Covenant Review

Covenant Trends - 11/22/2021

Percentage of Loans with Asset Sale Sweep Step-downs (Past performance is no guarantee of future results.) Contact: Steven Miller

Covenant Trends - 11/15/2021

Percentage of Loans that Allow Uncapped Synergies & Cost Savings EBITDA Adjustments, Sponsored v Non-Sponsored (LTM) (Past performance is no guarantee of future results.) Contact: Steven Miller

Covenant Trends - 11/8/2021

Distribution of Synergies & Cost Savings EBITDA Addback Time Horizons (for Actions Resulting in Addbacks) (Past performance is no guarantee of future results.) Contact: Steven Miller

Covenant Trends - 11/1/2021

Average Total Deleveraging Required To Meet RP Ratio Test (Past performance is no guarantee of future results.) Contact: Steven Miller

Covenant Trends - 10/25/2021

Distribution of Accordion F&C Tranche EBITDA Grower Caps (L3M) (Past performance is no guarantee of future results.) Contact: Steven Miller

Covenant Trends - 10/18/2021

Percentage of Loans that Cleared with the Least Protective Documentation Scores (5/5+/4-) (Past performance is no guarantee of future results.) Contact: Steven Miller

Covenant Trends - 10/11/2021

Percentage of Loans with F&C Tranche / Pro Forma EBITDA >0.9x (Past performance is no guarantee of future results.) Contact: Steven Miller

Covenant Trends - 10/4/2021

Average New-Issue Clearing Spreads (Single B) and Covenant Terms for PE-Backed First-Lien Institutional Loans (Past performance is no guarantee of future results.) Contact: Steven Miller

Covenant Trends - 9/27/2021

Percentage of Loans that Cleared with the Least Protective Documentation Scores (5/5+/4-) Monthly (Past performance is no guarantee of future results.) Contact: Steven Miller

Covenant Trends - 9/20/2021

Flex Trends: Pricing (% of all Flexes that Decrease All-in Spread) and Covenants (% with Zero Doc Score Flex) (Past performance is no guarantee of future results.) Contact: Steven Miller