Common use of Redemptions of Permitted Additional Debt Clause in Contracts

Redemptions of Permitted Additional Debt. Borrower will not, nor will permit any other Credit Party to, call, make or offer to make any optional or voluntary Redemption of, or otherwise optionally or voluntarily Redeem (whether in whole or in part), any Permitted Additional Debt, provided, that Borrower may convert Permitted Additional Debt into Equity Interests in Borrower (other than Disqualified Capital Stock) and Borrower or any other Credit Party may otherwise voluntarily Redeem Permitted Additional Debt (i) with net proceeds from any incurrence of Permitted Additional Debt so long as such Redemption occurs substantially contemporaneously with the receipt of such net proceeds and in an amount no greater than the amount of the net proceeds of such incurrence of Permitted Additional Debt that remain after giving effect to any mandatory prepayments hereunder with such proceeds and (ii) with net proceeds of an offering of Equity Interests (other than Disqualified Capital Stock) or new cash contributions from the holders of Borrower’s Equity Interests so long as (A) no Default or Event of Default then exists or would result therefrom and (B) such Redemption occurs within 45 days after the receipt of such equity net proceeds.