No Less Favorable definition

No Less Favorable means, for purposes of comparing the terms and conditions of a given debt instrument with those of another debt instrument or instruments, that the terms and conditions of the former are (i) no less favorable to the Borrower, taken as a whole, than the terms and conditions of the latter (except that the interest rate and similar terms applicable to the former shall be at the prevailing market rates at the time of issuance or, if debt securities issued thereunder are to be fungible with debt securities previously issued, rates that, taken together with the sales price of such securities, reflect then prevailing market rates) and (ii) to the extent they purport to limit the amount, repayment or refinancing of, amendment or other modification of, or the granting of Liens to secure, the Borrower’s obligations hereunder or under any replacement credit facility, are no less favorable to the Lenders than the corresponding terms and conditions of the latter debt instrument(s).
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No Less Favorable means equivalent to, not better or worse than, the best treatment accorded to the comparator’. Pope & Talbot Inc. v Government of Canada (Award on the Merits of Phase 2, 2001) para 42. For analysis of this area, see, Arwel Davies, ‘Group Comparison Vs. Best Treatment in International Economic Law Non-discrimination Analysis’ in Andrea K. Bjorklund (ed.) Yearbook on International Investment Law & Policy (2014-2015) Oxford University Press 111.
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No Less Favorable means, for purposes of comparing the terms and conditions of a given debt instrument with those of another debt instrument or instruments, that the terms and conditions of the former are no less favorable to Lyondell, taken as a whole, than the terms and conditions of the latter (except that the interest rate and similar terms applicable to the former shall be at the prevailing market rates at the time of issuance or, if debt securities issued thereunder are to be fungible with debt securities previously issued, rates that, taken together with the sales price of such securities, reflect then prevailing market rates).
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Examples of No Less Favorable in a sentence

  • In truth and in fact, for the reasons set forth above, the Republic was not focused on a “fair outcome for the bondholders” and “principles of inter-creditor equity.” Instead, as the Republic well knew, the Republic was in reality treating non-tendering bondholders unfairly by giving them substantially less consideration than their tendering counterparts in violation of the No Less Favorable Treatment Provisions in the bonds.

  • Each of these bonds – representing $17.4 billion in total offerings – contains identical No Less Favorable Treatment Provisions that apply in the event that the Republic should seek to restructure its debt yet again by exchanging existing bonds for new bonds of the Republic.

  • The fact that the Republic seeks to modify the No Less Favorable Treatment Provision pursuant to this transaction – a provision that seeks to prohibit coercion – stands as direct evidence of the coercive nature of the offer.

  • The No Less Favorable Treatment Provision establishes limits on that modification.

  • This differential treatment constitutes another flagrant violation of the No Less Favorable Treatment Provision.13 13 This valuation reflects the present value associated with discounting future cash flows back to July 31, 2020 using a 10% discount rate, and assuming payments are made on the 1st of each month they are due.

  • In truth and in fact, as explained above, the Republic well knew that the tender offer violates the No Less Favorable Treatment Provision, as explained by counsel for the Committee in its July 22 letter.

  • Further, the Press Release is misleading for the added reason that it omits any reference to the No Less Favorable Treatment Provisions which are being violated by the Republic.

  • Crucially, the Proposal also seeks to eliminate the No Less Favorable Treatment Provision, which limits Reserved Matter Modifications in the context of exchange offers and issuances of new notes through consent solicitations.

  • As explained above and as Ecuador well knew, even a cursory review of the bondholders’ indentures clearly reveals the Proposal would be an intentional breach of the No Less Favorable Treatment Provisions in those agreements.

  • Ming Du, ‘Treatment No Less Favorable and the Future of National Treatment Obligation in GATT Article III:4 after EC – Seal Products’, 15 (1) World Trade Review 139-163 (2016), pp.


More Definitions of No Less Favorable

No Less Favorable. : means treatment that is not less favorable than that which is granted to other investors.192 This is easily ascertainable from a comparison of MV and FMV. On the one hand, MV is the value at which a property would change hands in an arms-length transaction in a certain marketplace at a specific time.193 On the other hand, FMV is the value at which property would change hands between a willing buyer and a willing seller, when neither is under the compulsion to buy or to sell and both have a reasonable knowledge of relevant facts.194
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Related to No Less Favorable

  • Material Terms means (i) for Designated FX Transactions, the Settlement Date, amounts of each currency to be delivered by each party, and any other terms considered material in the market, (ii) for Designated Option Transactions, the amounts of each currency, the style (e.g., American or European) of option, the strike price, premium, expiration date, and any other terms considered material in the market, (iii) for Designated Bullion Trade Transactions, the Trade Date, Purchaser, Seller, Bullion, number of Ounces, Contract Price, Value Date, and any other material terms and (iv) for Designated Bullion Option Transactions, Trade Date, Buyer, Seller, Bullion, number of Ounces, style, type, Strike Price, Expiration Date, Settlement Date, Premium, Premium Payment Date, and any other material terms (terms used in subsection (iii) and (iv) in this definition have the means set forth in the 2005 ISDA Commodity Definitions).

