{"component": "definition", "props": {"groups": [{"snippet": "means the ratio of (i) one P&O Princess Ordinary Share to (ii) the Carnival Equivalent Number;", "snippet_links": [{"key": "ratio-of", "type": "clause", "offset": [10, 18]}, {"key": "po-princess", "type": "definition", "offset": [27, 39]}, {"key": "ordinary-share", "type": "clause", "offset": [40, 54]}, {"key": "carnival-equivalent-number", "type": "definition", "offset": [67, 93]}], "size": 13, "samples": [{"hash": "1rYfcv1jUqJ", "uri": "https://www.carnivalplc.com/static-files/90a0c0b6-16e9-4af7-b995-9530e7b80dcb", "label": "www.carnivalplc.com", "score": 9.965092659, "published": false}, {"hash": "czWGlcvt4fQ", "uri": "https://www.carnivalcorporation.com/static-files/608813c1-c5a4-45da-a432-57ea89067480", "label": "www.carnivalcorporation.com", "score": 9.965092659, "published": false}, {"hash": "fdI72hv5LL6", "uri": "https://www.carnivalcorp.com/static-files/d960aa98-bbd9-42a4-9072-1f74b3ba67e1", "label": "www.carnivalcorp.com", "score": 9.9637231827, "published": false}], "hash": "c2bcb65807621709e63fb709d14d4052", "id": 1}, {"snippet": "means, at any time, the ratio of (i) one P&O Princess Ordinary Share to (ii) the Carnival Equivalent Number as of such time;", "snippet_links": [{"key": "at-any-time", "type": "clause", "offset": [7, 18]}, {"key": "ratio-of", "type": "clause", "offset": [24, 32]}, {"key": "po-princess", "type": "definition", "offset": [41, 53]}, {"key": "ordinary-share", "type": "clause", "offset": [54, 68]}, {"key": "carnival-equivalent-number", "type": "definition", "offset": [81, 107]}], "size": 8, "samples": [{"hash": "lA6K2whod8v", "uri": "https://www.carnivalcorporation.com/static-files/fc57d6c2-b5bd-4eaf-a94e-6489861e1c5c", "label": "Proxy", "score": 18.7285823822, "published": false}, {"hash": "fdI72hv5LL6", "uri": "https://www.carnivalcorp.com/static-files/d960aa98-bbd9-42a4-9072-1f74b3ba67e1", "label": "www.carnivalcorp.com", "score": 9.9637231827, "published": false}, {"hash": "7ksPxHFy1st", "uri": "https://www.carnivalcorp.com/static-files/a4b7888d-8dbc-49d1-adfc-b94428bb6119", "label": "www.carnivalcorp.com", "score": 9.918548584, "published": false}], "hash": "05b029ec6eba240d4301aa15ad76d896", "id": 2}, {"snippet": "means, at any time, the ratio of (i) one P&O Princess Ordinary Share to (ii) the Carnival Equivalent Number at such time;", "snippet_links": [{"key": "at-any-time", "type": "clause", "offset": [7, 18]}, {"key": "ratio-of", "type": "clause", "offset": [24, 32]}, {"key": "po-princess", "type": "definition", "offset": [41, 53]}, {"key": "ordinary-share", "type": "clause", "offset": [54, 68]}, {"key": "carnival-equivalent-number", "type": "definition", "offset": [81, 107]}], "size": 7, "samples": [{"hash": "7y73HCCcacA", "uri": "/contracts/7y73HCCcacA#equalization-ratio", "label": "Equalization and Governance Agreement (P&o Princess Cruises PLC)", "score": 18.0, "published": true}, {"hash": "4D7HDTMQXOS", "uri": "/contracts/4D7HDTMQXOS#equalization-ratio", "label": "Equalization and Governance Agreement (Carnival PLC)", "score": 18.0, "published": true}, {"hash": "aWXNvnBHT1L", "uri": "http://pdf.secdatabase.com/2216/0001021408-03-000121.pdf", "label": "pdf.secdatabase.com", "score": 11.0561256409, "published": false}], "hash": "f694b23973ff35e030e062a84dc0ea82", "id": 3}, {"snippet": "means, at any time, the ratio of (i) one Thomson-Reuters Ordinary Share to (ii) the Thomson Equivalent Number at such time;", "snippet_links": [{"key": "at-any-time", "type": "clause", "offset": [7, 18]}, {"key": "ratio-of", "type": "clause", "offset": [24, 32]}, {"key": "ordinary-share", "type": "clause", "offset": [57, 