| Borrowing Base Covenant · Financial Maintenance | Total Covered Debt Amount shall not exceed the Borrowing Base at any time | | source ↗ |
| Shorter Term Unsecured Indebtedness Annual Limit · Debt Limitation | No more than $1,500,000,000 in first year after Restatement Effective Date; no more than $1,000,000,000 in any subsequent annual period | | source ↗ |
| Special Shorter Term Unsecured Indebtedness Cap · Debt Limitation | Aggregate principal amount not to exceed $1,500,000,000 at any one time outstanding, of which no more than $1,000,000,000 may be outstanding in connection with a commercial paper issuance program | | source ↗ |
| Commitment Increase Cap · Debt Limitation | Aggregate amount of all Commitment Increases shall not exceed $2,740,500,000 | | source ↗ |
| Weekly Internal Borrowing Base Review · Reporting | Borrower shall conduct an internal review of aggregate value of Portfolio Investments included in the Borrowing Base at least once each calendar week | | source ↗ |
| Borrowing Base Certificate - Monthly · Reporting | Borrowing Base Certificate to be delivered not later than the last Business Day of the calendar month following each monthly accounting period | | source ↗ |
| Concentration Limit - First Lien Last Out and Second Lien Loans · Concentration | Not more than 10.00% of Concentration Calculation Amount | market 10% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit - Second Lien Loans · Concentration | Not more than 7.00% of Concentration Calculation Amount | market 7% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit - Class 2 Cov-Lite Loans · Concentration | Not more than 40.00% of Concentration Calculation Amount | loose 40% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit - US Obligors (minimum) · Concentration | Not less than 85.00% of Concentration Calculation Amount | loose 85% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit: Revolving and Delayed Drawdown Collateral Loans · Concentration | Not more than 5.00% of Concentration Calculation Amount (reduced from 10.00%) | tight 5% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit - Single Industry Classification · Concentration | Not more than 7.50% per industry; up to 25%/20%/15%/10%/10% for top 5 industries | market 7.5% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit - Partial PIK Loans · Concentration | Not more than 10.00% of Concentration Calculation Amount | market 10% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit - Recurring Revenue Loans · Concentration | Not more than 2.50% of Concentration Calculation Amount (reduced from 10.00%) | tight 2.5% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit - Participation Interests · Concentration | Not more than 10.00% of Concentration Calculation Amount | market 10% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit: First Lien Last Out Loans or Second Lien Loans · Concentration | Not more than 10.00% of Concentration Calculation Amount | market 10% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit: Second Lien Loans · Concentration | Not more than 7.00% of Concentration Calculation Amount | market 7% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit: Single Obligor (general) · Concentration | Not more than 5.00% of Maximum Portfolio Amount; top three obligors up to 5.00% each (reduced from 7.50%) | tight 5% vs concentration median 7.5% (n=40) | source ↗ |
| No Default / Event of Default Representation · General | No Default, Event of Default, Potential Servicer Removal Event or Servicer Removal Event has occurred and is continuing | | source ↗ |
| Concentration Limit: Single Industry Classification · Concentration | Not more than 7.50% per industry; largest up to 25%, 2nd up to 20%, 3rd up to 15%, 4th and 5th up to 10% each | market 7.5% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit: Fixed Rate Loans · Concentration | Not more than 5.00% of Concentration Calculation Amount | tight 5% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit - Fixed Rate Loans · Concentration | Not more than 5.00% of Concentration Calculation Amount | tight 5% vs concentration median 7.5% (n=40) | source ↗ |
| No Default / Event of Default Representation · Condition Precedent / Negative Covenant | No Default, Event of Default, Potential Servicer Removal Event or Servicer Removal Event has occurred and is continuing | | source ↗ |
| Restriction on Restricted Payments - Borrowing Base Test · Restricted Payments | Other Restricted Payments permitted only if no Borrowing Base Deficiency and Covered Debt Amount does not exceed 90% of Adjusted Gross Borrowing Base, and no Default | loose 90% vs basket median 20% (n=122) | source ↗ |
| Senior Investments Contribution to Borrowing Base (Gross Borrowing Base >= 1.5x Senior Debt Amount, ACR < 1.75x) · Borrowing Base / Concentration | Borrowing Base reduced so that contribution of Senior Investments to Borrowing Base is not less than 25% of Covered Debt Amount | market 25% vs borrowing base / concentration median 0% (n=14) | source ↗ |
