Advance Rate Adjustment Factor means, with regard to any Collateral Obligation, the amount equal to (i) the Total Net Leverage Ratio as of the Relevant Test Period most recently ended prior to the Cut-Off Date for such Collateral Obligation divided by (ii) the Total Net Leverage Ratio as of the Relevant Test Period most recently ended prior to the relevant date of determination; provided that such amount shall not be greater than 1.0 at any time.