Common use of Leverage Ratio Clause in Contracts

Leverage Ratio. The Borrower will not permit the Leverage Ratio as of the last day of each fiscal quarter of each fiscal year ending on (i) March 31 and December 31 to be greater than 3.00 to 1.00; (ii) June 30 to be greater than 3.50 to 1.00, and (iii) September 30 to be greater than 4.00 to 1.00.

Leverage Ratio. The Borrower Credit Parties will not permit the Leverage Ratio as of the last day of each any fiscal quarter of each fiscal year ending on (i) March 31 and December 31 to be greater than 3.00 the ratio set forth below opposite such fiscal quarter end: April 30, July 31 and October 31 of each year 3.50 to 1.00 January 31 of each year 4.50 to 1.00; (ii) June 30 to be greater than 3.50 to 1.00, and (iii) September 30 to be greater than 4.00 to 1.00.

Leverage Ratio. The US Borrower will shall not permit the Leverage Ratio as of the last day of each fiscal quarter, commencing with the quarter of ending September 30, 2014, to be more than (a) 3.50 to 1.00 for each fiscal year quarter ending on or prior to December 31, 2014, (ib) March 31 and 3.25 to 1.00 for each fiscal quarter ending after December 31 31, 2014 but on or prior to be greater than 3.00 to 1.00; (ii) June 30 to be greater than 3.50 to 1.0030, 2015, and (iiic) September 30 3.00 to be greater than 4.00 to 1.001.00 for each fiscal quarter ending after June 30, 2015.

Leverage Ratio. The Borrower will shall not permit the Leverage Ratio as of the last day of each fiscal quarter of each fiscal year ending on (i) any Fiscal Quarter to exceed the ratio shown below opposite such last day: December 31, 2006 4.50 to 1 March 31 and December 31 31, 2007 4.50 to be greater than 3.00 1 June 30, 2007 4.00 to 1.00; (ii) June 30 to be greater than 1 September 30, 2007 3.50 to 1.001 December 31, 2007 and (iii) September 30 thereafter 3.25 to be greater than 4.00 to 1.00.1

Leverage Ratio. The Borrower will Borrowers shall not permit the Leverage Ratio for any trailing four-quarter period measured as of the last day of each fiscal quarter of each fiscal year ending on to exceed (i) March 31 and 2.0 to 1.0 for the period from the Effective Date through December 31 to be greater than 3.00 to 1.00; 31, 2008, (ii) June 30 1.50 to be greater than 3.50 to 1.001.0 for the period from January 1, and 2009 through December 31, 2009, (iii) September 30 1.25 to be greater than 4.00 1.0 for the period from January 1, 2010 through December 31, 2010 and (iv) 1.0 to 1.001.0 thereafter.

Leverage Ratio. The Borrower will not permit the Leverage Ratio shall not, as of the last day of each fiscal quarter of the Borrower ending during each fiscal year ending on (i) March 31 and December 31 of the periods specified below, permit the Leverage Ratio to be greater than 3.00 than: September 30, 2014 March 31, 2015 6.50 to 1.00 June 30, 2015 September 30, 2016 6.25 to 1.00 December 31, 2016 September 30, 2017 5.50 to 1.00 December 31, 2017 September 30, 2018 4.75 to 1.00 December 31, 2018 All times thereafter 4.25 to 1.00; (ii) June 30 to be greater than 3.50 to 1.00, and (iii) September 30 to be greater than 4.00 to 1.00.

Leverage Ratio. The Borrower will shall not permit the Leverage Ratio as of the last day of each fiscal quarter, commencing with the quarter of ending June 30, 2014, to be more than (a) 3.50 to 1.00 for each fiscal year quarter ending on or prior to Xxxxx 00, 0000, (ix) 3.25 to 1.00 for each fiscal quarter ending after March 31 and December 31 31, 2015 but on or prior to be greater than 3.00 to 1.00; (ii) June 30 to be greater than 3.50 to 1.00March 31, 2016, and (iiic) September 30 3.00 to be greater than 4.00 to 1.001.00 for each fiscal quarter ending after March 31, 2016.

Leverage Ratio. The For the fiscal quarters ending March 31, 2002 and June 30, 2002, the Borrower will not permit the Leverage Ratio Ratio, as of the last day of such fiscal quarter, to exceed 60.00:1.00 and 5.00:1.00, respectively. For each fiscal quarter of each fiscal year ending on (i) March 31 and December 31 to such quarter, the Leverage Ratio will be greater than 3.00 to 1.00; (ii) June 30 to be greater than 3.50 to 1.00, and (iii) September 30 to be greater than 4.00 to 1.00calculated after adding back one-time charges.

