| Minimum Availability at Closing · Condition Precedent | Availability not less than $1,000,000,000 at closing | | source ↗ |
| Limitation on Investments · Negative Covenant | No Investments except Permitted Investments | | source ↗ |
| Limitation on Restricted Payments · Negative Covenant | No Restricted Payments except as permitted; cash dividends and share repurchases require Payment Conditions to be satisfied | | source ↗ |
| Limitation on Prepayment of Indebtedness · Negative Covenant | No voluntary prepayment of Indebtedness unless Payment Conditions satisfied | | source ↗ |
| Limitation on Fundamental Changes · Negative Covenant | No merger, dissolution, liquidation or consolidation except as permitted | | source ↗ |
| Limitation on Dispositions · Negative Covenant | No Dispositions except Permitted Dispositions | | source ↗ |
| Limitation on Supply Chain Financing / Off-Balance Sheet Financing / Structured Payables · Negative Covenant | No new Supply Chain Financing Arrangements, Off-Balance Sheet Financing, or Structured Payables except as disclosed | | source ↗ |
| Exempted Debt Limitation at Closing / Increase Effective Date · Financial Maintenance | Exempted Debt must not exceed 15% of Consolidated Net Tangible Assets at Closing Date and upon any Commitment Increase | market 15% vs financial maintenance median 10% (n=26) | source ↗ |
| Purchase Money / Capital Lease Indebtedness Cap · Negative Covenant | Aggregate principal amount not to exceed $150,000,000 at any time outstanding | market $150m vs negative covenant median $137.5m (n=56) | source ↗ |
| Swap Contract Cap · Negative Covenant | Aggregate Swap Termination Value not to exceed $75,000,000 at any time outstanding | market $75m vs negative covenant median $137.5m (n=56) | source ↗ |
| Real Estate SPV Indebtedness Cap · Negative Covenant | Aggregate principal amount not to exceed $360,000,000 | loose $360m vs negative covenant median $137.5m (n=56) | source ↗ |
| Aggregate Commitments Cap on Increase · Covenant | Aggregate Commitments shall not exceed $3,000,000,000 at any time | | source ↗ |
| Minimum Availability at Second Amendment Effective Date · Conditions Precedent | Not less than $1,300,000,000 | | source ↗ |
| Limitation on Indebtedness · Negative Covenant | No Indebtedness except Permitted Indebtedness; unsecured basket up to $1,000,000,000; secured only if Exempted Debt ≤ 15% of Consolidated Net Tangible Assets | market 15% vs negative covenant median 20% (n=79) | source ↗ |
| Investment Restriction · Negative Covenant | No investments except Permitted Investments | | source ↗ |
| Restricted Payments · Negative Covenant | Restricted; dividends and buybacks only if Payment Conditions satisfied (no Specified Event of Default; Availability > 20% of Loan Cap) | market 20% vs basket median 20% (n=122) | source ↗ |
| Swap Contracts Restriction · Negative Covenant | Swap Termination Value not to exceed $75,000,000 aggregate outstanding | market $75m vs negative covenant median $137.5m (n=56) | source ↗ |
| Permitted Indebtedness - General Unsecured Cap · Negative Covenant | $1,000,000,000 aggregate principal amount | loose $1bn vs negative covenant median $137.5m (n=56) | source ↗ |
| Permitted Indebtedness - Capital Lease / Purchase Money · Negative Covenant | $150,000,000 aggregate principal amount | market $150m vs negative covenant median $137.5m (n=56) | source ↗ |
| Commitment Fee · Pricing | 0.250%-0.375% on unused commitments depending on Average Daily Availability | tight 0.25% vs pricing median 1.375% (n=38) | source ↗ |
