Pari Passu Liabilities definition
Examples of Pari Passu Liabilities in a sentence
Each of the Parties agrees that the Pari Passu Liabilities shall rank pari passu and without any preference between them.
Each of the Parties agrees that the Transaction Security shall rank and secure the Pari Passu Liabilities (but only to the extent that such Transaction Security is expressed to secure those Liabilities) (subject to the terms of this Deed) pari passu and without any preference between them.
If any Disposal Proceeds are required to be applied in mandatory prepayment of the Pari Passu Liabilities then those Disposal Proceeds shall be applied pro rata across the Pari Passu Liabilities unless the Instructing Group otherwise agrees in writing and the consent of any other Party shall not be required for that application.
Ancillary Lenders and Issuing Banks), so long as any of the Pari Passu Liabilities (other than any Liabilities owed to the Ancillary Lenders or Issuing Banks) are or may be outstanding, none of the Ancillary Lenders nor the Issuing Banks shall be entitled to take any Enforcement Action in respect of any of the Liabilities owed to it.
The Company shall |EU-DOCS\34803319.2|| not incur, and shall not permit any Guarantor to incur, any Indebtedness (including Permitted Debt) that is expressed to rank or ranks as to payment or security so that it is subordinated to any of the Super Senior Liabilities (as defined in the Intercreditor Agreement) but are senior to the Pari Passu Liabilities (as defined in the Intercreditor Agreement) under this Agreement.
If any Disposal Proceeds are required to be applied in mandatory prepayment of the RCF Liabilities or the Pari Passu Liabilities, then those Disposal Proceeds shall be applied in accordance with the Debt Documents and the consent of any other Party shall not be required for that application.
The Company shall not incur, and shall not permit any Guarantor to incur, any Indebtedness (including Permitted Debt) that is expressed to rank or ranks as to payment or security so that it is subordinated to any of the Super Senior Liabilities (as defined in the Intercreditor Agreement) but are senior to the Pari Passu Liabilities (as defined in the Intercreditor Agreement) under this Agreement.
Any references in this Clause 3 to Pari Passu Debt Documents, Pari Passu Liabilities and Pari Passu Creditors shall exclude the 2029 Notes Debt Documents, the 2029 Notes Liabilities and the 2029 Notes Creditors.
If any Disposal Proceeds are required to be applied in mandatory prepayment of the Pari Passu Liabilities, then those Disposal Proceeds shall be applied in accordance with the Debt Documents and the consent of any other Party shall not be required for that application.
The holders of the Notes will be entitled to receive payment pari passu among themselves and with other Pari Passu Liabilities.