No Less Favorable Terms and Conditions definition
No Less Favorable Terms and Conditions means, with respect to any refinancing of any Indebtedness permitted hereunder, terms and conditions which are no less favorable to the Lenders and evidenced by documentation which shall not (a) increase the principal amount of such outstanding Indebtedness, (b) reduce either the tenor or the average life of such Indebtedness, (c) change the respective primary obligor(s) on the refinancing Indebtedness (d) change the security, if any, for the refinancing Indebtedness (except to the extent that less security is granted to holders of such refinancing Indebtedness) and (e) afford the holders of such refinancing Indebtedness other covenants, defaults, rights or remedies, taken as a whole, more burdensome to the obligor(s) than those contained in such Indebtedness (and in the case of Subordinated Debt, none of the subordination provisions contained in the refinancing Indebtedness shall be less favorable to the Lenders, the Issuer, the Loan Note Guarantor and the Administrative Agent than the Indebtedness so refinanced).
No Less Favorable Terms and Conditions means, with respect to any refinancing of any Indebtedness permitted hereunder, terms and conditions that are, taken as a whole, no less favorable to the Lenders and evidenced by documentation that shall not (a) increase the principal amount of or interest rate on such outstanding Indebtedness, (b) reduce either the tenor or the average life of such Indebtedness, (c) change the respective primary obligor(s) on the refinancing Indebtedness, (d) change the security, if any, for the refinancing Indebtedness (except to the extent that only a subset of existing security is granted to holders of such refinancing Indebtedness) or (e) afford the holders of such refinancing Indebtedness other covenants, defaults, rights or remedies, taken as a whole, more burdensome to the obligor(s) than those contained in such Indebtedness (and in the case of PP Debt, none of the provisions contained in the refinancing Indebtedness shall be materially more favorable taken as a whole to the Noteholders than the corresponding provision in the Indenture as in effect at the time of such refinancing).
No Less Favorable Terms and Conditions is hereby amended by (i) deleting the word “refinancing” as it appears throughout such definition and inserting in place thereof the defined term “Refinancing” and (ii) inserting the phrase “or add any security” immediately following “change the security, if any,” in clause (d) of such definition.
Examples of No Less Favorable Terms and Conditions in a sentence
The Pledgor will not engage in any business activity other than in connection with the Pledgor's continuing ownership of the issued and outstanding Capital Securities of the Company and the maintenance of the Senior Secured Discount Notes (and any refinancing thereof on No Less Favorable Terms and Conditions), unless otherwise permitted by the Credit Agreement or herein.
More Definitions of No Less Favorable Terms and Conditions
No Less Favorable Terms and Conditions means, with respect to any refinancing of any Indebtedness permitted hereunder, terms and conditions that are, taken as a whole, no less favorable to the Lenders and evidenced by documentation that shall not (a) increase the principal amount of or interest rate on such outstanding Indebtedness, (b) reduce either the tenor or the average life of such Indebtedness, (c) change the respective primary obligor(s) on the refinancing Indebtedness, (d) change the security, if any, for the refinancing Indebtedness (except to the extent that only a subset of existing security is granted to holders of such refinancing Indebtedness) or (e) afford the holders of such refinancing Indebtedness other covenants, defaults, rights or remedies, taken as a whole, more burdensome to the obligor(s) than those contained in such Indebtedness.
No Less Favorable Terms and Conditions means, with respect to any refinancing of any Indebtedness permitted hereunder, terms and conditions which are no less favorable to the Lenders and evidenced by documentation which shall not (a) increase the principal amount of (as the same may have been permanently reduced subsequent to the Effective Date) or interest rate on such outstanding Indebtedness, (b) reduce either the tenor or the average life of such Indebtedness, (c) change the respective primary obligor(s) on the refinancing Indebtedness (other than a change from any Borrower to Parent, any other Borrower or any Subsidiary, or a change from any Subsidiary (other than a change from an Unrestricted Subsidiary) to Parent or any other Subsidiary), (d) change the security, if any, for the refinancing Indebtedness (except to the extent that less security is granted to holders of such refinancing Indebtedness), (e) afford the holders of such refinancing Indebtedness other covenants, defaults, rights or remedies, taken as a whole, more burdensome to the obligor(s) than those contained in the Indebtedness being refinanced (and in the case of Subordinated Debt, none of the subordination provisions contained in the refinancing Indebtedness shall be less favorable to the Lenders, any Issuer or the Administrative Agent than the Indebtedness being refinanced), or (f) if such Indebtedness being refinanced is secured by Liens, afford the holders of such refinancing Indebtedness any Liens which are prior to any of the Liens securing the Obligations, provided that, subject to the Priming Lien, the holders of the Senior Secured Notes may retain their first priority Lien on 65% of the Capital Securities of the Foreign Restricted Subsidiaries.
No Less Favorable Terms and Conditions means, with respect to the First Mortgage Note Refinancing or any other refinancing of the First Mortgage Notes permitted hereunder, terms and conditions which are no less favorable to the Agents and the Lenders and evidenced by documentation which shall not (i) increase the principal amount of or interest rate on the outstanding Indebtedness evidenced by the First Mortgage Notes, (ii) reduce either the tenor or the average life of such Indebtedness, (iii) change the respective primary obligor(s) on the refinancing Indebtedness as on the First Mortgage Notes, (iv) change the security, if any, for the refinancing Indebtedness (except to the extent that less security is granted to holders of such refinancing Indebtedness) and (v) afford the holders of such refinancing Indebtedness other covenants, defaults, rights or remedies, taken as a whole, more burdensome to the obligor(s) than those contained in the First Mortgage Notes.
No Less Favorable Terms and Conditions means, with respect to any refinancing of the First Mortgage Notes, permitted hereunder, terms and conditions which are no less favorable to the Agent and the Lenders and evidenced by documentation which shall not