| Restricted Payments — Cash Dividends · Restricted Payments | Maximum $0.80 per share per annum | tight $0.8 vs basket median $300m (n=49) | source ↗ |
| Restricted Payments — Other · Restricted Payments | Maximum $50,000,000 in aggregate (so long as no Event of Default) | tight $50m vs basket median $300m (n=49) | source ↗ |
| Consolidated Interest Coverage Ratio — Outside Covenant Relief Period · Financial Maintenance | Minimum 3.00:1.00 | tight 3x vs coverage median 1.7x (n=40) | source ↗ |
| Judgment Default Threshold · Event of Default | $50,000,000 | tight $50m vs event of default median $125m (n=62) | source ↗ |
| Liens — General Basket (Clauses iv, vi, ix) · Negative Covenant | Aggregate principal amount of Indebtedness secured by such Liens not to exceed 10% of Consolidated Net Tangible Assets | tight 10% vs basket median 20% (n=122) | source ↗ |
| Cross-Default Threshold · Event of Default | $50,000,000 | tight $50m vs event of default median $125m (n=62) | source ↗ |
| Dispositions — General Cap (during Covenant Relief Period) · Negative Covenant | Individual transaction: $25,000,000; annual aggregate: $50,000,000 (excluding transactions below $1,000,000) | tight $25m vs negative covenant median $137.5m (n=56) | source ↗ |
| Permitted Receivables Facility — Indebtedness Limit · Negative Covenant | During Covenant Relief Period: $500,000,000; after Covenant Relief Period: $700,000,000 | loose $500m vs negative covenant median $137.5m (n=56) | source ↗ |
| Incremental Facility Cap · Negative Covenant | Greater of $500,000,000 or 15% of Consolidated EBITDA plus additional amounts subject to leverage compliance | market 15% vs negative covenant median 20% (n=79) | source ↗ |
| Applicable Margin — Pricing Grid · Pricing | Pricing Level I (≤0.75x): 1.375% / Level II (>0.75x–≤1.50x): 1.500% / Level III (>1.50x–≤2.50x): 1.625% / Level IV (>2.50x–≤3.50x): 1.750% / Level V (>3.50x–≤4.50x): 1.875% / Level VI (>4.50x–≤5.50x): 2.125% / Level VII (>5.50x): 2.250% | tight 0.75x vs pricing median 2x (n=7) | source ↗ |
| Term Loan Prepayment — Amendment No. 1 · Structural | $109,687,500 prepayment applied in direct order of maturity, funded via Revolving Borrowing, concurrently with Amendment No. 1 effectiveness | tight $109.688m vs structural median $375m (n=29) | source ↗ |