  • Material date means the date of publication of notification of various controlled area declared as under:-

  • Differential is a salary allowance in addition to the basic rate or schedule based upon hours of employment.

  • material hoist means a hoist used to lower or raise material and equipment, excluding passengers; "medical certificate of fitness" means a certificate contemplated in regulation 7(8);

  • Customary Recourse Exceptions means, with respect to any Non-Recourse Debt of an Unrestricted Subsidiary, exclusions from the exculpation provisions with respect to such Non-Recourse Debt for the voluntary bankruptcy of such Unrestricted Subsidiary, fraud, misapplication of cash, environmental claims, waste, willful destruction and other circumstances customarily excluded by lenders from exculpation provisions or included in separate indemnification agreements in non-recourse financings.

  • Less Cash Distributions (through September 30, 1996) (661) (661) (634) (634) (574) (574) Estimated 1996 Rental Loss (16) (16) (16) Estimated 1996 Investment Interest Expense (11) (11) (11) (11) (11) (11) Estimated Current Basis Per Interest 1,379 2,040 1,405 2,043 1,479 2,068 THE FOREGOING ESTIMATE INCLUDES ESTIMATES OF THE ALLOCATED PORTIONS OF ITEMS ATTRIBUTABLE TO 1996 (INCLUDING INTEREST INCOME, AND PASSIVE ACTIVITY LOSSES). EACH LIMITED PARTNER MUST DETERMINE HIS OWN ADJUSTED BASIS. Under the foregoing and utilizing the estimated adjusted tax basis, an original Limited Partner whose Interests are purchased in the Offer would incur a gain of approximately $245 to $345 per Interest (on average) for taxable limited partners or a loss of approximately $316 to $344 per Interest (on average) for tax- exempt limited partners as follows: 1986 1986 1987 1987 1988 1988 Taxable Tax Exempt Taxable Tax Exempt Taxable Tax Exempt Cash for Interests 402 402 402 402 402 402 Relief from Non-Recourse Liabilities 1,322 1,322 1,322 1,322 1,322 1,322 Selling Price 1,724 1,724 1,724 1,724 1,724 1,724 Subtracted Basis (computed above) (1,379) (2,040) (1,405) (2,043) (1,479) (2,068) Taxable gain (loss) $ 345 $ (316) $ 319 $ (319) $ 245 $ (344) Such a loss will be a capital loss if the Interests are a capital asset in the hands of the current Limited Partner. Capital losses are deductible only to the extent of capital gains plus, in the case of a noncorporate taxpayer, ordinary income up to $3,000. Noncorporate taxpayers can carry a net capital loss forward until it is exhausted. Corporations can carry net capital losses back three years and forward five years. The actual taxable gain (loss) for any particular Limited Partner may vary depending on that Limited Partner's particular circumstances. For example, if a current Limited Partner acquired an Interest from another Limited Partner rather than in the initial offering of Interests, the current Limited Partner's basis for his Interests is probably not between $1,379 to $1,479 for taxable limited partners (the amounts shown above). Furthermore, if the Limited Partner has suspended passive activity losses from this Partnership or from any other activity, the Limited Partner may be able to offset the income allocated to him by the Partnership for 1996 by the amount of his suspended passive activity losses. The General Partner estimates that the amount of suspended passive activity losses from this Partnership would range from $325 to $344 per Interest, on average, for taxable limited partners, unless such losses have previously been utilized by the Limited Partner. Under this assumption, the resulting net gain (loss) of the sale of Interests pursuant to this Offer would range from a net loss of $80 per Interest to a net gain of $1 per Interest for taxable limited partners.

  • Areas susceptible to mass movement means those areas of influence, characterized as having an active or substantial possibility of mass movement, where the movement of earth material at, beneath, or adjacent to the landfill unit, because of natural or human-induced events, results in the downslope transport of soil and rock material by means of gravitational influence. Areas of mass movement include landslides, avalanches, debris slides and flows, soil fluction, block sliding, and rock falls.

