Refinancing Notes

Refinancing Notes. ‘Refinancing Notes' means (a) up to (i) $500,000,000 of Series A Senior Notes due 2017 (the "CCWH Series A Notes") and (ii) $2,000,000,000 of Series B Senior Notes due 2017 (the "CCWH Series B Notes" and, collectively with the CCWH Series A Notes, the "CCWH Notes") issued by Clear Channel Worldwide Holdings, Inc., a Nevada corporation ("CCWH") and an indirect wholly-owned subsidiary of Maker, and (b) any term loans or debt securities issued to refinance a significant portion of the CCWH Notes.