Ratio Debt, the Total Net Leverage Ratio (determined on a Pro Forma Basis in accordance withSection 1.09) is no greater than 5.25 to 1.00 or (B), in the case of secured Permitted Ratio Debt, (x) the First Lien Net Leverage Ratio (determined on a Pro Forma Basis in accordance withSection 1.09) is no greater than 3.75 to 1.00 if such secured Permitted Ratio Debt is not rankedpari passu with or junior to the Obligations or (y) the Senior Secured Net Leverage Ratio (determined on a Pro Forma Basis in accordance withSection 1.09) no greater than 5.25 to 1.00 for all other secured Permitted Ratio Debt and (iv) with respect to any incurrence of Permitted Ratio Debt, any identifiable proceeds of Indebtedness incurred pursuant toSection 7.03(b)(xx) shall not qualify as “cash or Cash Equivalents of Holdings and its Restricted Subsidiaries” for the purposes of calculating any net obligations or liabilities for purposes of such incurrence. Additionally, any Permitted Ratio Debt that is secured by a Lien rankingpari passu to the Liens securing the Obligations of a Borrower or any Restricted Subsidiary (x) if such Indebtedness is in the form of loans, shall be subject to the “MFN” requirements inSection 2.14(f)(iii) (mutatis mutandis) and (y) shall be subject (mutatis mutandis) to the applicable limitations on terms applicable to New Facilities inSection 2.14 (if such Permitted Ratio Debt is in the form of loans) or shall be subject (mutatis mutandis) to the applicable limitations on terms applicable to New Incremental Notes inSection 2.15 (if such Permitted Ratio Debt is in the form of bonds or other securities).
“Permitted Refinancing” means, with respect to any Person, any modification, refinancing, refunding, renewal, replacement, exchange or extension of any Indebtedness of such Person;provided that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded, renewed, replaced, exchanged or extended except by an amount equal to accrued and unpaid interest and a reasonable premium thereon plus other reasonable amounts paid, and fees and expenses reasonably incurred (including original issue discount and upfront fees), in connection with such modification, refinancing, refunding, renewal, replacement, exchange or extension and by an amount equal to any existing commitments unutilized thereunder; (b) other than with respect toSection 7.03(b)(v), such modification, refinancing, refunding, renewal, replacement, exchange or extension has a final maturity date equal to 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 modified, refinanced, refunded, renewed, replaced, exchanged or extended; (c) if the Indebtedness being modified, refinanced, refunded, renewed, replaced, exchanged or extended is subordinated in right of payment to the Obligations, such modification, refinancing, refunding, renewal, replacement, exchange or extension is subordinated in right of payment to the Obligations on terms, taken as a whole, as favorable in all material respects to the Lenders (including, if applicable, as to Collateral) as those contained in the documentation governing the Indebtedness being modified, refinanced, refunded, renewed, replaced, exchanged or extended or otherwise acceptable to the Administrative Agent; (d) if the Indebtedness being modified, refinanced, refunded, renewed, replaced, exchanged or extended is (i) unsecured, such modification, refinancing, refunding, renewal, replacement, exchange or extension is unsecured, or (ii) if secured by Liens on the Collateral, such modification, refinancing, refunding, replacement, renewal or extension is secured to the same extent, including with respect to any subordination provisions, and in each case, subject to Applicable Intercreditor Arrangements; (e) the terms and conditions (including, if applicable, as to collateral) of any such modified, refinanced, refunded, renewed, replaced, exchanged or extended (other than to the extent permitted by any other clause of this definition or with respect to interest rate, optional prepayment premiums and optional redemption provisions) Indebtedness are, either (i) substantially identical to or less favorable to the investors providing such Permitted Refinancing, taken as a whole, than the terms and conditions of the Indebtedness being modified, refinanced, refunded, renewed, replaced, exchanged or extended, (ii) when taken as a whole (other than interest rate, prepayment premiums and redemption premiums), not more restrictive to Holdings, the Borrowers and their Restricted Subsidiaries than those set forth in this Agreement or are customary for similar indebtedness in light of current market conditions (provided that a certificate of a Responsible Officer of the Borrowers delivered to the Administrative Agent in good faith at least five Business Days prior to the
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