| Combined Rate Step-Up (All Three Events) · Interest Rate Step-Up Trigger | If Below Investment Grade Event, Secured Debt Ratio Event and Unsecured Debt Coverage Ratio Event all occur simultaneously, Notes bear interest at 2.00% above stated rate | | source ↗ |
| Liens Restriction · Negative Covenant | No Liens on assets of the Company or any Obligor except Permitted Liens or those specifically enumerated | | source ↗ |
| Merger, Consolidation, Fundamental Changes · Negative Covenant | No merger, consolidation, liquidation, dissolution, or disposition of assets except as specifically permitted | | source ↗ |
| Subsidiary Guarantors · Affirmative Covenant | Each Subsidiary (other than Excluded Subsidiaries) that guarantees any Material Credit Facility must concurrently provide a Subsidiary Guaranty | | source ↗ |
| Rating Confirmation · Affirmative Covenant | Company must maintain at all times a Rating from at least one Rating Agency and notify holders of any Rating changes no later than April 9 of each year | | source ↗ |
| Optional Prepayment with Make-Whole · Prepayment | On or before October 15, 2030, prepayment at Make-Whole Amount (T+50bps); after October 15, 2030, no premium | | source ↗ |
| Judgment Default · Event of Default | Final judgments exceeding $75,000,000 in aggregate not bonded, discharged or stayed within 60 days | tight $75m vs event of default median $125m (n=62) | source ↗ |
| Minimum Consolidated Net Worth · Financial Maintenance | Not less than $2,000,000,000 plus 25% of aggregate net cash proceeds of all sales of Equity Interests after the Effective Date, minus amounts paid to repurchase common stock, minus aggregate Equity Interests redeemed | loose 25% vs financial maintenance median 10% (n=26) | source ↗ |
| Asset Coverage Ratio · Financial Maintenance | Minimum 150% at any time | tight 150% vs coverage median 25% (n=7) | source ↗ |
| Cross-Default · Event of Default | Default on other Indebtedness ≥$75,000,000 that results in acceleration or mandatory prepayment | tight $75m vs event of default median $125m (n=62) | source ↗ |
| Transactions with Affiliates · Negative Covenant | No transactions with Affiliates (other than Company or its Subsidiaries) involving payment in excess of $1,000,000 except as specifically permitted | tight $1m vs negative covenant median $137.5m (n=56) | source ↗ |
