| Commitment Increase Cap · Structural Covenant | Aggregate Commitments shall not exceed $4,825,000,000 at any time | | source ↗ |
| Business Restriction · Negative Covenant | Guarantors may not engage in new businesses such that they no longer are primarily engaged in general investment banking, merchant banking, asset management or investment advisory services and investment or financial services | | source ↗ |
| Guarantor Release Restriction · Negative Covenant | No release of Guarantors without consent of each Lender (other than in connection with Permitted Reorganization Transaction) | | source ↗ |
| Compliance Certificate · Affirmative Covenant | Financial Officer to deliver certificate with each set of financial statements demonstrating compliance with Financial Covenants including computations of Total Indebtedness and Combined EBITDA | | source ↗ |
| Pro Forma Compliance on Mergers and Acquisitions · Negative Covenant | Loan Parties must be in Pro Forma Compliance with Financial Covenants immediately after giving effect to covered transactions with value of $25,000,000 or more | tight $25m vs negative covenant median $137.5m (n=56) | source ↗ |
| Lien Basket – General · Negative Covenant | Liens not otherwise permitted securing Indebtedness or other obligations not to exceed $1,000,000,000 in aggregate principal at any time outstanding | loose $1bn vs basket median $300m (n=49) | source ↗ |
| Lien Basket – Back-to-Back Lending Facilities · Negative Covenant | Liens securing Back-to-Back Lending Facility Indebtedness not to exceed $500,000,000 in aggregate principal at any time outstanding | market $500m vs basket median $300m (n=49) | source ↗ |
| Judgment Default Threshold · Event of Default | One or more judgments for payment of money in excess of $100,000,000 (to the extent not adequately covered by insurance) remaining undischarged for 60 consecutive days | tight $100m vs event of default median $125m (n=62) | source ↗ |
| Leverage Ratio · Financial Covenant | Maximum 4.0x Total Indebtedness to Combined EBITDA on the last day of any fiscal quarter | market 4x vs leverage median 4x (n=99) | source ↗ |
