Pari Passu Basis definition

Pari Passu Basis means, in meeting the claims of the Securityholders and the Counterparty (or if more than one Counterparty, the claims of all such Counterparties shall be met on the basis as specified in the Issue Terms) under the Charged Agreement(s), on a pari passu and pro rata basis.
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Pari Passu Basis means, at any time, the percentage (carried out to the ninth decimal place) that (i) the aggregate principal amount of indebtedness outstanding under the Notes bears to the sum of (ii) the aggregate principal amount of indebtedness outstanding under the Madryn Notes and the Notes.
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Pari Passu Basis means, in meeting the claims of the Securityholders and the Counterparty (or if more than one Counterparty, meeting the claims of all such Counterparties on the basis as specified in the Issue Terms) under the Charged Agreement(s), on a pari passu and pro rata basis (provided that, in case of a Series of Securities consisting of Prioritised Tranches, the distribution of amounts available for meeting the claims of Securityholders shall be distributed amongst the holders of each Prioritised Tranche in the order of priorities set out in the relevant Issue Terms).
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Examples of Pari Passu Basis in a sentence

  • Any Note Holder that receives proceeds from the sale of the primary servicing rights with respect to the Mortgage Loan shall remit to the other Note Holders, promptly upon receipt thereof, such amounts as are required such that each Note Holder receives its pro rata share of such proceeds on a Pro Rata and Pari Passu Basis.

  • Any proceeds received from the sale of the primary servicing rights with respect to the Mortgage Loan shall be remitted, promptly upon receipt thereof, to the Note Holders on a Pro Rata and Pari Passu Basis.

  • Any realized losses (including reductions by a bankruptcy court) applied to reduce the principal balance of the Mortgage Loan shall be reimbursed on a Pro Rata and Pari Passu Basis after all amounts of interest and principal have otherwise been paid in full on all the Notes.

  • All expenses and losses relating to the Mortgage Loan and the Mortgaged Property, including without limitation losses of principal and interest, Property Protection Advances, Advance Interest Amounts, Special Servicing Fees, Liquidation Fees and Workout Fees, Appraisal Reduction Amounts and certain other trust expenses, shall be allocated on a Pro Rata and Pari Passu Basis.

  • Upon the occurrence of the Lead Securitization as to which any such proceeds are received, any proceeds received from the sale of the primary servicing rights with respect to the Mortgage Loan shall be remitted, promptly upon receipt thereof, to the Holders on a Pro Rata and Pari Passu Basis.

  • Any Note Holder that receives proceeds from the sale of the primary servicing rights with respect to the Mortgage Loan (the “Primary Servicing Rights Proceeds”) shall remit to the other Note Holders, promptly upon receipt thereof, such amounts as are required such that each Note Holder receives its pro rata share of such proceeds on a Pro Rata and Pari Passu Basis.

  • Upon the occurrence of the Lead Securitization, if any proceeds are received from the sale of the primary servicing rights with respect to the Mortgage Loan (the “Primary Servicing Purchase Price”), such Primary Servicing Purchase Price shall be remitted, promptly upon receipt thereof, to the Holders on a Pro Rata and Pari Passu Basis.

  • On and after the Lead Securitization Date, if any portion of the Primary Servicing Purchase Price is required to be repaid to the applicable Master Servicer, each Holder shall be obligated to pay such Master Servicer on a Pro Rata and Pari Passu Basis for such portion of the Primary Servicing Purchase Price received by such Holder.

  • Any Note Holder that receives proceeds from the sale of the primary servicing rights with respect to the entire Mortgage Loan (the “Primary Servicing Rights Proceeds”) shall remit to the other Note Holders, promptly upon receipt thereof, such amounts as are required such that each Note Holder receives its pro rata share of such proceeds on a Pro Rata and Pari Passu Basis.

  • The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled to reimbursement for any Advance and interest thereon and Trust Fund Expenses in accordance with the terms of the Lead Securitization Servicing Agreement and this Agreement; provided, that any P&I Advance made in respect of the A Notes shall be reimbursed on a Pro Rata and Pari Passu Basis immediately prior to the reimbursement of any P&I Advance made in respect of the B Note.


More Definitions of Pari Passu Basis

Pari Passu Basis means that the Realisation Amount (or such part thereof) shall be applied (following payment of (1) all amounts due to the Trustee under or pursuant to the Trust Deed and to any agent or appointee of the Trustee, including any costs, expenses and taxes incurred in respect of the relevant Series in connection with enforcement or realisation in accordance with the Trust Deed or any Charging Document, (2) all amounts due to the Principal Paying Agent, the Custodian and any Paying Agent (pari passu and pro rata among them) under or pursuant to the Agency Agreement and (3) any taxes incurred by the Issuer in respect of the relevant Series in connection with the enforcement or realisation of any Mortgaged Property) pro rata and on a pari passu basis in meeting the aforesaid claims of the Noteholders, the Receiptholders and the Couponholders under the Notes, the Receipts and the Coupons then outstanding (if applicable, applied in accordance with the relevant ranking of each Class within a Series) and the Swap Counterparty under the Swap Agreement; and
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Pari Passu Basis means that the Realisation Amount shall be applied (having taken into account all amounts due to the Trustee under the Trust Deed as described above) pro rata and on a pari passu basis in meeting the aforesaid claims of the Noteholder(s), the Receiptholders, the Couponholders (if applicable, applied in accordance with the relevant ranking of each Class within a Series), the Swap Counterparty (if any) and the Counterparty (if any);
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Related to Pari Passu Basis

  • Pari Passu Debt means any Debt of the Issuer that ranks pari passu in right of payment to the Notes.

  • Pari Passu Securities means any class or series of capital stock of the Company hereafter created specifically ranking, by its terms, on parity with the Designated Preferred Stock as to distribution of assets upon liquidation, dissolution or winding up of the Company, whether voluntary or involuntary.

  • Pari Passu Indebtedness means any Indebtedness of the Issuer or any Guarantor that ranks pari passu in right of payment with the Notes or the Note Guarantees, as applicable.

  • Pari Passu Obligations means Unsecured Debt (exclusive of the Notes, this Agreement and any Subsidiary Guarantee) of the Company or any Subsidiary Guarantor owing to a Person that is not the Company or an Affiliate thereof.

  • Pro Rata and Pari Passu Basis means with respect to the Notes and the Note Holders, the allocation of any particular payment, collection, cost, expense, liability or other amount between such Notes or such Note Holders, as the case may be, without any priority of any such Note or any such Note Holder over another such Note or Note Holder, as the case may be, and in any event such that each Note or Note Holder, as the case may be, is allocated its respective Percentage Interest of such particular payment, collection, cost, expense, liability or other amount.