Leverage Ratio. The Borrower will shall not permit the Leverage Ratio (i) as of the last day of each fiscal quarter the first Fiscal Quarter of each fiscal year ending on (i) March 31 and December 31 any Fiscal Year to be greater than 3.00 3.25 to 1.001.0; (ii) June 30 as of the last day of the second Fiscal Quarter of any Fiscal Year to be greater than 3.50 3.25 to 1.00, and 1.0; (iii) September 30 as of the last day of the third Fiscal Quarter of any Fiscal Year to be greater than 4.00 3.7 to 1.001.0; and (iv) as of the last day of any Fiscal Year to be greater than 3 .0 to 1.0.

Leverage Ratio. The Borrower will not permit the Leverage Ratio not, as of the last day of each any fiscal quarter of each fiscal year ending on (i) March 31 and December 31 set forth below, permit its Leverage Ratio to be greater than 3.00 to 1.00; (ii) June 30 to be greater than 3.50 to 1.00than: Fiscal quarter ending April 30, 2014 4.00:1.00 Fiscal quarter ending July 31, 2014 3.75:1.00 Fiscal quarter ending October 31, 2014 and (iii) September 30 to be greater than 4.00 to 1.00.the last day of each quarter ending thereafter 3.50:1.00

Leverage Ratio. The Borrower will not permit the Leverage Ratio as As of the last day of each fiscal quarter any Fiscal Quarter, the Borrower will during the periods indicated maintain a Leverage Ratio of each fiscal year ending on (i) March 31 and December 31 to be not greater than (a) 3.50 to 1.00 from the date hereof through and including December 31, 1999, (b) 3.00 to 1.00; 1.00 from January 1, 2000 through and including September 30, 2000, (iic) June 30 2.75 to be greater than 3.50 1.00 from October 1, 2000 through and including Xxxxxxxxx 00, 0000, (x) 2.50 to 1.00, and (iii) September 30 to be greater than 4.00 to 1.001.00 thereafter.

Leverage Ratio. The Borrower will not permit the Leverage Ratio to exceed 2.50 to 1.00 as of the last day of each any of its fiscal quarters, beginning with the fiscal quarter of each fiscal year ending February 28, 2005 (and tested on the Effective Date by reference to the Calculation Period ending on (i) March 31 February 28, 2005 and December 31 after giving pro forma effect to be greater than 3.00 to 1.00; (ii) June 30 to be greater than 3.50 to 1.00the Transactions and the borrowings made hereunder as if such transactions had occurred on February 28, and (iii) September 30 to be greater than 4.00 to 1.002005).

Leverage Ratio. The Borrower will not permit the Leverage Ratio as of at: (i) the last day of each fiscal quarter of each Borrower's fiscal year ending on (i) March 31 and December 31 30, 2000, to be greater than exceed 3.00 to 1.00; ; (ii) June 30 the last day of the Borrower's fiscal year ending on December 28, 2001, to be greater than 3.50 exceed 2.75 to 1.00, and ; and (iii) September 30 the last day of the Borrower’s fiscal year ending on January 2, 2003, and as at each fiscal quarter thereafter, to be greater than 4.00 exceed 2.50 to 1.00.

Leverage Ratio. The Borrower will not permit the Leverage Ratio as of the last day of each any fiscal quarter of each to exceed the ratio set forth below with respect to such fiscal year ending on (i) quarter: June 30, 2016, through March 31 31, 2017 3.50 to 1.00 June 30, 2017, through March 31, 2018 3.25 to 1.00 June 30, 2018 and December 31 to be greater than thereafter 3.00 to 1.00; (ii) June 30 to be greater than 3.50 to 1.00, and (iii) September 30 to be greater than 4.00 to 1.00.

Leverage Ratio. The Borrower will not permit the Leverage Ratio as of the last day of each any fiscal quarter of each fiscal year ending on (i) any date during any period set forth below to exceed the ratio set forth below opposite such period: March 31 31, 2006 to and including September 30, 2007 8.85 to 1.00 October 1, 2007 to and including March 31, 2008 8.50 to 1.00 April 1, 2008 to and including December 31 31, 2008 8.25 to be greater than 3.00 1.00 January 1, 2009 to and including September 30, 2009 7.75 to 1.00 October 1, 2009 and thereafter 7.50 to 1.00; (ii) June 30 to be greater than 3.50 to 1.00, and (iii) September 30 to be greater than 4.00 to 1.00.

