| Lien Basket — General Dollar Basket · Negative Covenant — Liens | Aggregate outstanding amount not exceeding $2,000,000,000 | loose $2bn vs basket median $300m (n=49) | source ↗ |
| Permitted Investments — Joint Ventures · Negative Covenant — Investments | Greater of $2,200,000,000 and 25.0% of Consolidated EBITDA per fiscal year (with carryforward) | | source ↗ |
| No Transfer of Material Intellectual Property to Unrestricted Subsidiaries · Negative Covenant — Asset Transfers | Absolute prohibition; no consummation of transaction transferring Material Intellectual Property from Loan Parties to Unrestricted Subsidiaries | | source ↗ |
| Prohibition on Liens on Material S&S Property · Negative Covenant — Liens | Cannot create Liens in excess of $100,000,000 on Material S&S Property (fee-owned U.S. real property used in Streaming & Studios business with FMV > $100mm) unless Merger Agreement is terminated without consummation and Loan Parties have granted Liens thereon to secure Secured Obligations | | source ↗ |
| Indebtedness Basket — General Dollar/EBITDA Basket · Negative Covenant — Indebtedness | Greater of $3,080,000,000 and 35.0% of LTM EBITDA | loose 35% vs basket median 20% (n=122) | source ↗ |
| Amortization — Initial Euro Term Loans · Amortization | Bullet; no amortization, payable in full at maturity | | source ↗ |
| Consolidated Interest Coverage Ratio — Incurrence Test · Financial Incurrence Test | ≥ 2.00x (or no worse than immediately prior) | market 2x vs coverage median 1.7x (n=40) | source ↗ |
| Consolidated First Lien Net Leverage Ratio — Incremental Pari Passu Debt Cap · Financial Incurrence Test | ≤ 2.00x (or ≤ 1.50x if Merger Agreement is terminated without consummation of the Merger) | tight 2x vs leverage median 4x (n=99) | source ↗ |
| Indebtedness Basket — Acquisition-Related · Negative Covenant — Indebtedness | Greater of $1,320,000,000 and 15.0% of Consolidated EBITDA | market 15% vs basket median 20% (n=122) | source ↗ |
| Indebtedness Basket — Non-Guarantor Subsidiaries · Negative Covenant — Indebtedness | Greater of $2,540,000,000 and 30.0% of Consolidated EBITDA | market 30% vs basket median 20% (n=122) | source ↗ |
| Consolidated Total Net Leverage Ratio — Incremental Junior/Unsecured Debt Cap · Financial Incurrence Test | ≤ 3.80x (or no worse than immediately prior) | market 3.8x vs leverage median 4x (n=99) | source ↗ |
| Repricing Premium · Prepayment Premium | 1.00% of principal amount of Initial Term Loans prepaid or assigned in connection with a Repricing Transaction within six months of the Closing Date | market 1% vs prepayment premium median 1% (n=12) | source ↗ |
