When a Company has a senior secured leverage ratio of 22x, the following is true: For all of its secured lenders to be paid full, the Company's projected EBITDA would need to turn over 22x The Company has a total leverage of $22 in debt for every $1 in EBITDA The Company has $22 in EBITDA for every $1 in senior secured debt The Company's total secured debt (less cash) divided by the Company's LTM EBITDA is 22