Common use of Permitted Debt Exchanges Clause in Contracts

Permitted Debt Exchanges. (a) Notwithstanding anything to the contrary contained in this Agreement, pursuant to one or more offers (each, a “Permitted Debt Exchange Offer”) made from time to time by the Parent Borrower to all Lenders (other than any Lender that, if requested by the Parent Borrower, is unable to certify that it is (i) a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act), (ii) an institutional “accredited investor” (as defined in Rule 501 under the Securities Act) or (iii) not a “U.S. person” (as defined in Rule 902 under the Securities Act)) with (x) outstanding Term Loans (other than, prior to the date on which no Term Loans with a Maturity Date on or prior to January 30, 2016 are outstanding, Extension Term Loans), (y) outstanding Tranche A Term Loans or (z) outstanding Tranche B Term Loans, Tranche C Term Loans, Delayed Draw 1 Term Loans or Delayed Draw 2 Term Loans, in each case on the same terms, the Parent Borrower may from time to time consummate one or more exchanges of Term Loans for Permitted Senior Secured Notes or Permitted Unsecured Notes (such notes, “Permitted Debt Exchange Notes” and each such exchange, a “Permitted Debt Exchange”), so long as the following conditions are satisfied: