Permitted Refinancing Debt definition
Permitted Refinancing Debt means any Debt that Refinances any other Debt, including any successive Refinancings, so long as:
Permitted Refinancing Debt means any Indebtedness of the Company or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Indebtedness (other than Indebtedness incurred under a Credit Facility) of the Company or any of its Restricted Subsidiaries; provided that: (i) the principal amount of such Permitted Refinancing Debt does not exceed the principal amount of the Indebtedness so extended, refinanced, renewed, replaced, defeased or refunded (plus the amount of reasonable expenses incurred in connection therewith); (ii) such Permitted Refinancing Debt has a final maturity date on or later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; (iii) if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of payment to the Securities, such Permitted Refinancing Debt has a final maturity date later than the final maturity date of, and is subordinated in right of payment to, the Securities on terms at least as favorable taken as a whole to the Holders of the Securities as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and (iv) such Indebtedness is incurred either by the Company or by the Restricted Subsidiary who is the obligor on the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded.
Permitted Refinancing Debt means any Debt of the Company or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Debt of the Company or any of its Restricted Subsidiaries; provided that:
Examples of Permitted Refinancing Debt in a sentence
In the event the Borrower or any Restricted Subsidiary intends to incur Specified Additional Debt or Permitted Refinancing Debt in respect thereof, in either case in a face principal amount equal to or greater than $5,000,000, at least five (5) Business Days’ prior written notice of such intended incurrence, the intended principal amount thereof and the anticipated date of closing.
More Definitions of Permitted Refinancing Debt
Permitted Refinancing Debt has the meaning assigned to such term in Section 4.06.
Permitted Refinancing Debt means any renewals, extensions, substitutions, refinancings or replacements (each, for purposes of this definition and clause (b)(xiv) of Section 4.06, a “refinancing”) of any Debt of the Parent Guarantor or a Restricted Subsidiary or pursuant to this definition, including any successive refinancings, so long as:
Permitted Refinancing Debt means Indebtedness (for purposes of this definition, “New Debt”) substantially contemporaneously incurred in exchange for, or proceeds of which are substantially contemporaneously used to refinance, all of any other Indebtedness (the “Refinanced Debt”); provided that (a) such New Debt is in an aggregate principal amount not in excess of the aggregate principal amount then outstanding of the Refinanced Debt (or, if the Refinanced Debt is exchanged or acquired for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration thereof, such lesser amount); (b) such New Debt has a stated maturity no earlier than the stated maturity of the Refinanced Debt and an average life no shorter than the average life of the Refinanced Debt; (c) such New Debt does not contain any covenants which are more onerous to Parent, Borrower and their respective Subsidiaries in any material respects than those imposed by the Refinanced Debt (other than with respect to interest rates); (d) such New Debt (and any guarantees thereof) is subordinated in right of payment to the Loan Obligations (or, if applicable, the Guaranty) to at least the same extent as the Refinanced Debt and is otherwise subordinated on terms substantially reasonably satisfactory to Administrative Agent; (e) such New Debt does not provide for any mandatory prepayment, defeasance, redemption or payment of a sinking fund obligation prior to the date that is the stated maturity date of the Refinanced Debt (other than customary change of control or asset sale tender offer provisions); and (f) no direct or indirect Subsidiary of any Loan Party shall guarantee such New Debt unless such Subsidiary is (or concurrently with any such guarantee becomes) a Guarantor hereunder. As used herein, “substantially contemporaneously” means with thirty (30) days following the date of such event.
Permitted Refinancing Debt means Debt (for purposes of this definition, “new Debt”) incurred by the Borrower pursuant to Permitted Refinancing Documents in exchange for, or proceeds of which are used to refinance, the Second Lien Debt in whole or in part (for purposes of this definition such refinanced Second Lien Debt is called the “Refinanced Debt”); provided that (a) such new Debt is in an aggregate principal amount not in excess of the sum of (i) the aggregate principal amount then outstanding of the Refinanced Debt (or, if the Refinanced Debt is exchanged or acquired for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration thereof, such lesser amount) and any accrued interest thereon and (ii) an amount necessary to pay any fees, expenses, original issue discount, and premiums, related to such exchange or refinancing; (b) such new Debt does not have any scheduled principal amortization prior to the date which is 180 days after the Maturity Date as in effect on the date such new Debt is incurred, other than regularly scheduled amortization payments of a percentage consistent with that required for amortization payments under the Refinanced Debt as in effect on the Eleventh Amendment Effective Date; (c) such new Debt (i) does not mature sooner than the date which is 180 days after the Maturity Date as in effect on the date such new Debt is incurred and (ii) has an average life no shorter than the average life of the Refinanced Debt; (d) such new Debt does not have any mandatory prepayment or redemption provisions (other than change of control or asset sale tender offer provisions substantially similar to those applicable to the Refinanced Debt or otherwise customary in the market at the time of such exchange or refinancing) which would require a mandatory prepayment or redemption in priority of the Indebtedness (except to the extent permitted by Section 9.21(a)); (e) such new Debt does not have a stated and a cash pay interest rate in excess of the stated interest rate of the Refinanced Debt plus 2%; (f) the loan agreement or credit agreement and the other financing documentation for such new Debt do not contain financial covenants, negative covenants or defaults which, taken as a whole, are more onerous to the Borrower and its Subsidiaries than those imposed by the Refinanced Debt; (g) no Subsidiary or other Person shall guarantee or be required to guarantee such new Debt unless such Subsidiary or other Person guarantees the In...
Permitted Refinancing Debt means any Indebtedness of the Company or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Indebtedness (other than Indebtedness incurred under a Credit Facility) of the Company or any of its Restricted Subsidiaries; provided, that: (i) the principal amount of such Permitted Refinancing Debt does not exceed the principal amount of the Indebtedness so extended, refinanced, renewed, replaced, defeased or refunded (plus the amount of reasonable expenses incurred in connection therewith); (ii) such Permitted Refinancing Debt has a final maturity date on or later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; (iii) if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of payment to the Securities, such Permitted Refinancing Debt has a final maturity date later than the final maturity date of, and is subordinated in right of payment to, the Securities on terms at least as favorable taken as a whole to the Holders of the Securities as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and (iv) such Indebtedness is incurred either by the Company or by the Restricted Subsidiary who is the obligor on the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded.
Permitted Refinancing Debt means any Debt of the Issuer or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Debt of the Issuer or any of its Restricted Subsidiaries; provided that:
Permitted Refinancing Debt means Debt (for purposes of this definition, “new Debt”) incurred in exchange for, or proceeds of which are used to refinance, all or any Senior Notes (the “Refinanced Debt”); provided that (a) such new Debt is in an aggregate principal amount not in excess of the aggregate principal amount then outstanding of the Refinanced Debt (or, if the Refinanced Debt is exchanged or acquired for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration thereof, such lesser amount); (b) such new Debt has a stated maturity no earlier than the stated maturity of the Refinanced Debt and an average life no shorter than the average life of the Refinanced Debt; (c) such new Debt does not contain any covenants which are materially more onerous to the Borrower and its Restricted Subsidiaries than those imposed by the Refinanced Debt and (d) such new Debt (and any guarantees thereof) is subordinated in right of payment to the Indebtedness (or, if applicable, the Guaranty Agreement) to at least the same extent as the Refinanced Debt and is otherwise subordinated on terms substantially reasonably satisfactory to the Administrative Agent.