The pari passu
saga that we describe below illustrates the substantial social costs caused by aberrant interpretations of contractual black holes.
to remove pari passu
clauses from the bond contracts governing the
The pari passu
clause serves to contract around the
This would war against the theory of pari passu
disbursal and would thwart the mission of the CVA.
Transactions include a $6.12 million first mortgage loan for a residential development in Brooklyn, N.Y., a $12.6 million joint venture equity investment in a mixed-use commercial property in Avon, Colo., a $5.46 million, 49% pari passu
interest in an 18-month mezzanine loan in conjunction with a condominium conversion in Odessa, Fla.
Also, the obligations under the credit facility are secured on a pari passu
basis by the same collateral securing the company's 12% senior secured notes due 2018.
be paid in full, based on the pari passu
clause included in bond
The securities will be senior unsecured obligation of the company and will rank pari passu
with its existing senior unsecured instruments.
The new ordinary shares are to rank pari passu
with present ordinary shares.
Tokyo, Japan, Aug 23, 2006 - (JCN Newswire) - Sanix Incorporated (Ticker: 4651, TSE/OSE/FSE, President & CEO: Shin-ichi Munemasa) has notified an update below on the stock conversion, as of August 23, 2006, of First Series of Unsecured Convertible Bonds with Stock Acquisition Rights (Limited Inter-Bond Pari Passu
Clause) that we issued (total issue value of 3 billion yen) on January 30, 2006.
* HRC recently purchased a $5.46 million, 49 percent pari passu
interest in a mezzanine loan made by GMAC Commercial Mortgage in conjunction with the condo conversion of a 344-unit apartment complex in Odessa, Pasco County, Fla.