| Use of Proceeds – 2025 New Term A Advances · Affirmative Covenant | Proceeds to be used to repay Revolving Credit Advances and transaction fees and expenses related to Amendment No. 7 | | source ↗ |
| Cash Restructuring / Integration Expense Add-back Cap · EBITDA Definition | Greater of $75,000,000 and 5.0% of Consolidated EBITDA per fiscal year (with one-year carryforward for unused amounts) | tight 5% vs ebitda definition median 20% (n=6) | source ↗ |
| Investments – Unrestricted Subsidiaries and Joint Ventures · Negative Covenant | Greater of $550,000,000 and 7.5% of Total Assets for Investments in Unrestricted Subsidiaries and joint ventures in similar/related businesses | tight 7.5% vs negative covenant median 20% (n=79) | source ↗ |
| Permitted Factoring Transactions Cap · Negative Covenant | Aggregate face amount not to exceed the greater of $350,000,000 and 5.0% of Total Assets | tight 5% vs negative covenant median 20% (n=79) | source ↗ |
| Incurrence of Debt – Secured (Pari Passu) Ratio Test · Negative Covenant | Secured Debt pari passu with Collateral permitted if First Lien Net Leverage Ratio on pro forma basis does not exceed 1.50:1.00 | tight 1.5x vs negative covenant median 4x (n=26) | source ↗ |
| Run-Rate Cost Savings / Synergies Add-back Cap · EBITDA Definition | Not to exceed 20% of Consolidated EBITDA for any applicable four Fiscal Quarter period | market 20% vs ebitda definition median 20% (n=6) | source ↗ |
| Mandatory Repayment – 2025 New Term A Facility (Quarterly Amortization) · Repayment | 10% of original principal amount per quarter commencing December 31, 2025, with balance due at Maturity Date | | source ↗ |
| Mandatory Prepayment – Mamba Sale · Mandatory Prepayment | All 2025 New Term A Advances become due and payable five Business Days after consummation of the Mamba Sale | | source ↗ |
| Restricted Payments – Available Amount Basket · Negative Covenant | Permitted up to Available Amount Basket if no Default/Event of Default and in compliance with Financial Covenant on pro forma basis | | source ↗ |
| ERISA Event Default Threshold · Event of Default | Insufficiency of ERISA Plans reasonably likely to have a Material Adverse Effect | | source ↗ |
| Asset Sale – Net Cash Proceeds Step-Down (Senior Secured Net Leverage ≤1.75x but >1.25x) · Mandatory Prepayment | 50% of Net Cash Proceeds from Asset Sale excluded from mandatory prepayment obligation | | source ↗ |
| Incurrence of Debt – Unsecured / Subordinated Ratio Test · Negative Covenant | Unsecured Debt permitted if Total Net Leverage Ratio on pro forma basis does not exceed 3.50:1.00 | market 3.5x vs negative covenant median 4x (n=26) | source ↗ |
| Default Interest Rate · Pricing | 2% per annum above the rate otherwise applicable on overdue amounts | loose 2% vs pricing median 1.375% (n=38) | source ↗ |
| Incremental Facility – Fixed Dollar Cap · Negative Covenant / Basket | Greater of $1,100,000,000 and 15.0% of Total Assets (less amounts previously incurred under this basket) | market 15% vs basket median 20% (n=122) | source ↗ |
| Debt – General Basket · Negative Covenant | Greater of $550,000,000 and 7.5% of Total Assets | tight 7.5% vs basket median 20% (n=122) | source ↗ |
| Liens – General Basket · Negative Covenant | Greater of $300,000,000 and 4.0% of Total Assets | tight 4% vs basket median 20% (n=122) | source ↗ |
| Investments – General Basket · Negative Covenant | Greater of $550,000,000 and 7.5% of Total Assets | tight 7.5% vs basket median 20% (n=122) | source ↗ |
| Incremental Facility – Ratio-Based (Pari Passu) Cap · Negative Covenant / Basket | Unlimited if First Lien Net Leverage Ratio on pro forma basis does not exceed 1.50:1.00 | tight 1.5x vs basket median 4x (n=54) | source ↗ |
| Restricted Payments – Ratio-Based Basket · Negative Covenant | Permitted if no Default/Event of Default and Total Net Leverage Ratio on pro forma basis does not exceed 2.75:1.00 | tight 2.75x vs basket median 4x (n=54) | source ↗ |
| Judgment Default Threshold · Event of Default | $75,000,000 aggregate | tight $75m vs event of default median $125m (n=62) | source ↗ |
| Debt – Foreign Subsidiaries Cap · Negative Covenant | Greater of $600,000,000 and 15.0% of Total Foreign Assets | market 15% vs negative covenant median 20% (n=79) | source ↗ |
| Incurrence of Debt – Secured (Junior Lien) Ratio Test · Negative Covenant | Secured Debt junior to Collateral Liens permitted if Senior Secured Net Leverage Ratio on pro forma basis does not exceed 2.50:1.00 | tight 2.5x vs negative covenant median 4x (n=26) | source ↗ |
| Applicable Margin Pricing Grid · Pricing | ≤1.00x: SOFR+1.25%/BR+0.25%/Fee 0.25%; >1.00x–≤2.00x: SOFR+1.50%/BR+0.50%/Fee 0.375%; >2.00x: SOFR+1.75%/BR+0.75%/Fee 0.50% | tight 1x vs pricing median 2x (n=7) | source ↗ |
