Ferguson Enterprises Inc. /DE/

The Borrower will not permit, as of the last day of any fiscal quarter of the Borrower, commencing with the first fiscal quarter of the Borrower ending after the Funding Date, the ratio of (a) Consolidated Net Funded Debt as of such day to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters of the Borrower ending on such day to be greater than 3.50 to 1.00, subject to, at the Borrower’s election … an increase to 4.00 to 1.00 for the period of four consecutive fiscal quarters of the Borrower ending immediately following the consummation of a Threshold Acquisition.

the ratio of (a) Consolidated Net Funded Debt as of such day to (b) Consolidated EBITDA ... to be greater than 3.50 to 1.00