Leverage Ratio. The Beginning with the fiscal quarter ending June 30, 2019, the Borrower will not permit the Leverage Ratio not, (a) as of the last day of each any fiscal quarter of each (other than the fiscal year quarter ending on (i) March 31 and December 31 September 30, 2020), permit its Leverage Ratio to be greater than 3.00 4.0 to 1.00; 1.0 and (iib) June 30 as of the last day of the fiscal quarter ending September 30, 2020, permit its Leverage Ratio to be greater than 3.50 4.75 to 1.00, and (iii) September 30 to be greater than 4.00 to 1.001.0.”

Leverage Ratio. The Borrower Borrower’s Agent will not permit the Leverage Ratio Ratio, as of the last day of each any fiscal quarter of each for the four consecutive fiscal year quarters ending on (i) March 31 and December 31 that date, to be greater more than 3.00 (a) for the period from November 30, 2006 to 1.00; May 31, 2007, 6.50 to 1.0, or (iib) for the period from June 30 1, 2007 to be greater than 3.50 the Term Loan Maturity Date, 4.25 to 1.00, and (iii) September 30 to be greater than 4.00 to 1.001.0.

Leverage Ratio. The Borrower will not permit the its Leverage Ratio as on an annualized basis (until the passing of four (4) full fiscal quarters after the date hereof), on the last day of each fiscal quarter of each fiscal year ending on (i) March 31 and December 31 to be greater more than 3.00 to 1.00; (ii) the ratio set forth below for the corresponding time. Period Ending Maximum Leverage Ratio ------------- ---------------------- June 30 to be greater than 3.50 to 1.0030, 2004 through September 30, 2004 3.75x December 31, 2004 and (iii) September 30 to be greater than 4.00 to 1.00.thereafter 3.50x

Leverage Ratio. The Borrower will not permit the Leverage Ratio as of the last day of each any fiscal quarter of each fiscal year ending on (i) March 31 any date during any period set forth below to exceed the ratio set forth below opposite such period: April 1, 2008 to and including December 31 31, 2008 8.25 to be greater than 3.00 1.00 January 31, 2009 to and including September 30, 2009 7.75 to 1.00 October 1, 2009, and thereafter 7.50 to 1.00; (ii) June 30 to be greater than 3.50 to 1.00, and (iii) September 30 to be greater than 4.00 to 1.00.

Leverage Ratio. The Borrower will shall not permit the Leverage Ratio as of the last day of each fiscal quarter, commencing with the quarter of ending September 30, 2010, to be more than (a) 3.75 to 1.00 for each fiscal year quarter ending on or prior to June 30, 2011, (ib) March 31 and December 31 to be greater than 3.00 to 1.00; (ii) June 30 to be greater than 3.50 to 1.001.00 for each fiscal quarter ending after June 30, 2011 but on or prior to June 30, 2012, (c) 3.25 to 1.00 for each fiscal quarter ending after June 30, 2012 but on or prior to June 30, 2013, and (iiid) September 30 3.00 to be greater than 4.00 to 1.001.00 for each fiscal quarter ending after June 30, 2013.

Leverage Ratio. The Borrower will shall not permit the Leverage Ratio as at the end of the last day of each any fiscal quarter of each fiscal year (a) ending on (i) March 31 and December 31 31, 2008 through March 31, 2009, to be greater than 3.00 to 1.00; , (iib) ending June 30 30, 2009 through March 31, 2010, to be greater than 3.50 2.75 to 1.00, and (iiic) September 30 ending June 30, 2010 and each fiscal quarter thereafter, to be greater than 4.00 2.50 to 1.00.

Leverage Ratio. The For the fiscal quarters ending December 31, 2001, March 31, 2002 and June 30, 2002, the Borrower will not permit the Leverage Ratio Ratio, as of the last day of such fiscal quarter, to exceed 9.56:1.00, 2.86:1.00 and 2.15:1.00, respectively. For each fiscal quarter of each fiscal year ending on (i) March 31 and December 31 to such quarter, the Leverage Ratio will be greater than 3.00 to 1.00; (ii) June 30 to be greater than 3.50 to 1.00, and (iii) September 30 to be greater than 4.00 to 1.00calculated after adding back one-time charges.