71]}, {"key": "equivalent-number", "type": "definition", "offset": [92, 109]}], "size": 4, "samples": [{"hash": "amROPLO4W2N", "uri": "/contracts/amROPLO4W2N#equalization-ratio", "label": "Implementation Agreement", "score": 31.3408622742, "published": true}, {"hash": "ugsfkoiu47", "uri": "/contracts/ugsfkoiu47#equalization-ratio", "label": "Implementation Agreement (Thomson Corp /Can/)", "score": 19.0, "published": true}, {"hash": "g4ewQDbrwGj", "uri": "/contracts/g4ewQDbrwGj#equalization-ratio", "label": "Implementation Agreement (Reuters Group PLC   /Adr/)", "score": 19.0, "published": true}], "hash": "f98cb4c660e5fdc96adacc0a29f9cbd7", "id": 4}, {"snippet": "means the ratio of (i) one share of Carnival Common Stock to (ii) that number of P&O Princess Ordinary Shares that have the same rights to distributions of income and capital and voting rights as one share of Carnival Common Stock (the \"P&O Princess Equivalent Number\"). The Equalization Ratio shall initially be 1:3.3289 but if the Corporation and P&O Princess agree to make such subdivisions and/or combinations of Carnival Common Stock and/or P&O Princess Ordinary Shares as are necessary to achieve the result it shall instead be 1:1 and shall be subject to adjustment in the future as provided in accordance with the Equalization Agreement. In all cases, the P&O Princess Equivalent Number shall be rounded to five decimal places.", "snippet_links": [{"key": "ratio-of", "type": "clause", "offset": [10, 18]}, {"key": "one-share", "type": "definition", "offset": [23, 32]}, {"key": "carnival-common-stock", "type": "definition", "offset": [36, 57]}, {"key": "number-of", "type": "clause", "offset": [71, 80]}, {"key": "po-princess-ordinary-shares", "type": "definition", "offset": [81, 109]}, {"key": "income-and-capital", "type": "clause", "offset": [156, 174]}, {"key": "voting-rights", "type": "definition", "offset": [179, 192]}, {"key": "equivalent-number", "type": "definition", "offset": [250, 267]}, {"key": "the-corporation", "type": "clause", "offset": [329, 344]}, {"key": "agree-to", "type": "clause", "offset": [362, 370]}, {"key": "subject-to", "type": "definition", "offset": [551, 561]}, {"key": "the-future", "type": "clause", "offset": [576, 586]}, {"key": "in-accordance-with", "type": "definition", "offset": [599, 617]}, {"key": "equalization-agreement", "type": "definition", "offset": [622, 644]}, {"key": "in-all-cases", "type": "clause", "offset": [646, 658]}, {"key": "rounded-to", "type": "clause", "offset": [704, 714]}, {"key": "decimal-places", "type": "clause", "offset": [720, 734]}], "size": 4, "samples": [{"hash": "kvmdt3HUpkB", "uri": "https://www.carnivalcorp.com/static-files/ef12d068-9e71-4322-bb87-72fa96a7633b", "label": "www.carnivalcorp.com", "score": 9.9171800613, "published": false}, {"hash": "9LxOcVbjZbB", "uri": "https://www.sec.gov/Archives/edgar/data/815097/000102140802012859/dex993.txt", "label": "Carnival Corp", "score": 2.0, "published": false}], "hash": "2e379341dee0e5b32210f1b882cdf63f", "id": 5}, {"snippet": "means the ratio used by the Department of Revenue Administration to calculate a municipality\u2019s equalized valuation.", "snippet_links": [{"key": "department-of-revenue", "type": "clause", "offset": [28, 49]}, {"key": "equalized-valuation", "type": "definition", "offset": [95, 114]}], "size": 3, "samples": [{"hash": "enxsOIQu3fO", "uri": "https://www.revenue.nh.gov/sites/g/files/ehbemt736/files/documents/nh-equalization-manual.pdf", "label": "www.revenue.nh.gov", "score": 16.4068965912, "published": false}, {"hash": "1hk5fsju1D9", "uri": "https://www.revenue.nh.gov/mun-prop/property/equalization-2020/documents/2020-equalization-manual.pdf", "label": "www.revenue.nh.gov", "score": 8.3607120514, "published": false}, {"hash": "ggT8dYFUlcI", "uri": "https://www.revenue.nh.gov/mun-prop/property/equalization-2020/documents/2020-equalization-manual.docx", "label": "www.revenue.nh.gov", "score": 8.3607120514, "published": false}], "hash": "65b6c32f276872bac9158fe99b66511f", "id": 6}, {"snippet": "means the ratio or ratios provided by the municipalities for the purpose of determining property values in connection with the purchase of Eligible Assets. The Equalization Ratio shall be determined by the municipality and calculated by the Servicer; in the event an Equalization Ratio is not provided with respect to any Property, the Equalization Ratio for such Property shall be 100%.", "snippet_links": [{"key": "for-the-purpose-of", "type": "definition", "offset": [57, 75]}, {"key": "property-values", "type": "clause", "offset": [88, 103]}, {"key": "in-connection-with", "type": "clause", "offset": [104, 122]}, {"key": "purchase-of-eligible-assets", "type": "clause", "offset": [127, 154]}, {"key": "by-the-municipality", "type": "clause", "offset": [199, 218]}, {"key": "by-the-servicer", "type": "clause", "offset": [234, 249]}, {"key": "in-the-event", "type": "clause", "offset": [251, 263]}, {"key": "with-respect-to", "type": "clause", "offset": [302, 317]}], "size": 2, "samples": [{"hash": "8ydlIMIW3Ie", "uri": "/contracts/8ydlIMIW3Ie#equalization-ratio", "label": "Loan and Security Agreement (Fortress Credit Realty Income Trust)", "score": 36.6303901437, "published": true}, {"hash": "47Wq6ISD3HQ", "uri": "/contracts/47Wq6ISD3HQ#equalization-ratio", "label": "Loan and Security Agreement (Fortress Credit Realty Income Trust)", "score": 35.8720054626, "published": true}], "hash": "c263dfc2f246bac16569573bca392924", "id": 7}, {"snippet": "means, at any time, the ratio of (i) one P&O", "snippet_links": [{"key": "at-any-time", "type": "clause", "offset": [7, 18]}, {"key": "ratio-of", "type": "clause", "offset": [24, 32]}], "size": 1, "samples": [{"hash": "1rYfcv1jUqJ", "uri": "https://www.carnivalplc.com/static-files/90a0c0b6-16e9-4af7-b995-9530e7b80dcb", "label": "www.carnivalplc.com", "score": 9.965092659, "published": false}], "hash": "513973b44d2df0d897995de900deee46", "id": 8}, {"snippet": "means the ratio of (i) one share of Royal Caribbean Common Stock to (ii) that number of P&O Princess Ordinary Shares that have the same rights to distributions of income and capital and voting rights as one share of Royal Caribbean Common Stock (the \"P&O Princess Equivalent Number\"). The Equalization Ratio shall initially be 1:1 and shall be subject to adjustment in the future as provided in the Equalization Agreement and the Schedules thereto. In all cases, the P&O Princess Equivalent Number shall be rounded to five decimal places.", "snippet_links": [{"key": "ratio-of", "type": "clause", "offset": [10, 18]}, {"key": "one-share", "type": "definition", "offset": [23, 32]}, {"key": "common-stock", "type": "clause", "offset": [52, 64]}, {"key": "number-of", "type": "clause", "offset": [78, 87]}, {"key": "po-princess-ordinary-shares", "type": "definition", "offset": [88, 116]}, {"key": "income-and-capital", "type": "clause", "offset": [163, 181]}, {"key": "voting-rights", "type": "definition", "offset": [186, 199]}, {"key": "equivalent-number", "type": "definition", "offset": [264, 281]}, {"key": "subject-to", "type": "definition", "offset": [344, 354]}, {"key": "the-future", "type": "clause", "offset": [369, 379]}, {"key": "equalization-agreement", "type": "definition", "offset": [399, 421]}, {"key": "the-schedules", "type": "clause", "offset": [426, 439]}, {"key": "in-all-cases", "type": "clause", "offset": [449, 461]}, {"key": "rounded-to", "type": "clause", "offset": [507, 517]}, {"key": "decimal-places", "type": "clause", "offset": [523, 537]}], "size": 1, "samples": [{"hash": "4soVAoCFQFw", "uri": "https://www.sec.gov/Archives/edgar/data/884887/000095014401510276/u44681ex99-6.txt", "label": "Royal Caribbean Cruises LTD", "score": 2.0, "published": false}], "hash": "2fe681cf11250a6b3ece3d3254588e9f", "id": 9}, {"snippet": "means the ratio of (i) one share of Carnival Common Stock to (ii) that number of P&O Princess Ordinary Shares that have the same rights to distributions of income and capital and voting rights as one share of Carnival Common Stock (the \"P&O Princess Equivalent Number\"). The Equalization Ratio shall initially be 1:3.3289 but if the Parties agree to make such subdivisions and/or combinations of Carnival Common Stock and/or P&O Princess Ordinary Shares as are necessary to achieve the result it shall instead be 1:1 immediately after Completion and shall be subject to adjustment in the future as provided in Clause 4 and the Schedule. In all cases, the P&O Princess Equivalent Number shall be rounded to five decimal places;", "snippet_links": [{"key": "ratio-of", "type": "clause", "offset": [10, 18]}, {"key": "one-share", "type": "definition", "offset": [23, 32]}, {"key": "carnival-common-stock", "type": "definition", "offset": [36, 57]}, {"key": "number-of", "type": "clause", "offset": [71, 80]}, {"key": "po-princess-ordinary-shares", "type": "definition", "offset": [81, 109]}, {"key": "income-and-capital", "type": "clause", "offset": [156, 174]}, {"key": "voting-rights", "type": "definition", "offset": [179, 192]}, {"key": "equivalent-number", "type": "definition", "offset": [250, 267]}, {"key": "agree-to", "type": "clause", "offset": [341, 349]}, {"key": "immediately-after-completion", "type": "clause", "offset": [517, 545]}, {"key": "subject-to", "type": "definition", "offset": [559, 569]}, {"key": "the-future", "type": "clause", "offset": [584, 594]}, {"key": "clause-4", "type": "definition", "offset": [610, 618]}, {"key": "the-schedule", "type": "clause", "offset": [623, 635]}, {"key": "in-all-cases", "type": "clause", "offset": [637, 649]}, {"key": "rounded-to", "type": "clause", "offset": [695, 705]}, {"key": "decimal-places", "type": "clause", "offset": [711, 725]}], "size": 1, "samples": [{"hash": "a2caFi9VQ5F", "uri": "/contracts/a2caFi9VQ5F#equalization-ratio", "label": "Equalization and Governance Agreement (Carnival Corp)", "score": 18.0, "published": true}], "hash": "bb17480879094654f72d6fbfee7e6c05", "id": 10}], "next_curs": "Cl8SWWoVc35sYXdpbnNpZGVyY29udHJhY3RzcjsLEhpEZWZpbml0aW9uU25pcHBldEdyb3VwX3Y1NiIbZXF1YWxpemF0aW9uLXJhdGlvIzAwMDAwMDBhDKIBAmVuGAAgAA==", "definition": {"title": "Equalization Ratio", "snippet": "means the ratio of (i) one P&O Princess Ordinary Share to (ii) the Carnival Equivalent Number;", "size": 42, "id": "equalization-ratio", "examples": ["However, if, the Boards determine that it is not appropriate or practicable to undertake a Matching Action and that an adjustment to the <strong>Equalization Ratio</strong> would not be appropriate or practicable in relation to an Action, then such Action may be undertaken provided it has been approved as a Class Rights Action.", "If, subject to Clause 12.2.2, the agreed/determined respective values of each company on a per Share basis (using the agreed or determined exchange rate) are not equivalent in accordance with the <strong>Equalization