| Ratio Indebtedness – Junior Lien · Incurrence | Secured Net Leverage Ratio not to exceed 4.50:1.00 on a Pro Forma Basis | market 4.5x vs incurrence median 3.875x (n=12) | source ↗ |
| Ratio Indebtedness – First Lien Pari Passu · Incurrence | First Lien Net Leverage Ratio not to exceed 3.50:1.00 on a Pro Forma Basis | tight 3.5x vs incurrence median 3.875x (n=12) | source ↗ |
| Judgment Default Threshold · Event of Default | One or more judgments exceeding $75,000,000 (net of insurance) remaining unpaid for 60 consecutive days | tight $75m vs event of default median $125m (n=62) | source ↗ |
| Quarterly Amortization (2024-B2 Term Loans) · Scheduled Amortization | 0.25% of original principal per quarter | | source ↗ |
| Affiliated Lender Cap · Assignment Restriction | Affiliated Lenders may not hold more than 25% of aggregate outstanding Term Loans at any one time | | source ↗ |
| Restricted Payments – Fixed Dividend Basket · Restricted Payment | $40,000,000 per annum plus up to $0.25 per share per fiscal quarter | tight $40m vs basket median $300m (n=49) | source ↗ |
| Restricted Debt Payments – Ratio Basket · Restricted Payment / Junior Debt | Junior debt repayments permitted if Total Net Leverage Ratio ≤ 3.75:1.00 on a Pro Forma Basis and no Event of Default | market 3.75x vs basket median 4x (n=54) | source ↗ |
| Restricted Debt Payments – Available Amount Basket · Restricted Payment / Junior Debt | Available Amount Not Otherwise Applied, subject to no Event of Default and Total Net Leverage Ratio ≤ 4.75:1.00 | loose 4.75x vs basket median 4x (n=54) | source ↗ |
| Restricted Payments – Ratio-Based Unlimited Basket · Restricted Payment | Unlimited Restricted Payments if Total Net Leverage Ratio ≤ 3.25:1.00 on a Pro Forma Basis and no continuing Event of Default | tight 3.25x vs basket median 4x (n=54) | source ↗ |
