Total Debt to EBITDA Ratio

Total Debt to EBITDA Ratio. Means, as of the last day of any Fiscal Quarter, the ratio of (a) Funded Debt as of that date minus Excess Cash on that date, to (b) EBITDA for Borrower and its Subsidiaries determined as of that date for the four Fiscal Quarter period then ending (subject to any adjustments thereto required by the definition of "EBITDA").