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.
Pro Rata and Pari Passu Basis means with respect to the Notes and each Holder, (i) for purposes of allocating payments of interest among the Notes, each Note or Holder, as the case may be, is allocated its respective pro rata share based on the interest accrued on such Note at the respective Mortgage Interest Rate of such Note based on the outstanding principal balance of such Note and (ii) for all other purposes, the allocation of any particular payment, collection, cost, expense, liability or other amount between such Notes or such Holders, as the case may be, without any priority of any such Note or any such Holder over another Note or Holder, as the case may be, and in any event such that each Note or Holder, as the case may be, is allocated its respective pro rata share based on the outstanding principal balance of its Note in relation to the outstanding principal balance of the entire Mortgage Loan of such particular payment, collection, cost, expense, liability or other amount.
Pro Rata and Pari Passu Basis means (i) with respect to the A Notes and the Note A Holders, the allocation of any particular payment, collection, cost, expense, liability or other amount among such Notes or such Note Holders, as the case may be, without any priority of any such A Note or any such Note Holder over another such A Note or Note Holder, as the case may be, and in any event such that each A Note or Note Holder, as the case may be, is allocated its respective Pro Rata Share of such particular payment, collection, cost, expense, liability or other amount and (ii) with respect to the B Notes and the Note B Holders, the allocation of any particular payment, collection, cost, expense, liability or other amount among such Notes or such Note Holders, as the case may be, without any priority of any such B Note or any such Note Holder over another such B Note or Note Holder, as the case may be, and in any event such that each B Note or Note Holder, as the case may be, is allocated its respective Pro Rata Share of such particular payment, collection, cost, expense, liability or other amount.
Examples of Pro Rata and 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 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.
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.
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.
Repayment of any and all such Property Advances made by any such Holders together with interest thereon at the Advance Rate, if applicable, shall be paid to such Holders on a Pro Rata and Pari Passu Basis.
More Definitions of Pro Rata and Pari Passu Basis
Pro Rata and Pari Passu Basis means (i) with respect to the A Notes and the Note A Holders, the allocation of any particular payment, collection, cost, expense, liability or other amount among such A Notes or such Note A Holders, as the case may be, without any priority of any such A Note or any such Note A Holder over another such A Note or Note A Holder, as the case may be, and in any event such that each A Note or Note A Holder, as the case may be, is allocated its respective Pro Rata Share of such particular payment, collection, cost, expense, liability or other amount, (ii) with respect to the B Notes and the Note B Holders, the allocation of any particular payment, collection, cost, expense, liability or other amount among such B Notes or such Note B Holders, as the case may be, without any priority of any such B Note or any such Note B Holder over another such B Note or Note B Holder, as the case may be, and in any event such that each B Note or Note B Holder, as the case may be, is allocated its respective Pro Rata Share of such particular payment, collection, cost, expense, liability or other amount, (iii) with respect to the C Notes and the Note C Holders, the allocation of any particular payment, collection, cost, expense, liability or other amount among such C Notes or such Note C Holders, as the case may be, without any priority of any such C Note or any such Note C Holder over another such C Note or Note C Holder, as the case may be, and in any event such that each C Note or Note C Holder, as the case may be, is allocated its respective Pro Rata Share of such particular payment, collection, cost, expense, liability or other amount, (iv) with respect to the D Notes and the Note D Holders, the allocation of any particular payment, collection, cost, expense, liability or other amount among such D Notes or such Note D Holders, as the case may be, without any priority of any such D Note or any such Note D Holder over another such D Note or Note D Holder, as the case may be, and in any event such that each D Note or Note D Holder, as the case may be, is allocated its respective Pro Rata Share of such particular payment, collection, cost, expense, liability or other amount, and (v) with respect to the E Notes and the Note E Holders, the allocation of any particular payment, collection, cost, expense, liability or other amount among such E Notes or such Note E Holders, as the case may be, without any priority of any such E Note or any such Note E Holder over another such E Note o...