Leverage Ratio. The Borrower will not permit the Leverage Ratio Ratio, determined as of the last day of each fiscal quarter of each beginning with the fiscal year quarter ending on (i) March 31 and December 31 June 30, 2009, to be greater than 3.00 the maximum permitted Leverage Ratio set forth below. Calculation Date Maximum Permitted Leverage Ratio June 30, 2009, September 30, 2009, December 31, 2009, and March 31, 2010 4.25 to 1.00 June 30, 2010, and September 30, 2010 4.00 to 1.00 December 31, 2010 3.75 to 1.00 March 31, 2011 and thereafter 3.25 to 1.00; (ii) June 30 to be greater than 3.50 to 1.00, and (iii) September 30 to be greater than 4.00 to 1.00.

Leverage Ratio. The With effect from and after August 31, 2009, Borrower will not permit the Leverage Ratio to exceed (i) 2.75 to 1.00 as of the last day of each any of its fiscal quarter of each fiscal year quarters ending on (i) March 31 prior to August 31, 2007; and December 31 to be greater than 3.00 to 1.00; (ii) June 30 2.50 to be greater than 3.50 to 1.001.00 as of the last day of any of its fiscal quarters ending on or after August 31, and (iii) September 30 to be greater than 4.00 to 1.002007.

Leverage Ratio. The Borrower will shall not permit the Leverage Ratio as of the last day of each fiscal quarter of each fiscal year ending on any Fiscal Quarter to exceed, (i) March 31 for the Fiscal Quarters ending June 30, 2015 and December 31 to be greater than 3.00 to 1.00; September 30, 2015, 5.00:1.00, (ii) June 30 to be greater than 3.50 to 1.00for any Fiscal Quarter ending on or before December 31, 2016 but after September 30, 2015, 6.00:1.00, (iii) for any Fiscal Quarter ending on or before December 31, 2017 but after December 31, 2016, 5.75:1.00, and (iiiiv) September 30 to be greater than 4.00 to 1.00.for any Fiscal Quarter ending after December 31, 2017, 5.00:1.00; provided that if Borrower or any of its Subsidiaries have

Leverage Ratio. The Borrower will not permit the Leverage Ratio as of on the last day of each any fiscal quarter, commencing with the fiscal quarter of each fiscal year ending on December 31, 2011, to exceed (ia) March 31 and December 31 to be greater than 3.00 to 1.00; (ii) June 30 to be greater than 3.50 to 1.00, in the case of any fiscal quarter ending prior to December 31, 2013, (b) 3.25 to 1.00, in the case of any fiscal quarter ending on or after December 31, 2013 and prior to December 31, 2014, and (iiic) September 30 to be greater than 4.00 3.00 to 1.00, in the case of any fiscal quarter ending on or after December 31, 2014.

Leverage Ratio. The Beginning with the Fiscal Quarter ending June 30, 2017, the Borrower will shall not permit the Leverage Ratio Ratio, as of the last day of each fiscal quarter of each fiscal year ending on any Fiscal Quarter, to be more than: (i) March 31 and for each Fiscal Quarter ending on or before December 31 to be greater than 3.00 to 1.00; 31, 2019, 3.50:1.00, and (ii) June 30 to be greater than 3.50 to 1.00for each Fiscal Quarter ending thereafter, and (iii) September 30 to be greater than 4.00 to 1.003.25:1.00.

Leverage Ratio. The Borrower will not permit the its Leverage Ratio as on an annualized basis (until the passing of four (4) full fiscal quarters after the date hereof), on the last day of each fiscal quarter of each fiscal year ending on (i) March 31 and December 31 to be greater more than 3.00 to 1.00; (ii) the ratio set forth below for the corresponding time. Period Ending Maximum Leverage Ratio ---------------------------------------- ---------------------- June 30 to be greater than 3.50 to 1.0030, 2004 through September 30, 2004 3.75x December 31, 2004 and (iii) September 30 to be greater than 4.00 to 1.00.thereafter 3.50x

Leverage Ratio. The Borrower will not permit the its Leverage Ratio Ratio (a) as of the last day of each any fiscal quarter of each fiscal year ending on (i) March 31 and December 31 or prior to September 30, 1999 to be greater than 3.00 3.0 to 1.00; 1.0 and (iib) June 30 as of the last day of the fiscal quarter ending December 31, 1999 to be greater than 3.50 2.5 to 1.00, and (iii) September 30 to be greater than 4.00 to 1.001.0.

