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

• The Servicer shall and, if the Servicer fails to do so, the Administrative Agent may, instruct the Collateral Agent, subject to the Pari Passu Provisions, to apply funds on deposit in the Controlled Accounts as described in this Section 2.04; provided that, at any time after delivery of any Notice of Exclusive Control following an Event of Default, the Administrative Agent shall instruct the Collateral Agent to apply funds on deposit in the Controlled Accounts as described in this Section 2.04.

• The effect of such exposure will vary depending on whether such proceeds are being distributed in accordance with the Pari Passu Provisions or as otherwise provided pursuant to the Priorities of Payment and will be dependent on the Euro and Sterling foreign exchange rates from time to time.In addition, fluctuations in Euro exchange rates may result in a decrease in value of the Portfolio for the purposes of sale thereof upon enforcement of the security over it.

• Table 2 considers residual cash management and presents the debt and equity values and equilibrium spreads that would result in this case under non-strategic debt-service.

• The Class A-1 Notes will rank pari passu and rateably with the Class A-2 Notes (except where specified as being subject to the Pari Passu Provisions or the Class A Redemption Method) (each as defined herein) for all purposes and in priority to the Class A-3 Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Subordinated Notes.

• The effect of such exposure will vary depending on whether such proceeds are being distributed in accordance with the Pari Passu Provisions or as otherwise provided pursuant to the Priorities of Payments and will be dependent on the Euro, Dollar and Sterling foreign exchange rates from time to time.

• The effect of such exposure will vary depending on whether such proceeds are being distributed in accordance with the Pari Passu Provisions or as otherwise provided pursuant to the Priorities of Payment and will be dependent on the Euro and Sterling foreign exchange rates from time to time In addition, fluctuations in Euro exchange rates may result in a decrease in value of the Portfolio for the purposes of sale thereof upon enforcement of the security over it.

• The method of currency conversion set out in this Condition 3(c)(v) shall be referred to as the "Pari Passu Provisions".

• The effect of such exposure will vary depending on whether such proceeds are being distributed in accordance with the Pari Passu Provisions or as otherwise provided pursuant to the Priorities of Payment and will be dependent on the Euro and Sterling foreign exchange rates from time to time.

• Investors should also note that in certain circumstances as specified in the Dual Currency Provisions or, if applicable, under the Pari Passu Provisions (see Condition 3 (Status)), income of the Issuer denominated in either Sterling or, as the case may be, Euro may be exchanged at the prevailing Spot Rate for the other currency.

• This currency conversion policy is referred to herein as the "Pari Passu Provisions".

More Definitions of Pari Passu Provisions

Pari Passu Provisions means, in relation to any amount payable pursuant toSection 2.04: