Pari Passu Basis definition

Pari Passu Basis means, in meeting the claims of the Securityholders and the Counterparty (or if more than one Counterparty, the claims of all such Counterparties shall be met on the basis as specified in the Issue Terms) under the Charged Agreement(s), on a pari passu and pro rata basis.
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Pari Passu Basis means, at any time, the percentage (carried out to the ninth decimal place) that (i) the aggregate principal amount of indebtedness outstanding under the Notes bears to the sum of (ii) the aggregate principal amount of indebtedness outstanding under the Madryn Notes and the Notes.
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Pari Passu Basis means that the Realisation Amount shall be applied (following payment of all amounts due to the Trustee under or pursuant to the Trust Deed as aforesaid) pro rata and on a pari passu basis in meeting the aforesaid claims of the Noteholders, the Receiptholders and the Couponholders (if applicable, applied in accordance with the relevant ranking of each Class within a Series) and each Swap Counterparty (if any) under each Swap Agreement; and
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Examples of Pari Passu Basis in a sentence

  • Any proceeds received from the sale of the primary servicing rights with respect to the Mortgage Loan shall be remitted, promptly upon receipt thereof, to the Note Holders on a Pro Rata and Pari Passu Basis.

  • Any Note Holder that receives proceeds from the sale of the primary servicing rights with respect to the Mortgage Loan shall remit to the other Note Holders, promptly upon receipt thereof, such amounts as are required such that each Note Holder receives its pro rata share of such proceeds on a Pro Rata and Pari Passu Basis.

  • Any realized losses (including reductions by a bankruptcy court) applied to reduce the principal balance of the Mortgage Loan shall be reimbursed on a Pro Rata and Pari Passu Basis after all amounts of interest and principal have otherwise been paid in full on all the Notes.

  • All expenses and losses relating to the Mortgage Loan and the Mortgaged Property, including without limitation losses of principal and interest, Property Protection Advances, Advance Interest Amounts, Special Servicing Fees, Liquidation Fees and Workout Fees, Appraisal Reduction Amounts and certain other trust expenses, shall be allocated on a Pro Rata and Pari Passu Basis.

  • Upon the occurrence of the Lead Securitization as to which any such proceeds are received, any proceeds received from the sale of the primary servicing rights with respect to the Mortgage Loan shall be remitted, promptly upon receipt thereof, to the Holders on a Pro Rata and Pari Passu Basis.

  • Any Note Holder that receives proceeds from the sale of the primary servicing rights with respect to the Mortgage Loan (the “Primary Servicing Rights Proceeds”) shall remit to the other Note Holders, promptly upon receipt thereof, such amounts as are required such that each Note Holder receives its pro rata share of such proceeds on a Pro Rata and Pari Passu Basis.

  • Any Note Holder that receives proceeds from the sale of the primary servicing rights with respect to the entire Mortgage Loan (the “Primary Servicing Rights Proceeds”) shall remit to the other Note Holders, promptly upon receipt thereof, such amounts as are required such that each Note Holder receives its pro rata share of such proceeds on a Pro Rata and Pari Passu Basis.

  • The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled to reimbursement for any Advance and interest thereon and Trust Fund Expenses in accordance with the terms of the Lead Securitization Servicing Agreement and this Agreement; provided, that any P&I Advance made in respect of the A Notes shall be reimbursed on a Pro Rata and Pari Passu Basis immediately prior to the reimbursement of any P&I Advance made in respect of the B Note.

  • Any proceeds received from the sale of the primary servicing rights with respect to the Mortgage Loan shall be remitted, promptly upon receipt thereof, to the Holders on a Pro Rata and Pari Passu Basis.

  • Upon the occurrence of the final Securitization, the aggregate proceeds received from the sale of the master servicing rights in each respective Securitization with respect to the applicable Note(s) being securitized shall be allocated to the Holders on a Pro Rata and Pari Passu Basis, and a net payment shall be made from any Holder that has received proceeds in excess of, to any Holder that has received less than, its allocable share of such proceeds.


More Definitions of Pari Passu Basis

Pari Passu Basis means, in meeting the claims of the Securityholders and the Counterparty (or if more than one Counterparty, meeting the claims of all such Counterparties on the basis as specified in the Issue Terms) under the Charged Agreement(s), on a pari passu and pro rata basis (provided that, in case of a Series of Securities consisting of Prioritised Tranches, the distribution of amounts available for meeting the claims of Securityholders shall be distributed amongst the holders of each Prioritised Tranche in the order of priorities set out in the relevant Issue Terms).
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Pari Passu Basis means that the Realisation Amount (or such part thereof) shall be applied (following payment of (1) all amounts due to the Trustee under or pursuant to the Trust Deed and to any agent or appointee of the Trustee, including any costs, expenses and taxes incurred in respect of the relevant Series in connection with enforcement or realisation in accordance with the Trust Deed or any Charging Document, (2) all amounts due to the Principal Paying Agent, the Custodian and any Paying Agent (pari passu and pro rata among them) under or pursuant to the Agency Agreement and (3) any taxes incurred by the Issuer in respect of the relevant Series in connection with the enforcement or realisation of any Mortgaged Property) pro rata and on a pari passu basis in meeting the aforesaid claims of the Noteholders, the Receiptholders and the Couponholders under the Notes, the Receipts and the Coupons then outstanding (if applicable, applied in accordance with the relevant ranking of each Class within a Series) and the Swap Counterparty under the Swap Agreement; and
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Pari Passu Basis means that the Realisation Amount shall be applied (having taken into account all amounts due to the Trustee under the Trust Deed as described above) pro rata and on a pari passu basis in meeting the aforesaid claims of the Noteholder(s), the Receiptholders, the Couponholders (if applicable, applied in accordance with the relevant ranking of each Class within a Series), the Swap Counterparty (if any) and the Counterparty (if any);
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Related to Pari Passu Basis

  • Pari Passu Indebtedness means any Indebtedness of the Issuers or any Guarantor that ranks pari passu in right of payment with the Notes or such Guarantor’s Subsidiary Guarantees, as applicable.

  • Pari Passu Intercreditor Agreement means an intercreditor agreement among the Administrative Agent and the other parties from time to time party thereto, substantially in the form of Exhibit I.

  • Parity Debt means Recovery Obligations and Bonds or Notes payable from the Recovery and Parity Debt Account on a parity with the Recovery Bonds or Recovery Notes, respectively.

  • Senior Secured Notes means the $1,875 million aggregate principal amount of 7.375% Senior Secured Notes due 2023 of the Borrower including, as the same may be amended, supplemented, waived or otherwise modified from time to time, including any senior secured exchange notes issued in lieu thereof.