Pari Passu Provisions definition
Pari Passu Provisions means, in relation to any amount payable pursuant to Section 2.04:
Pari Passu Provisions means that to the extent there is an insufficient amount of either Interest Proceeds or Principal Proceeds denominated in Sterling, U.S. Dollars or Euro to meet the aggregate payment obligations falling due pursuant to the same paragraph of the Priorities of Payment, the amounts payable pursuant to such paragraph shall be adjusted so that the shortfall is borne in equal proportion by all such liabilities regardless of their currency of denomination (determined by converting the amount of any Sterling liabilities and/or U.S. Dollar liabilities into Euro at the then prevailing Spot Rate) and effected by converting proceeds denominated in Sterling, U.S. Dollars or Euro, as applicable, into Euro at the then prevailing Spot Rate to the extent required to ensure that such shortfall is borne equally on the basis specified above and applying such amounts towards the liabilities denominated in the same currency.
Pari Passu Provisions means those provisions set out in Condition 3(c)(v) (Pari Passu Provisions).
Examples of Pari Passu Provisions in a sentence
Subject to the Pari Passu Provisions, any and all payments made by the Borrower under the Transaction Documents shall be made in the applicable Eligible Currency; provided that: (i) repayment of Advances in an Eligible Currency other than Dollars shall be made in the corresponding Eligible Currency.
More Definitions of Pari Passu Provisions
Pari Passu Provisions means, in relation to any amount payable pursuant toSection 2.04: