| Development Expenses Indebtedness Basket ยท Incurrence โ Debt | Up to $750 million outstanding at any time | loose $750m vs basket median $300m (n=49) | source โ |
| Restricted Payments โ Annual Fixed Basket ยท Restricted Payments | $100 million per fiscal year | market $100m vs basket median $300m (n=49) | source โ |
| Permitted Acquisitions โ Non-Guarantor Cap ยท Investments | Greater of $375 million and 30% of Consolidated EBITDA (pro forma) for acquisitions where target does not become a Guarantor | | source โ |
| Restricted Payments โ Builder / Grower Unlimited Basket ยท Restricted Payments | Unlimited, subject to no EOD; pro forma Financial Maintenance Covenant compliance; and Consolidated Total Net Leverage Ratio โค3.50x | tight 3.5x vs basket median 4x (n=54) | source โ |
| Minimum Interest Coverage Ratio ยท Financial Maintenance | 2.00x; tested quarterly commencing with first full fiscal quarter after Closing Date | market 2x vs coverage median 1.7x (n=40) | source โ |
| Repurchase of Equity / Employee Notes โ Annual Basket ยท Restricted Payments | Greater of $31.25 million and 2.5% of Consolidated EBITDA per fiscal year (combined for Section 10.06(f) and Section 10.01(w) payments) | tight 2.5% vs basket median 20% (n=122) | source โ |
| General Permitted Indebtedness Basket (Section 10.01(q)) ยท Incurrence โ Debt | Greater of $375 million and 30% of Consolidated EBITDA at time of determination | market 30% vs basket median 20% (n=122) | source โ |