Ratio</strong> at the proposed date of termination then a balancing payment, or other balancing action agreed by the companies, will be made by one company to the other as appropriate in such amount as will ensure that such values are equivalent in accordance with such <strong>Equalization Ratio</strong>.", "In any combination of Carnival and P&amp;O Princess into a single non dual-listed group, the consideration to be received by the holders of Shares in the two companies will be calculated by reference to the applicable <strong>Equalization Ratio</strong>.", "However, in considering the application of the DLC Equalization Principle to any Action the Boards shall take into account the effect of all prior Unadjusted Actions in deciding whether a Matching Action, an adjustment to the <strong>Equalization Ratio</strong> or approval as a Class Rights Action is appropriate and if any adjustment is made it shall take in account all such prior Unadjusted Actions.", "If the Parties agree that the <strong>Equalization Ratio</strong> shall instead be 1:1, then they shall make such subdivisions and/or combinations of Carnival Common Stock and/or P&amp;O Princess Ordinary Shares, or other such actions, as they mutually agree are necessary to achieve that result.", "The adjustment to the <strong>Equalization Ratio</strong> shall become effective immediately after the alteration takes effect.", "Subject to adjustment as set forth below in this Section 2.3, the <strong>Equalization Ratio</strong> to be set forth in the Equalization and Governance Agreement shall, as of the Effective Time, be one share of Carnival Corporation Stock [to 3.3289] P&amp;O Princess Ordinary Shares, such that the voting rights and the rights to distributions (of income and capital) of one share of Carnival Corporation Stock shall be equivalent to the voting rights and the rights to distributions of 3.3289 P&amp;O Princess Ordinary Shares.", "Subject to adjustment as set forth below in this Section 2.3, the <strong>Equalization Ratio</strong> to be set forth in the Equalization and Governance Agreement shall, as of the Effective Time, be one P&amp;O Princess Ordinary Share to 0.3004 of a share of Carnival Common Stock, such that the voting rights and the rights to distributions (of income and capital) of one P&amp;O Princess Ordinary Share shall be equivalent to the voting rights and the rights to distributions of 0.3004 of a share of Carnival Common Stock.", "The adjustment to the <strong>Equalization Ratio</strong> shall become effective from the later of the time at which the Shares of the Relevant Company are first traded ex-rights and the time at which the issue of the Shares becomes wholly unconditional.", "The Board of Directors of P&amp;O Princess (A) has approved this Agreement (including the Exhibits hereto), and the Transactions and (B) has received the opinions of its financial advisor, \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587, to the effect that, as of the date of this Agreement, the <strong>Equalization Ratio</strong> is fair from a financial point of view to the holders of P&amp;O Princess Ordinary Shares."], "related": [["capitalization-ratio", "Capitalization Ratio", "Capitalization Ratio"], ["allocation-ratio", "Allocation Ratio", "Allocation Ratio"], ["distribution-ratio", "Distribution Ratio", "Distribution Ratio"], ["consolidated-capitalization-ratio", "Consolidated Capitalization Ratio", "Consolidated Capitalization Ratio"], ["capitalization-rate", "Capitalization Rate", "Capitalization Rate"]], "related_snippets": [], "updated": "2025-08-21T04:21:41+00:00"}, "json": true, "cursor": ""}}