EBITDA as defined in the loan agreement, including negotiated add-backs for one-time, non-recurring, or non-cash items. Standard add-backs include restructuring/severance, transaction costs, stock-based comp, and certain pro forma cost synergies; experienced lenders typically apply a 50–75% haircut to projected synergies and impose a cap on synergy add-backs (often 25% of unadjusted EBITDA) to prevent inflation of the leverage denominator.