| Term Loan Amortization · Amortization | 0.25% per quarter of original principal amount funded on Amendment No. 8 Effective Date | tight 0.25% vs amortization median 0.25% (n=19) | source ↗ |
| Mandatory Prepayment - Specified Debt Facility Deferral · Mandatory Prepayment | Up to $135,000,000 deferred unless Specified Merger not consummated by September 4, 2026 or additional Specified Senior Indebtedness is received | | source ↗ |
| Equity Cure Right · Financial Covenant Cure | Up to 5 times total; no more than 2 times in any 4 consecutive fiscal quarters; cure amount limited to amount needed to cure | | source ↗ |
| Maintenance of Ratings · Affirmative Covenant | Use commercially reasonable efforts to obtain public corporate rating and ratings on Initial Term Loans from at least two Rating Agencies | | source ↗ |
| Default Rate · Interest | Applicable rate plus 2.00% per annum on overdue principal; Base Rate plus 2.00% on other overdue amounts | | source ↗ |
| Unrestricted Incremental Amount · Incurrence | Greater of $1,237,500,000 (or $1,375,000,000 with Required Revolving Credit Lender consent) and 50% of LTM EBITDA (after Conversion Date) | market 50% vs incurrence median 35% (n=6) | source ↗ |
| Capitalized Lease / Purchase Money Obligations Cap · Negative Covenant | Greater of $700.0 million and 25% of LTM EBITDA (after Conversion Date) | market 25% vs negative covenant median 20% (n=79) | source ↗ |
| General Basket Liens · Negative Covenant | Greater of $500.0 million and 17.5% of LTM EBITDA (after Conversion Date) | market 17.5% vs basket median 20% (n=122) | source ↗ |
| Financial Covenant Leverage Ratio · Financial Maintenance | 3.50x through Test Period ending March 31, 2024; 5.25x from Test Period ending June 30, 2024 through December 31, 2026; 4.75x thereafter | tight 3.5x vs leverage median 4x (n=99) | source ↗ |
| Consolidated First Lien Secured Leverage Ratio - General Debt Incurrence (Pari Passu) · Incurrence | No greater than 1.35:1.00 | tight 1.35x vs leverage median 4x (n=99) | source ↗ |
| Consolidated Total Leverage Ratio - Incremental Incurrence Test (Junior/Unsecured) · Incurrence | No greater than 4.50:1.00 | loose 4.5x vs leverage median 4x (n=99) | source ↗ |
| Consolidated First Lien Secured Leverage Ratio - Incremental Incurrence Test (Pari Passu) · Incurrence | No greater than 1.35:1.00 | tight 1.35x vs leverage median 4x (n=99) | source ↗ |
| Consolidated Total Leverage Ratio - General Debt Incurrence (Junior/Unsecured) · Incurrence | No greater than 4.50:1.00 | loose 4.5x vs leverage median 4x (n=99) | source ↗ |
| Mandatory Prepayment - Specified Senior Indebtedness · Mandatory Prepayment | At least 40% of Net Available Cash from first $1,915,000,000 of Specified Senior Indebtedness; 100% thereafter | tight 40% vs mandatory prepayment median 100% (n=26) | source ↗ |
| Non-Loan Party Indebtedness Cap · Negative Covenant | Greater of $625.0 million and 22.5% of LTM EBITDA (after Conversion Date) | market 22.5% vs negative covenant median 20% (n=79) | source ↗ |
| Revolving Credit Facility Applicable Rate (post-Amendment No. 9) · Pricing | SOFR + 2.50% / Base Rate + 1.50% | loose 2.5% vs pricing median 1.375% (n=38) | source ↗ |