| Concentration Limit - US Obligors (minimum) · Concentration | Not less than 85.00% of Concentration Calculation Amount | loose 85% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit - Single Industry Classification · Concentration | Not more than 7.50% of Concentration Calculation Amount (with tiered exceptions for largest 5 industries) | market 7.5% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit: Partial PIK Loans · Concentration | Not more than 10.00% of Concentration Calculation Amount | market 10% vs concentration median 7.5% (n=40) | source ↗ |
| Industry Concentration Limit (Asset Coverage Ratio >= 2.00x) · Borrowing Base / Concentration | Advance Rate applicable to the portion of aggregate Value of Portfolio Investments in any single Industry Classification Group exceeding 25% of aggregate Value of all Portfolio Investments in the Collateral Pool shall be 0% | market 25% vs coverage median 25% (n=7) | source ↗ |
| Minimum Asset Coverage Ratio · Financial Maintenance | Asset Coverage Ratio not less than 1.50 to 1 at any time | market 1.5x vs coverage median 1.7x (n=40) | source ↗ |
| Advance Rate - First Lien Class 2 · Advance Rate | 62.5% | loose 62.5% vs advance rate median 57.5% (n=8) | source ↗ |
| Advance Rate: Second Lien Loans – Class 1/2 · Advance Rate | 35% | tight 35% vs advance rate median 57.5% (n=8) | source ↗ |
| Advance Rate - First Lien Class 3 · Advance Rate | 60% | market 60% vs advance rate median 57.5% (n=8) | source ↗ |
| Advance Rate - Second Lien Class 1 & 2 · Advance Rate | 35% | tight 35% vs advance rate median 57.5% (n=8) | source ↗ |
| Advance Rate - Second Lien Class 3 · Advance Rate | 30% | tight 30% vs advance rate median 57.5% (n=8) | source ↗ |
| Advance Rate - First Lien Class 1 · Advance Rate | 65% | loose 65% vs advance rate median 57.5% (n=8) | source ↗ |
| Advance Rate: First Lien Loans (not Recurring Revenue) – Class 1 · Advance Rate | 65% | loose 65% vs advance rate median 57.5% (n=8) | source ↗ |
| Advance Rate: First Lien Last Out Loans – Class 1/2 · Advance Rate | 55% | market 55% vs advance rate median 57.5% (n=8) | source ↗ |
| Senior Investments Contribution to Borrowing Base (Gross Borrowing Base < 1.5x Senior Debt Amount, ACR < 1.75x) · Borrowing Base / Concentration | Borrowing Base reduced so that contribution of Senior Investments to Borrowing Base is not less than 75% of Covered Debt Amount | loose 75% vs borrowing base / concentration median 0% (n=14) | source ↗ |
| Concentration Limit - Fixed Rate Loans · Concentration | Not more than 5.00% of Concentration Calculation Amount | tight 5% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit - Non-accrual Loans · Concentration | Not more than 5.00% of Concentration Calculation Amount | tight 5% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit - First Lien Last Out / Second Lien Loans · Concentration | Not more than 10.00% of Concentration Calculation Amount | market 10% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit - Second Lien Loans only · Concentration | Not more than 7.00% of Concentration Calculation Amount | market 7% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit - Class 2 Cov-Lite Loans · Concentration | Not more than 40.00% of Concentration Calculation Amount | loose 40% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit: Class 2 Cov-Lite Loans · Concentration | Not more than 40.00% of Concentration Calculation Amount | loose 40% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit: US Obligors (minimum) · Concentration | Not less than 85.00% of Concentration Calculation Amount | loose 85% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit - Revolving / Delayed Drawdown Collateral Loans · Concentration | Not more than 5.00% of Concentration Calculation Amount (reduced from 10.00%) | tight 5% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit - Partial PIK Loans · Concentration | Not more than 10.00% of Concentration Calculation Amount | market 10% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit - Recurring Revenue Loans · Concentration | Not more than 2.50% of Concentration Calculation Amount (reduced from 10.00%) | tight 2.5% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit: Recurring Revenue Loans · Concentration | Not more than 2.50% of Concentration Calculation Amount (reduced from 10.00%) | tight 2.5% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit: Participation Interests · Concentration | Not more than 10.00% of Concentration Calculation Amount | market 10% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit: Non-Accrual Loans · Concentration | Not more than 5.00% of Concentration Calculation Amount | tight 5% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit - Participation Interests · Concentration | Not more than 10.00% of Concentration Calculation Amount | market 10% vs concentration median 7.5% (n=40) | source ↗ |
| Concentration Limit - Non-accrual Loans · Concentration | Not more than 5.00% of Concentration Calculation Amount | tight 5% vs concentration median 7.5% (n=40) | source ↗ |
| Applicable Margin - Term Benchmark / RFR (Extending Lenders) · Pricing | 1.525% if Gross Borrowing Base >= 2.0x Combined Debt Amount; 1.650% if >= 1.60x and < 2.0x; 1.775% if < 1.60x | market 2x vs pricing median 2x (n=7) | source ↗ |