Pro Rata and Pari Passu Basis means with respect to the A Notes and such Note Holders or the B Notes and such Note Holders, as applicable, the allocation of any particular payment, collection, cost, expense, liability or other amount among such Notes or such Note Holders, as the case may be, without any priority of any such A Note or B Note, as applicable, or any such Note Holder over another such A Note or B Note, as applicable, or Note Holder, as the case may be, and in any event such that each A Note or B Note, as applicable, or Note Holder, as the case may be, is allocated its respective pro rata of such particular payment, collection, cost, expense, liability or other amount.
Pro Rata and Pari Passu Basis means with respect to the Notes and each Holder, the allocation of any particular payment, collection, cost, expense, liability or other amount between such Notes or such Holders, as the case may be, without any priority of any such Note or any such Holder over another Note or Holder, as the case may be, and in any event such that each Note or Holder, as the case may be, is allocated its respective pro rata share based on the principal balance of its Note in relation to the principal balance of the entire Mortgage Loan of such particular payment, collection, cost, expense, liability or other amount.
Pro Rata and Pari Passu Basis means with respect to each Senior Note and the related Noteholders (or, to the extent specified herein, a subset of the Senior Notes or the related Noteholders), the allocation of any particular payment, collection, cost, expense, liability or other amount among such Notes or such Noteholders, as the case may be, without any priority of any such Note or any such Noteholder over another such Note or Noteholder, as the case may be, and in any event such that each Note or Noteholder, as the case may be, is allocated its pro rata amount (calculated in proportion to the Principal Balance of such Note, relative to the aggregate Principal Balance of the applicable Senior Notes, or otherwise in proportion to the amount due to the holder of the subject Senior Note, relative to the aggregate amount due to holders of all of the applicable Senior Notes) of such particular payment, collection, cost, expense, liability or other amount.
Pro Rata and Pari Passu Basis means (i) with respect to the Senior Notes and the related Note Holders, the allocation of any particular payment, reimbursement, collection, cost, expense, liability or other amount among such Senior Notes or such Note Holders, as the case may be, without any priority of any such Senior Note or any such Note Holder over another such Senior Note or Note Holder, as the case may be, and in any event such that each Senior Note or Note Holder, as the case may be, is allocated its respective pro rata share based on their respective Note Principal Balances as of the Origination Date (or, in the case of the reimbursement of a cost, expense or loss, based on the respective reimbursable amounts) (as among Senior Notes) of such particular payment, reimbursement, collection, cost, expense, liability or other amount; and (ii) with respect to the Junior Notes and the related Note Holders, the allocation of any particular payment, reimbursement, collection, cost, expense, liability or other amount among such Junior Notes or such Note Holders, as the case may be, without any priority of any such Junior Note or any such Note Holder over another such Junior Note or Note Holder, as the case may be, and in any event such that each Junior Note or Note Holder, as the case may be, is allocated its respective pro rata share based on their respective Note Principal Balances as of the Origination Date (or, in the case of the reimbursement of a cost, expense or loss, based on the respective reimbursable amounts) (as among Junior Notes) of such particular payment, reimbursement, collection, cost, expense, liability or other amount.
Pro Rata and Pari Passu Basis means with respect to each Note A-1 and each Note A-2 and the related Noteholders and with respect to Note B-1 and Note B-2 and the related Noteholders, the allocation of any particular payment, collection, cost, expense, liability or other amount between such Notes or such Noteholders, as the case may be, without any priority of any such Note or any such Noteholder over another such Note or Noteholder, as the case may be, and in any event such that each Note or Noteholder, as the case may be, is allocated its respective Percentage Interest of such particular payment, collection, cost, expense, liability or other amount.
Pro Rata and Pari Passu Basis means with respect to the Senior Notes and the Senior Noteholders, the allocation of any particular payment, collection, cost, expense, liability or other amount among such Notes or such Noteholders, as the case may be, without any priority of any such Note or any such Noteholder over another such Note or Noteholder, as the case may be, and in any event such that each such Note or Noteholder, as the case may be, is allocated its pro rata share of such particular payment, collection, cost, expense, liability or other amount (such pro rata share allocable to any individual Senior Note being equal to a fraction, the numerator of which is the Principal Balance of such individual Senior Note and the denominator of which is the sum of the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3 Principal Balance, the Note A-4 Principal Balance, the Note A-5 Principal Balance and the Note A-6 Principal Balance).