Amendments to First Priority Documents and Second Priority Documents Clause Samples

Amendments to First Priority Documents and Second Priority Documents. (a) The First Priority Documents (excluding this Agreement and the Common Representative Agreement) may be amended, supplemented or otherwise modified in accordance with their terms, and the First Priority Obligations may be Refinanced, in each case, without the consent of the Second Priority Collateral Trustee or the other Second Priority Claimholders, all without affecting the lien subordination or other provisions of this Agreement or the Common Representative Agreement; provided, however, that the holders of any such Refinancing debt (acting directly or by an administrative agent, collateral trustee or authorized representative) bind themselves in a writing addressed to the Second Priority Collateral Trustee and the other Second Priority Claimholders to the terms of this Agreement and the Common Representative Agreement and provided further that: (i) the Indebtedness resulting from such amendment, supplement, modification or Refinancing, together with any First Priority Obligations outstanding after such amendment, supplement, modification or Refinancing, is in an aggregate principal amount not greater than the principal amount of First Priority Obligations outstanding immediately prior to such amendment, supplement, modification or Refinancing; (ii) the Indebtedness resulting from such amendment, supplement, modification or Refinancing, together with any First Priority Obligations outstanding after such amendment, supplement, modification or Refinancing, shall not have a shorter Average Life as compared with the First Priority Obligations immediately prior to such amendment, supplement, modification or Refinancing; (iii) the interest rate on the Indebtedness resulting from such amendment, supplement, modification or Refinancing shall not be greater than the interest rate on the First Priority Obligations immediately prior to the amendment, supplement, modification or Refinancing, unless any greater interest rate is commercially reasonable for the Company at the time of such Refinancing; (iv) the cash interest payment terms on the Indebtedness resulting from such amendment, supplement, modification or Refinancing shall not be more favorable to the holders of the Indebtedness resulting from such amendment, supplement, modification or Refinancing than the cash interest payment terms immediately prior to such amendment, supplement, modification or Refinancing unless any more favorable cash interest payment terms are commercially reasonable for the Company...