Leverage Ratio. The Borrower will not permit the Leverage Ratio as As of the last day of each fiscal quarter of each fiscal year ending on (i) or after March 31 and December 31 31, 2023, the Borrower will not permit the Leverage Ratio for the immediately preceding four fiscal quarters to be greater than 3.00 to 1.00; (ii) the maximum ratio set forth in the table below for: 104 Fiscal quarter ending March 31, 2023 6.50:1.00 Fiscal quarter ending June 30 to be greater than 3.50 to 1.0030, 2023 6.25:1.00 Fiscal quarter ending September 30, 2023 6.00:1.00 Fiscal quarter ending December 31, 2023 5.75:1.00 Fiscal quarter ending March 31, 2024 and (iii) September 30 to be greater than 4.00 to 1.00.each fiscal quarter thereafter 5.50:1.00

Leverage Ratio. The Borrower will shall not permit the Leverage Ratio to be greater than (a) 3.75 to 1 as of March 31, 2013 or the last day of any Fiscal Quarter ending thereafter through December 31, 2014 or (b) 3.50 to 1 as of the last day of each fiscal quarter of each fiscal year any Fiscal Quarter ending on (i) March 31 and after December 31 to be greater than 3.00 to 1.00; (ii) June 30 to be greater than 3.50 to 1.0031, and (iii) September 30 to be greater than 4.00 to 1.002014.

Leverage Ratio. The Borrower will not permit the Leverage Ratio as of the last day of each any fiscal quarter of each ending during the applicable period set forth below, for the four consecutive fiscal year quarter period ending on (i) March 31 and December 31 such date, to be greater than that ratio set forth opposite each such period: Effective Date through and including September 30, 2006 3.50 to 1.00 October 1, 2006 through and including December 31, 2007 3.25 to 1.00 January 1, 2008 and thereafter 3.00 to 1.00; (ii) June 30 to be greater than 3.50 to 1.00, and (iii) September 30 to be greater than 4.00 to 1.00.

Leverage Ratio. The Beginning with the fiscal quarter ending June 30, 2019, the Borrower will not permit the Leverage Ratio not, (a) as of the last day of each any fiscal quarter of each (other than the fiscal year quarter ending on (i) September 30, 2020 and the fiscal quarter ending March 31 and December 31 31, 2021), permit its Leverage Ratio to be greater than 3.00 4.0 to 1.00; 1.0, (iib) June 30 as of the last day of the fiscal quarter ending September 30, 2020, permit its Leverage Ratio to be greater than 3.50 4.75 to 1.00, 1.0 and (iiic) September 30 as of the last day of the fiscal quarter ending March 31, 2021, permit its Leverage Ratio to be greater than 4.00 4.25 to 1.001.0.”

Leverage Ratio. The Borrower will not permit the Leverage Ratio as of the last day of each any fiscal quarter of each the Borrower to exceed the ratio set forth below opposite the period that includes such day: Period Ratio From the end of the first full fiscal year quarter ending on (i) March 31 and after the Effective Date through December 31 31, 2012 4.00 to be greater than 3.00 1.00 From January 1, 2013 through December 31, 2013 3.75 to 1.00; (ii) June 30 to be greater than 1.00 From January 1, 2014and thereafter 3.50 to 1.00, and (iii) September 30 to be greater than 4.00 to 1.00.

Leverage Ratio. The Borrower will shall not permit the Leverage Ratio (i) as of the last day of each fiscal quarter the first Fiscal Quarter of each fiscal year ending on (i) March 31 and December 31 any Fiscal Year to be greater than 3.00 3.25 to 1.001.0; (ii) June 30 as of the last day of the second Fiscal Quarter of any Fiscal Year to be greater than 3.50 3.25 to 1.00, and 1.0; (iii) September 30 as of the last day of the third Fiscal Quarter of any Fiscal Year to be greater than 4.00 3.7 to 1.001.0; and (iv) as of the last day of any Fiscal Year to be greater than 3.0 to 1.0.

Leverage Ratio. The Borrower will not permit the Leverage Ratio as of the last day of each any fiscal quarter of each fiscal year ending on (i) March 31 and December 31 during the periods set forth below to be greater than 3.00 to the ratio set forth below opposite such period: Date Maximum Leverage Ratio December 31, 1999 through 6.25 : 1.00 September 30, 2000 December 31, 2000 through 6.00 : 1.00 March 31, 2001 Thereafter 5.50 : 1.00; (ii) June 30 to be greater than 3.50 to 1.00, and (iii) September 30 to be greater than 4.00 to 1.00.

