Priming Amendments

SACRED RIGHTS CARVEOUTS EFFECTIVELY HOLLOW OUT ICA WATERFALL PROTECTION (Cl. 41.2(a)(iv)): The sacred right protecting the ICA priority waterfall contains an express carveout stating that ANY 'Permitt…

COLLATERAL AMENDMENT POWER — SUPER MAJORITY REQUIRED BUT EXCEPTIONS ARE VAST (Cl. 41.3): Unusually for European TLB, amendments to the nature/scope of Charged Property or release of substantially all …

STRUCTURAL ADJUSTMENT AS UPTIER VEHICLE (Cl. 41.4(a), (r); Structural Adjustment definition): The Structural Adjustment mechanism is a powerful LME enabler. With only participating lender consent, the…

SNOOZE-YOU-LOSE REDUCES EFFECTIVE THRESHOLDS SIGNIFICANTLY (Cl. 41.6): The 10 Business Day response period, exercised at the Obligors' Agent's sole discretion with no obligation to provide advance war…

DUAL-CURRENCY CONSENT STRUCTURE CUTS BOTH WAYS (Majority Lenders definition): The bifurcated majority/super majority structure (separately computed for EUR and USD buckets) provides nominal cross-curr…

WESCO/INCORA PROTECTION: PRESENT BUT LIMITED TO SPONSOR AFFILIATES ONLY (Cls. 30(h), 41.4(s)): The disenfranchisement of Group members, Unrestricted Subsidiaries and Investor Affiliates (broadly defin…

EQUAL-AND-RATABLE SELF-RELEASE IS A CRITICAL LME GAP (Schedule 16, Section 3(b)): The equal-and-ratable protection for SFA lenders when the Company creates security on non-Collateral assets is present…

PRIMING VIA RATIO TEST CURRENTLY UNAVAILABLE BUT FIXED BASKETS REMAIN OPEN (Schedule 16, Section 1(b)(i)(C)): The CSSNLR ratio-based priming pathway under Schedule 16, Section 1(b)(i)(C) (Senior Secur…