Annual Leverage Test

Annual Leverage Test. As of the last day of each fiscal year, the Company shall maintain a ratio of (x) consolidated Indebtedness to (y) Consolidated EBITDA for such fiscal year plus "New Equity" (as defined below) for such year (the "Annual Leverage Test") not greater than (i) 5.35 to 1 for the fiscal year ending June 30, 2001, (ii) 5.20 to 1 for the fiscal year ending June 30, 2002, and (iii) 5.00 to 1 for the fiscal year ending June 30, 2003.