FOREIGN LEVERAGE RATIO

FOREIGN LEVERAGE RATIO. The ratio, calculated as at the end of such fiscal quarter for the period of four fiscal quarters then ended, of (i) the excess of (x) the aggregate outstanding principal amount of Indebtedness (on a consolidated basis and without regard to Indebtedness owed to the Guarantor and its Subsidiaries, Indebtedness referred to in clause (xii) of the definition of "Permitted Indebtedness" in Section 1.01 of the Credit Agreement and the Indebtedness under the Pierce 1998 Senior Notes) of the Excluded... Subsidiaries at such date over (y) the aggregate amount of cash and Liquid Investments of the Excluded Subsidiaries at such date to (ii) EBITDA for such period View More