| Lien Basket - Sale-Leaseback Transactions · Negative Covenant | Liens under Sale-Leaseback Transactions not exceeding $2,000,000,000 in aggregate | loose $2bn vs basket median $300m (n=49) | source ↗ |
| Lien Restriction - General · Negative Covenant | No Liens on property securing borrowed money Indebtedness except as permitted | | source ↗ |
| Restriction on Fundamental Changes · Negative Covenant | No merger, consolidation, liquidation, dissolution or sale of all or substantially all assets except as permitted | | source ↗ |
| Financial Statement Delivery - Annual · Affirmative Covenant | Within 105 days after fiscal year end | | source ↗ |
| Financial Statement Delivery - Quarterly · Affirmative Covenant | Within 60 days after each of first three fiscal quarters | | source ↗ |
| Commitment Fee - Pricing Level 5 (BBB/Baa2) · Pricing | 10.0 bps on undrawn commitments | | source ↗ |
| Anti-Corruption and Sanctions · Negative Covenant | No use of proceeds in violation of Anti-Corruption Laws or for Sanctioned Persons or Sanctioned Countries | | source ↗ |
| Lien Basket - Existing Liens · Negative Covenant | Existing liens securing Indebtedness not exceeding $1,000,000,000 in aggregate | loose $1bn vs basket median $300m (n=49) | source ↗ |
| Lien Basket - Asset Securitization · Negative Covenant | Liens in connection with asset securitization transactions not exceeding $2,000,000,000 outstanding principal | loose $2bn vs basket median $300m (n=49) | source ↗ |
| Non-Guarantor Subsidiary Indebtedness - General Basket · Negative Covenant | Non-Guarantor Restricted Subsidiary Indebtedness limited to 15% of Consolidated Net Worth minus secured Indebtedness under Section 7.01(j) | market 15% vs basket median 20% (n=122) | source ↗ |
| Cable Subsidiary Unrestricted Subsidiary Designation · Negative Covenant | Cable Subsidiary may only be designated Unrestricted if Leverage Ratio is at or below 4.50x after pro forma effect | loose 4.5x vs negative covenant median 4x (n=26) | source ↗ |
| Lien Basket - Other Liens · Negative Covenant | Other liens limited to 15% of Consolidated Net Worth minus unsecured Indebtedness of non-Guarantor Restricted Subsidiaries | market 15% vs basket median 20% (n=122) | source ↗ |
| Maximum Leverage Ratio · Financial Maintenance | 5.75x | loose 5.75x vs leverage median 4x (n=99) | source ↗ |
