Secured Debt Leverage Ratio

Secured Debt Leverage Ratio. As of the last day of any Fiscal Quarter, the ratio of (a)Secured Debt outstanding on the last day of such Fiscal Quarter to (b)EBITDA computed for the period consisting of such Fiscal Quarter and each of the three immediately preceding Fiscal Quarters; provided, however, that for purposes of the calculation of Secured Debt for purposes of this definition, Secured Debt shall not include (i) Letters of Credit that support payment of performance, surety or appeal bonds (or similar obligations)... that are Indebtedness to the extent it would cause a duplication of Indebtedness for such calculation or (ii) Letters of Credit to the extent such Letters of Credit are Cash Collateralized. View More