| Schedule of Fortress Credit Agreement |
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| Level |
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Net EBITDA
Leverage Ratio |
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Base Rate Loan |
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LIBOR Loan |
| Level I |
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Less than or equal to 2.00:1.00 |
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The applicable rate is the Base Rate plus 6.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 0.50% |
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The applicable rate is LIBOR plus 7.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 1.50% |
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| Level II |
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Less than or equal to 3.00:1.00
but greater than 2.00:1.00 |
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The applicable rate is the Base Rate plus 7.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 1.50% |
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The applicable rate is LIBOR plus 8.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 2.50% |
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| Level III |
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Less than or equal to 4.00:1.00
but greater than 3.00:1.00 |
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The applicable rate is the Base Rate plus 8.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 2.50% |
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The applicable rate is LIBOR plus 9.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 3.50% |
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| Level IV |
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Less than or equal to 5.00:1.00
but greater than 4.00:1.00 |
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The applicable rate is the Base Rate plus 9.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 3.50% |
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The applicable rate is LIBOR plus 10.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 4.50% |
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| Level V |
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Greater than 5.00:1.00 |
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The applicable rate is the Base Rate plus 10.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 4.50% |
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The applicable rate is LIBOR plus 11.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 5.50% |
From and after the effective date of the May 2023 Fortress Credit Amendment, the relevant rate is as follows for Tranche 1:
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| Level |
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Net EBITDA
Leverage Ratio |
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Base Rate Loan |
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SOFR Loan |
| Level I |
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Less than or equal to 2.00:1.00 |
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The applicable rate is the Base Rate plus 9.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 3.50% |
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The applicable rate is Adjusted Term SOFR plus 10.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 4.50% |
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| Level II |
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Less than or equal to 3.00:1.00
but greater than 2.00:1.00 |
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The applicable rate is the Base Rate plus 10.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 4.50% |
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The applicable rate is Adjusted Term SOFR plus 11.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 5.50% |
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| Level III |
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Less than or equal to 4.00:1.00
but greater than 3.00:1.00 |
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The applicable rate is the Base Rate plus 11.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 5.50% |
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The applicable rate is Adjusted Term SOFR plus 12.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 6.50% |
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| Level IV |
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Less than or equal to 5.00:1.00
but greater than 4.00:1.00 |
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The applicable rate is the Base Rate plus 12.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 6.50% |
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The applicable rate is Adjusted term SOFR plus 13.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 7.50% |
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| Level V |
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Greater than 5.00:1.00 |
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The applicable rate is the Base Rate plus 13.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 7.50% |
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The applicable rate is Adjusted Term SOFR plus 14.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 8.50% |
The interest rate for delayed draw term loans is based on the level of the Company’s Net EBITDA Leverage Ratio, as defined in the Fortress Credit Agreement. The initial applicable rate for delayed draw term loans is set at Level V (see table below). After the initial applicable rate period, the relevant rate is as follows for the delayed draw term loans:
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| Level |
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Net EBITDA
Leverage Ratio |
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Base Rate Loan |
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SOFR Loan |
| Level I |
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Less than or equal to 2.00:1.00 |
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The applicable rate is the Base Rate plus 6.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 0.50% |
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The applicable rate is Adjusted Term SOFR plus 7.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 1.50% |
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| Level II |
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Less than or equal to 3.00:1.00
but greater than 2.00:1.00 |
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The applicable rate is the Base Rate plus 7.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 1.50% |
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The applicable rate is Adjusted Term SOFR plus 8.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 2.50% |
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| Level III |
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Less than or equal to 4.00:1.00
but greater than 3.00:1.00 |
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The applicable rate is the Base Rate plus 8.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 2.50% |
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The applicable rate is Adjusted Term SOFR plus 9.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 3.50% |
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| Level IV |
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Less than or equal to 5.00:1.00
but greater than 4.00:1.00 |
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The applicable rate is the Base Rate plus 9.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 3.50% |
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The applicable rate is Adjusted term SOFR plus 10.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 4.50% |
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| Level V |
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Greater than 5.00:1.00 |
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The applicable rate is the Base Rate plus 10.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 4.50% |
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The applicable rate is Adjusted Term SOFR plus 11.00% per annum, of which the Margin Cash Component is 5.50% and the Margin PIK Component is 5.50% |