Leverage Ratio. The Borrower will not permit the Leverage Ratio as of the last day date of each any fiscal quarter, beginning with the period ending September 30, 2006, for the period of four consecutive fiscal quarters of the Borrower ending on such date, to exceed 4.50 to 1.00 through the fiscal quarter of each fiscal year ending on (i) March 31 and December 31 to be greater than 3.00 to 1.00; (ii) June 30 to be greater than 3.50 to 1.0031, 2008, and (iii) September 30 4.25 to be greater than 4.00 to 1.001.00 thereafter.

Leverage Ratio. The Borrower will Borrowers shall not permit the Leverage Ratio for any trailing four-quarter period measured as of the last day of each fiscal quarter of each fiscal year ending on to exceed (i) March 31 and 2.0 to 1.0 for the period from the Effective Date through December 31 to be greater than 3.00 to 1.00; 31, 2009, (ii) 2.25 to 1.0 for the period from January 1, 2010 through June 30 to be greater than 3.50 to 1.0030, and 2010, (iii) 2.0 to 1.0 for the period from July 1, 2010 though September 30 30, 2010, (iv) 1.50 to be greater than 4.00 1.0 for the period from October 1, 2010 though September 30, 2011 and (v) 1.0 to 1.001.0 thereafter.”

Leverage Ratio. The Borrower will not permit the Leverage Ratio as of at: (i) the last day of each fiscal quarter of each Borrower's fiscal year ending on (i) March 31 and December 31 28, 2001, to be greater than exceed 3.00 to 1.00; ; (ii) June 30 the last day of the Borrower's fiscal year ending on December 27, 2002, to be greater than 3.50 exceed 2.75 to 1.00, and ; and (iii) September 30 the last day of the Borrower's fiscal year ending on December 26, 2003, and as at each fiscal quarter thereafter, to be greater than 4.00 exceed 2.50 to 1.00.

Leverage Ratio. The Borrower will not permit the Leverage Ratio as of on the last day of each any fiscal quarter of each fiscal year ending on the Borrower to exceed (ia) March 31 and December 31 to be greater than 3.00 to 1.00; (ii) June 30 to be greater than 3.50 to 1.00, in the case of any fiscal quarter ending on or prior to December 31, 2016, and (iiib) September 30 to be greater than 4.00 3.25 to 1.00, in the case of any fiscal quarter ending at any time thereafter.

Leverage Ratio. The Borrower will not not, as of the last day of any fiscal quarter set forth below, permit the its Leverage Ratio as of to be greater than: Fiscal quarter ending July 31, 2014 4.00 to 1.00 Fiscal quarter ending October 31, 2014 3.75 to 1.00 Fiscal quarter ending January 31, 2015 and the last day of each fiscal quarter of each fiscal year ending on (i) March 31 and December 31 to be greater than 3.00 to 1.00; (ii) June 30 to be greater than thereafter 3.50 to 1.00, and (iii) September 30 to be greater than 4.00 to 1.00.

Leverage Ratio. The Borrower Borrower’s Agent will not permit the Leverage Ratio Ratio, as of the last day of each any fiscal quarter of each for the four consecutive fiscal year quarters ending on (i) March 31 and December 31 that date, to be greater more than 3.00 (a) for the period from the Closing Date to 1.00; May 31, 2006, 4.25 to 1.0, or (iib) for the period from the June 30 1, 2006 to be greater than 3.50 to 1.00the Term Loan Maturity Date, and (iii) September 30 to be greater than 4.00 to 1.001.0.

Leverage Ratio. The Borrower will not permit the Leverage Ratio as of the last day of each any fiscal quarter of each fiscal year ending the Borrower to exceed the ratio set forth below opposite the period that includes such day: At any time on (i) March 31 or prior to June 30, 2008 4.75 to 1.00 From July 1, 2008 through December 31, 2008 4.50 to 1.00 From January 1, 2009 through December 31, 2009 3.50 to 1.00 January 1, 2010 and December 31 to be greater than thereafter 3.00 to 1.00; (ii) June 30 to be greater than 3.50 to 1.00, and (iii) September 30 to be greater than 4.00 to 1.00.