MoneyGram 2009 Annual Report Download - page 230

(B) to the extent such Refinancing Indebtedness refinances (i) Indebtedness subordinated or pari passu to the Obligations, such Refinancing
Indebtedness is subordinated or pari passu to the Obligations at least to the same extent as the Indebtedness being refinanced or refunded; or
(ii) preferred stock, such Refinancing Indebtedness must be preferred stock;
(C) shall not include:
(1) Indebtedness or preferred stock of a Borrower Subsidiary that refinances Indebtedness or preferred stock of the Borrower; or
(2) Indebtedness or preferred stock of a Borrower Subsidiary that is not a Guarantor that refinances Indebtedness or preferred stock of a
Guarantor; and
(D) is in a principal amount not in excess of the principal amount of Indebtedness being refunded or refinanced (including additional Indebtedness
incurred to pay premiums, fees and expenses in connection therewith);
(xi) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient
funds in the ordinary course of business; provided such Indebtedness is extinguished within five Business Days of its incurrence;
(xii) the incurrence by the Borrower or any Borrower Subsidiary of Indebtedness in respect of workers' compensation claims, payment obligations in
connection with health or other types of social security benefits, unemployment or other insurance or self-insurance obligations in the ordinary course of
business;
(xiii) Indebtedness that may be deemed to exist pursuant to any performance, completion or similar guarantees, performance, surety, statutory, appeal,
bid, payment (other than payment of Indebtedness) or reclamation bonds, statutory obligations or similar obligations (including any bonds or letters of
credit issued with respect thereto and all guarantee, reimbursement and indemnity agreements entered into in connection therewith) incurred in the
ordinary course of business;
(xiv) obligations incurred in connection with any management or director deferred compensation plan;
(xv) Indebtedness in respect of (A) employee credit card programs and (B) netting services, cash pooling arrangements or similar arrangements in
connection with cash management and deposit accounts; provided that, with respect to any such arrangements, the total amount of all deposits subject to
such arrangement at all times equals or exceeds the total amount of overdrafts subject to such arrangement;
(xvi) overnight Repurchase Agreements incurred in the ordinary course of business;
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