Total Debt to EBITDA Ratio

Customer’s “Total Debt to EBITDA Ratio” shall at all times be less than ? to 1. For purposes hereof, “Total Debt to EBITDA Ratio” shall mean the ratio of (a) all debt for borrowed money  including all outstanding and unused availability under any revolving credit facility, and including debt to Bank, to (b) income before interest (including payments in the nature of interest under capital leases), taxes, depreciation, amortization, and other non-cash charges; all as  set forth in Customer’s regular  financial statements prepared in accordance with GAAP.