00.

Leverage Ratio and Senior Leverage Ratio. The US Borrower and its Subsidiaries shall maintain: (i) a Leverage Ratio, (a) as of the end of the Fiscal Quarter ending March 31, 2020, and as of the end of each Fiscal Quarter thereafter through and including June 30, 2020, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 5.00 to 1.00, (b) as of the end of the Fiscal Quarter ending September 30, 2020, and as of the end of each Fiscal Quarter thereafter through and including December 31, 2020, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 4.75 to 1.00 and (c) as of the end of the Fiscal Quarter ending March 31, 20212021December 31, 2023, and as of the end of each Fiscal Quarter thereafter, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 4.50 to 1.00; and (ii) a Senior Leverage Ratio, as of the end of the Fiscal Quarter ending March 31, 2020, and as of the end of each Fiscal Quarter thereafter through and including June 30, 2020, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 4.00 to 1.00, (b) as of the end of the Fiscal Quarter ending September 30, 2020, and as of the end of each Fiscal Quarter thereafter through and including December 31, 2020, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 3.75 to 1.00 and (c) as of the end of the Fiscal Quarter ending March 31, 2021, and as of the end of each Fiscal Quarter thereafter, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 3.50 to 1.00; provided, however, after January 1, 2021, on a one-time only basis, at the option of the US Borrower exercised by written notice to the Agent, upon the consummation of a Permitted Acquisition, (x) the required Leverage Ratio, shall be as of the end of the Fiscal Quarter in which such Permitted Acquisition occurs and as of the end of each of the next three (3) Fiscal Quarters thereafter (a "Temporary Leverage Increase Period"), for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 5.00 to 1.00; and (y) the required Senior Leverage Ratio, shall be as of the end of the Fiscal Quarter in which such Permitted Acquisition occurs and as of the end of each of the next three (3) Fiscal Quarters thereafter (a "Temporary Senior Leverage Increase IncreaseTest Period"), for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 4.00 to 1.00.. 270134563

Leverage Ratio and Senior Leverage Ratio. The US Borrower and its Subsidiaries shall maintain: (i) a Leverage Ratio, (a) as of the end of the Fiscal Quarter ending March 31, 2020, and as of the end of each Fiscal Quarter thereafter through and including June 30, 2020, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 5.00 to 1.00, (b) as of the end of the Fiscal Quarter ending September 30, 2020, and as of the end of each Fiscal Quarter thereafter through and including December 31, 2020, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 4.75 to 1.00 and (c) as of the end of the Fiscal Quarter ending March 31, 2021, and as of the end of each Fiscal Quarter thereafter, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 4.50 to 1.00; and (ii) a Senior Leverage Ratio, as of the end of the Fiscal Quarter ending March 31, 2020, and as of the end of each Fiscal Quarter thereafter through and including June 30, 2020, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 4.00 to 1.00, (b) as of the end of the Fiscal Quarter ending September 30, 2020, and as of the end of each Fiscal Quarter thereafter through and including December 31, 2020, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 3.75 to 1.00 and (c) as of the end of the Fiscal Quarter ending March 31, 2021, and as of the end of each Fiscal Quarter thereafter, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 3.50 to 1.00; provided, however, after January 1, 2021, on a one-time only basis, at the option of the US Borrower exercised by written notice to the Agent, upon the consummation of a Permitted Acquisition, (x) the required Leverage Ratio, shall be as of the end of the Fiscal Quarter in which 270034751 270134563 such Permitted Acquisition occurs and as of the end of each of the next three (3) Fiscal Quarters thereafter (a "Temporary Leverage Increase Period"), for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 5.00 to 1.00; and (y) the required Senior Leverage Ratio, shall be as of the end of the Fiscal Quarter in which such Permitted Acquisition occurs and as of the end of each of the next three (3) Fiscal Quarters thereafter (a "Temporary Senior Leverage Increase Period"), for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 4.00 to 1.00.

Leverage Ratio and Senior Leverage Ratio. The US (A) At any time prior to a Qualified Bond Issuance, the Borrower and its Subsidiaries shall maintain: (i) maintain a Leverage Ratio, (ai) as of the end of the Fiscal Quarter ending March 31June 30, 20202014, and as of the end last day of each Fiscal Quarter thereafter through and including June September 30, 20202016, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 5.00 4.00 to 1.001.0, (bii) as of the end of the Fiscal Quarter ending September 30December 31, 20202016, and as of the end last day of each Fiscal Quarter thereafter through and including December 31September 30, 20202017, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 4.75 3.75 to 1.00 1.0, and (ciii) as of December 31, 2017, and as of the last day of each Fiscal Quarter thereafter, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 3.50 to 1.0, and (B) At any time after the occurrence of a Qualified Bond Issuance, the Borrower and its Subsidiaries shall maintain (i) a Leverage Ratio, as of the end of the Fiscal Quarter ending March 31, 2021, in which the Qualified Bond Issuance occurs and as of the end of each Fiscal Quarter thereafter, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 4.50 to 1.00; 1.00 and (ii) a Senior Leverage Ratio, as of the end of the Fiscal Quarter ending March 31, 2020, and as of the end of each Fiscal Quarter thereafter through and including June 30, 2020, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 4.00 to 1.00, (b) as of the end of the Fiscal Quarter ending September 30, 2020, and as of the end of each Fiscal Quarter thereafter through and including December 31, 2020, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 3.75 to 1.00 and (c) as of the end of the Fiscal Quarter ending March 31, 2021, in which such Qualified Bond Issuance occurs and as of the end of each Fiscal Quarter thereafter, for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 3.50 3.00 to 1.00; provided, however, after January 1, 2021, on a one-time only basis, at the option of the US Borrower exercised by written notice to the AgentBorrower, upon the consummation of a Permitted Acquisition, (x) the required Leverage Ratio, shall be as of the end of the Fiscal Quarter in which such Permitted Acquisition occurs and as of the end of each of the next three (3) Fiscal Quarters thereafter (a "Temporary Leverage Increase Period"), for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 5.00 to 1.00; and (y) the required Senior Leverage Ratio, shall be as of the end of the Fiscal Quarter in which such Permitted Acquisition occurs and as of the end of each of the next three (3) Fiscal Quarters thereafter (a "Temporary Senior Leverage Increase Period"), for the period equal to the four (4) consecutive Fiscal Quarters then ending, less than or equal to 4.00 3.50 to 1.00.