Examples of Luxembourg Securitisation Law in a sentence
See a possible text for this agreement in the section of Documents DC 22.
The assets of each Compartment are by operation of the Luxembourg Securitisation Law only available to satisfy the liabilities and obligations of Bavarian Sky S.A. which are incurred in relation to such Compartment.
However, Article 61(4) second paragraph of the Luxembourg Securitisation Law is only applicable if(i) the articles of incorporation of the company granting the security interests are governed by the Luxembourg Securitisation Law and (ii) the company granted the respective security interest no later than the issue date of the securities or at the conclusion of the agreements secured by such security interest and only to secure its obligations assumed after the securitisation or in favour of its investors.
Bavarian Sky S.A. is subject, as an unregulated securitisation undertaking, to the provisions of the law of the Luxembourg Securitisation Law (see "THE ISSUER – Corporate Object of Bavarian Sky S.A.").Under the Luxembourg Securitisation Law, Bavarian Sky S.A. can segregate its assets, liabilities and obligations into ring-fenced separate Compartments.
In connection with the above it has also to be noted that, pursuant to Article 62 of the Luxembourg Securitisation Law, where individual compartment assets are insufficient for the purpose of meeting the Issuer's obligations under a respective issuance, it is not possible for the Noteholders in that compartment's issuance to obtain the satisfaction of the debt owed to them by the Issuer from assets belonging to another compartment.
In respect of Willow Luxembourg, Noteholders may be subject to competing claims of other creditors of such Issuer whose claims are not related to the Compartment in relation to which the relevant Series of Notes has been issued where (i) the claims are not Compartment-specific or (ii) a jurisdiction (other than Luxembourg) to which any Assets are subject would not recognise the segregation of assets and liabilities between Compartments as provided for in the Luxembourg Securitisation Law.
According to the Luxembourg Securitisation Law, however, a securitisation company’s commitments to remunerate investors for issued bonds or shares and other creditors qualify as interest on debt even if paid as return on equity.
The Issuer was established as a public company ( société anonyme) incorporated with limited liability under the Luxembourg Securitisation Law on 8 August 2014 for the purposes of asset-backed securitisations.
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However, Article 61(4) second paragraph of the Luxembourg Securitisation Law is only applicable if (i) the articles of incorporation of the company granting the security interests are governed by the Luxembourg Securitisation Law and (ii) the company granted the respective security interest no later than the issue date of the securities or at the conclusion of the agreements secured by such security interest.