| Investments - Ratio-Based Basket · Negative Covenant - Investments | Unlimited, subject to no Event of Default and Consolidated Total Net Leverage Ratio <= 4.75:1.00 | loose 4.75x vs basket median 4x (n=54) | source ↗ |
| Ratio Debt Unsecured Incurrence Test · Incurrence | Interest Coverage Ratio not less than lesser of 2.00:1.00 or ratio immediately prior to giving effect to transaction | tight 2x vs incurrence median 3.875x (n=12) | source ↗ |
| Ratio Debt First Lien Incurrence Test · Incurrence | Consolidated First Lien Net Leverage Ratio not to exceed greater of 3.75:1.00 or ratio immediately prior to giving effect to transaction | market 3.75x vs incurrence median 3.875x (n=12) | source ↗ |
| Incremental First Lien Net Leverage Ratio Test · Incurrence | Consolidated First Lien Net Leverage Ratio not to exceed greater of 3.75:1.00 or ratio immediately prior to giving effect to applicable transaction (Incremental Incurrence-Based Amount) | market 3.75x vs leverage median 4x (n=99) | source ↗ |
| Ratio Debt Junior Lien Incurrence Test · Incurrence | Consolidated Total Secured Net Leverage Ratio not to exceed greater of 4.00:1.00 or ratio immediately prior to giving effect to transaction | market 4x vs incurrence median 3.875x (n=12) | source ↗ |
| Permitted Acquisition Consolidated Total Net Leverage Ratio Test · Incurrence | Consolidated Total Net Leverage Ratio <= 5.00:1.00 on a Pro Forma Basis | loose 5x vs leverage median 4x (n=99) | source ↗ |
| Debt Issuance Mandatory Prepayment · Mandatory Prepayment | 100% of Net Available Proceeds from any Debt Issuance | market 100% vs mandatory prepayment median 100% (n=26) | source ↗ |
| Indebtedness - Purchase Money / Capital Lease Obligations · Negative Covenant - Indebtedness | Greater of $112M (or $185M post-Specified Acquisition) and 20.0% of Consolidated EBITDA | | source ↗ |
| Indebtedness - Development Expenses · Negative Covenant - Indebtedness | $550M maximum outstanding | | source ↗ |
| Indebtedness - Non-Credit Party Subsidiaries · Negative Covenant - Indebtedness | Greater of $84M (or $139M post-Specified Acquisition) and 15.0% of Consolidated EBITDA | | source ↗ |
| Investments - Available Amount Basket · Negative Covenant - Investments | Available Amount, subject to no Event of Default | | source ↗ |
| EBITDA Add-back Cap for Synergies/Cost Savings · Financial Definition | 20% of Consolidated EBITDA for any Test Period | | source ↗ |
| Equity Cure Right · Financial Covenant - Cure | Up to 2 cures per 4-quarter period; up to 5 total over the term of the Agreement | | source ↗ |
| Asset Sale 75% Cash Consideration Requirement · Negative Covenant - Asset Sales | At least 75% of consideration must be in form of cash/Cash Equivalents or Permitted Business Assets | | source ↗ |
| Limitation on Lines of Business · Negative Covenant | No material engagement in business other than Permitted Business (gaming, racing, and related ancillary businesses) | | source ↗ |
| Restricted Payments - Additional Basket · Restricted Payments | $50M in aggregate | tight $50m vs basket median $300m (n=49) | source ↗ |
| Restricted Payments - Stock Repurchase/Dividend Basket · Restricted Payments | Sum of (i) $75M per fiscal year (with carryover) plus (ii) $250M in aggregate | tight $75m vs basket median $300m (n=49) | source ↗ |
| Liens - General Basket · Negative Covenant - Liens | Greater of $168M (or $278M post-Specified Acquisition) and 30% of Consolidated EBITDA | market 30% vs basket median 20% (n=122) | source ↗ |
| Indebtedness - General Basket · Negative Covenant - Indebtedness | Greater of $168M (or $278M post-Specified Acquisition) and 30.0% of Consolidated EBITDA | market 30% vs basket median 20% (n=122) | source ↗ |
| Restricted Payments - Builder Basket · Restricted Payments | Unlimited, subject to no Event of Default and Consolidated Total Net Leverage Ratio <= 4.00:1.00 | market 4x vs basket median 4x (n=54) | source ↗ |
| Junior Prepayments - Ratio Basket · Restricted Payments / Junior Debt Prepayments | Unlimited, subject to no Event of Default and Consolidated Total Net Leverage Ratio <= 4.00:1.00 | market 4x vs basket median 4x (n=54) | source ↗ |
| Minimum Interest Coverage Ratio · Financial Maintenance | 2.50x | tight 2.5x vs coverage median 1.7x (n=40) | source ↗ |
