which deficiencies or errors (i) may be
attributable to the employees of that entity or
enterprise, as the case may be, that entity or
enterprise, as the case may be, the control
routines, process or technology of that entity
or enterprise, as the case may be, or the
execution of legal, fiduciary and agency
responsibilities in respect of that entity or
enterprise, as the case may be, or (ii) which
may be attributable to external events which
are beyond the control of that entity or
enterprise, as the case may be;
"pari passu ranking"
means, in relation to a borrower, the debt of
that borrower which (i) ranks equally, in
priority of payment to the relevant lender(s),
with all of the other debt of that borrower
which is of the same class or type as that
debt (such class or type being determined,
among other things, with reference to the
status of the relevant debts as secured or
not secured and/or Subordinated or not
Subordinated), and (ii) which debt is
accordingly not subordinated to any of the
other debt of that borrower which is of the
same class or type as that debt;
"political risk"
means, in relation to a State Party, the risk
of a change in the political situation of that
State Party stemming from, among other
things, a change in the control of the
government of that State Party, a change in
the social fabric of that member State, or the
existence of other non-economic factors
which affect that State Party. Political risk
covers the potential for (i) internal and
external conflicts within or involving that
State Party, (ii) the expropriation of property
in that State Party, and
(iii) the
inconvertibility of the currency of that State
Party: The assessment of political risk
requires an analysis of factors such as the
relationships between various groups in that
State Party, the decision-making process in
the government of that State Party, and the
history of that State Party.
"preferred creditor status"
means, in relation to a borrower, that level of
priority for repayment of debts conferred by
International Law on multilateral financial
institutions such as the World Bank, IMF and
85
Select target paragraph3
Connect to a paragraph
Connect to an entity
Disable highlights
Add to table of contents