(36) Liens incurred by the Company or any Restricted Subsidiary with respect to
obligations that do not exceed the greater of (x) $250 million at any one time outstanding and (y) 9.0% of Consolidated Net Tangible Assets;
(37) Liens with respect to obligations that are incurred at a time that the Companys Consolidated Secured Leverage Ratio
is no greater than 4.75 to 1.00 on a pro forma basis after giving pro forma effect to the incurrence of such obligations;
(38) Liens created by the applicable Transfer Agreement; and
(39) Permitted Vessel Liens.
Permitted Refinancing Indebtedness means any Indebtedness of the Company or any Restricted Subsidiary issued in exchange
for, or the net proceeds of which are used to repay, redeem, extend, refinance, renew, replace, defease or refund other Permitted Indebtedness of such Person arising under clause (1), (2), (3), (5), (6), (13), (16) or (23) of the
definition of Permitted Indebtedness or Indebtedness Incurred under the Consolidated Coverage Ratio test in Section 4.09(a) (any such Indebtedness, Existing Indebtedness); provided that:
(1) the principal amount of such Permitted Refinancing Indebtedness does not exceed the principal amount and accrued interest
of such Existing Indebtedness (plus the amount of prepayment penalties, fees, premiums and expenses incurred or paid in connection with the refinancing of such Indebtedness), except to the extent that the Incurrence of such excess is otherwise
permitted by this Indenture;
(2) such Permitted Refinancing Indebtedness has a final maturity date on or later than the
final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, such Existing Indebtedness;
(3) if such Existing Indebtedness is subordinated in right of payment to the Notes, such Permitted Refinancing Indebtedness has
a final maturity date on or later than the final maturity date of, and is subordinated in right of payment to, the Notes on terms at least as favorable to the Holders of the Notes as those contained in the documentation governing the Indebtedness
being repaid, redeemed, extended, refinanced, renewed, replaced, defeased or refunded; and
(4) such Permitted Refinancing
Indebtedness shall be Indebtedness solely of an Obligor or a Restricted Subsidiary obligated under such Existing Indebtedness, unless otherwise permitted by this Indenture.
Permitted Vessel Liens shall mean maritime Liens on ships, barges or other vessels for damages arising out of a maritime
tort, wages of a stevedore, when employed directly by a Person listed in 46 U.S.C. § 31341, crews wages, salvage and general average, whether now existing or hereafter arising and other maritime Liens which arise by operation of law
during normal operations of such ships, barges or other vessels.
Person means any individual, corporation, company,
association, partnership, limited liability company, joint venture, trust, unincorporated organization or Governmental Authority or any other entity.