Common use of Debt to Adjusted EBITDA Clause in Contracts

Debt to Adjusted EBITDA. Permit the ratio of (i) the total outstanding amount of Debt (excluding Permitted Risk Retention Debt) of the Borrower and its Subsidiaries on a Stand Alone Basis as of the last day of any four fiscal quarter period of the Borrower, commencing with the four fiscal quarter period ending December 31, 2014, to (ii) the Adjusted EBITDA of the Borrower and its Subsidiaries on a Stand Alone Basis for such period (the “Total Leverage Ratio”), to be greater than (x) if the principal amount of Debt then outstanding does not exceed $102,000,000, 4.00:1.00 and (y) if the principal amount of Debt then outstanding does exceed $102,000,000, 3.00:1.00.