| Business Activities Restriction · Negative Covenant | Borrower and Subsidiaries may not engage in any principal business activity other than those engaged in on the date of the agreement and reasonably related extensions | | source ↗ |
| Non-Payment Event of Default · Event of Default | Payment default subject to 3 Business Day grace period for administrative/technical error or Disruption Event | | source ↗ |
| Repayment Schedule · Repayment | 24 equal semi-annual installments commencing 6 months after Actual Delivery Date; final maturity 12 years after Actual Delivery Date | | source ↗ |
| Subsidiary Indebtedness and Liens – Aggregate Cap · Negative Covenant | Aggregate principal amount of subsidiary indebtedness (excluding permitted) and Indebtedness secured by Liens (other than Permitted Liens) not to exceed 30.0% of total assets | loose 30% vs negative covenant median 20% (n=79) | source ↗ |
| Asset Dispositions Restriction · Negative Covenant | Borrower may not sell, transfer or otherwise convey all or substantially all assets of the Borrower or its Subsidiaries taken as a whole, except intra-group | | source ↗ |
| Cross-Default on Other Indebtedness · Event of Default | Payment default on Indebtedness of at least $100,000,000 (or equivalent) in aggregate after applicable grace period | tight $100m vs event of default median $125m (n=62) | source ↗ |
| Negative Pledge over ECA Financed Vessels – Full Release Threshold · Negative Covenant | If more than 75.0% of the original ECA Financing principal has been repaid, credit support may be provided subject only to Section 7.2.2(b) | loose 75% vs negative covenant median 20% (n=79) | source ↗ |
| Subsidiary Indebtedness and Liens – Principal Subsidiary and Secured Cap · Negative Covenant | Aggregate principal amount of Principal Subsidiary indebtedness (excluding permitted) and Indebtedness secured by Liens (excluding Permitted Liens) not to exceed 10.0% of total assets | tight 10% vs negative covenant median 20% (n=79) | source ↗ |
| Negative Pledge over ECA Financed Vessels – Minimum Repayment Threshold · Negative Covenant | No Group Member may use an ECA Financed Vessel as credit support until at least 15.0% of the original ECA Financing principal has been repaid | market 15% vs negative covenant median 20% (n=79) | source ↗ |
| Net Debt to Capitalization Ratio · Financial Maintenance | Not greater than 0.625 to 1 as at the end of any Fiscal Quarter | tight 0.625x vs leverage median 4x (n=99) | source ↗ |