  • Material Modification means any modification to an Interconnection Request that has a material adverse effect on the cost or timing of Interconnection Studies related to, or any Network Upgrades or Local Upgrades needed to accommodate, any Interconnection Request with a later Queue Position.

  • Material Modifications means any modifications to the material related party transactions which were approved by the Audit Committee or Shareholders during the year which will change the complete nature of the transaction and in case of monetary thresholds which is in excess of 10% of the originally approved transaction, in case of exigencies only.

  • Impact means any effect caused by a proposed activity on the environment including human health and safety, flora, fauna, soil, air, water, climate, landscape and historical monuments or other physical structures or the interaction among these factors; it also includes effects on cultural heritage or socio-economic conditions resulting from alterations to those factors;

  • Business Relationship Strength for the purpose of this RFP shall mean the definition and commitment of the respondent towards a mutually successful “relationship” between the selected contractor and HCC for the duration of the contract. Respondent’s Statement of Qualification must include their definition, proposal and commitment to forge, foster and maintain a mutually successful “relationship” with HCC. At a minimum, your response must include:

  • Arms length Transaction”, means a transaction between two related parties that is conducted as if they were unrelated, so that there is no conflict of interest.

  • Impulsive sound means either a single pressure peak or a single burst (multiple pressure peaks) that has a duration of less than one second.

  • Material Related Party Transactions means any transaction/transactions to be entered into individually or taken together with previous transactions during a financial year exceeds 10% of the annual consolidated turnover of the Company as per the last audited financial statements of the Company.

  • Material Damage and "Materially Damaged" means damage which, in Seller's reasonable estimation, exceeds $200,000.00 to repair or which, in Seller's reasonable estimation, will take longer than ninety (90) days to repair.

  • Material Related Party Transaction means a transaction with a related party if the transaction / transactions to be entered into individually or taken together with previous transactions during a financial year, exceeds ten percent of the annual consolidated turnover of the company as per the last audited financial statements of the company.

  • Arm’s Length has the meaning ascribed to such term for the purposes of the Income Tax Act (Canada);

  • Length (L) means 96 per cent of the total length on a waterline at 85 per cent of the least moulded depth measured from the top of the keel, or the length from the foreside of the stem to the axis of the rudder stock on that waterline, if that be greater. In ships designed with a rake of keel the waterline on which this length is measured shall be parallel to the designed waterline. The length (L) shall be measured in metres.

  • precautionary principle means that where there are threats of damage to the environment, whether serious or irreversible, lack of full scientific certainty shall not be used as a reason for postponing cost-effective measures to prevent environmental degradation;

  • Material Leases has the meaning set forth in Section 3.7(a).

  • Confidential commercial or financial information means any business information (other than trade secrets) which is exempt from the mandatory disclosure requirement of the Freedom of Information Act, 5 U.S.C. 552. Exemptions from mandatory disclosure which may be applicable to business information contained in proposals include exemption (4), which covers “commercial and financial information obtained from a person and privileged or confidential,” and exemption (9), which covers “geological and geophysical information, including maps, concerning wells.”

  • Level IV Pricing applies at any date, if at such date, (i) the Company's long-term debt is rated BBB+ or higher by S&P or Baa1 by Moody's and (ii) none of Level I Pricing, Level II Pricing or Level III Pricing applies. "Level V Pricing" applies at any date if, at such date, none of Level I Pricing, Level II Pricing, Level III Pricing or Level IV Pricing applies.

  • Adverse impact on visibility means visibility impairment which interferes with the management, protection, preservation or enjoyment of the visi- tor’s visual experience of the Federal Class I area. This determination must be made on a case-by-case basis taking into account the geographic extent, in- tensity, duration, frequency and time of visibility impairment, and how these factors correlate with (1) times of vis- itor use of the Federal Class I area, and(2) the frequency and timing of natural conditions that reduce visibility.

  • Processes with Significant Environmental Aspects means the Equipment which, during regular operation or if not properly operated or maintained, may cause or are likely to cause an adverse effect.

  • Material Deviation refers to any contents or characteristics of the proposal that is significantly different from an essential aspect or requirement of the RFP, and : (i) substantially alters the scope and quality of the requirements; (ii) limits the rights of UNDP and/or the obligations of the offeror; and (iii) adversely impacts the fairness and principles of the procurement process, such as those that compromise the competitive position of other offerors.

  • Material Lease has the meaning set forth in Section 3.17(a).