MoneyGram 2009 Annual Report Download - page 481

defease any Indebtedness, Disqualified Stock or preferred stock incurred as permitted under Section 4.09(a) hereof and clause (b)(3) above, this clause (13) or
any Indebtedness, Disqualified Stock or preferred stock issued to so refund or refinance such Indebtedness, Disqualified Stock or preferred stock, including
additional Indebtedness, Disqualified Stock or preferred stock incurred to pay premiums, fees and expenses in connection therewith (the "Refinancing
Indebtedness") prior to its respective maturity; provided, however, that such Refinancing Indebtedness:
(A) other than in respect of Credit Facilities, has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred
which is not less than the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or preferred stock being refunded or
refinanced;
(B) to the extent such Refinancing Indebtedness refinances (i) Indebtedness subordinated or pari passu to the Notes or any Note Guarantee, such
Refinancing Indebtedness is subordinated or pari passu to the Notes or such Note Guarantee at least to the same extent as the Indebtedness being
refinanced or refunded or (ii) Disqualified Stock or preferred stock, such Refinancing Indebtedness must be Disqualified Stock or preferred stock,
respectively; and
(C) shall not include:
(i) Indebtedness, Disqualified Stock or preferred stock of a Company Subsidiary that refinances Indebtedness, Disqualified Stock or
preferred stock of the Company; or
(ii) Indebtedness, Disqualified Stock or preferred stock of a Company Subsidiary that is not a Guarantor that refinances Indebtedness,
Disqualified Stock or preferred stock of a Guarantor;
(14) 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;
(15) the incurrence by the Company or any Company 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;
(16) Indebtedness that may be deemed to exist pursuant to any guarantees, performance, surety, statutory, appeal, bid, payment (other than payment of
Indebtedness), reclamation, statutory obligations, bankers' acceptances 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;
(17) Obligations incurred in connection with any management or director deferred compensation plan;
(18) 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
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