| Borrowing Base Availability Maintenance · Liquidity | Total Revolving Exposure shall not exceed the Loan Cap (lesser of Aggregate Revolving Commitments and Borrowing Base) at any time | | source ↗ |
| Applicable Margin · Pricing | Level I (Average Monthly Revolving Exposure >= 50% of Aggregate Revolving Commitments): SOFR Margin 1.50%, Base Rate Margin 0.50%; Level II (< 50%): SOFR Margin 1.25%, Base Rate Margin 0.25% | loose 50% vs pricing median 1.375% (n=38) | source ↗ |
| Lien Covenant · Negative Covenant | No Liens except Permitted Encumbrances | | source ↗ |
| Investment Covenant · Negative Covenant | No Investments except Permitted Investments | | source ↗ |
| Indebtedness Covenant · Negative Covenant | No Indebtedness or Disqualified Stock except Permitted Indebtedness | | source ↗ |
| Fundamental Changes · Negative Covenant | No mergers, dissolutions, liquidations or consolidations | | source ↗ |
| Restricted Payments · Negative Covenant | No Restricted Payments except as permitted (subject to Note Payment Conditions and other conditions) | | source ↗ |
| Post-Closing Cash Management Implementation · Post-Closing Covenant | Borrower must implement Cash Management outlined in Section 6.13 within 60 days after Fourth Amendment Effective Date | | source ↗ |
| Payment Conditions - Availability Test · Restricted Payment Condition | Availability plus Suppressed Availability >= 15% of Loan Cap for 30 consecutive days before and after transaction, or >= 12.5% with pro forma CFCR >= 1.00x | tight 1x vs basket median 4x (n=54) | source ↗ |
| Permitted Overadvance Cap · Structural | Permitted Overadvances shall not exceed 5% of Aggregate Revolving Commitments at any time and shall not remain outstanding for more than 45 consecutive Business Days unless Required Lenders agree | loose 5% vs structural median 1.25% (n=13) | source ↗ |
