Examples of Previous Transaction in a sentence
Each Previous Transaction Security Trustee and the Security Trustee will have a certain pari passu ranking undivided interest, or "share" (aandeel) in the co-owned pledge, entitling it to part of the foreclosure proceeds of the pledge over the Collection Foundation Accounts.
The pledge is shared between the CBC, the Previous Transaction Security Trustees, the Security Trustee and the Previous Transaction SPVs, which are set up as bankruptcy remote securitisation special purpose vehicles.
In case of foreclosure of the co-owned right of pledge on the Collection Foundation Accounts (i.e. if the Collection Foundation defaults in forwarding or transferring the amounts received by it, as agreed), the proceeds will be divided according to each Previous Transaction Security Trustee's and the Security Trustee's share.
The same applies to the pledge for the CBC and the Previous Transaction SPVs. If the amounts collected pursuant to the pledge on the Collection Foundation Accounts are not distributed as agreed, the Security Trustee and the CBC may have less amounts available for distribution to the Secured Parties (including the Covered Bondholders), which may result in losses under the Covered Bonds.
Furthermore, the balance standing to the credit of each Collection Foundation Account will be pledged to the CBC and the Previous Transaction SPVs, and the CBC and the Previous Transactions SPVs by way of repledge create a first ranking right of pledge in favour of the Security Trustee and the Previous Transaction Security Trustees in view of the (remote) bankruptcy risk of the relevant Collection Foundation, in accordance with the relevant Collection Foundation Account Pledge Agreement.