Parity Obligation means any instrument or other obligation issued or entered into by the Issuer that constitutes or qualifies as Additional Tier 1 Capital (or its equivalent) under applicable Capital Regulations or any instrument or other obligation issued, entered into, or guaranteed by the Issuer that ranks or is expressed to rank pari passu with the Capital Securities by operation of law or contract, which for the avoidance of doubt, excludes any Junior Obligations of the Issuer.
Parity Obligation means that class of preference shares of the Issuer that rank in right of payment at the most junior level on a Winding-Up and any security or other similar obligation issued, entered into or guaranteed by the Issuer that constitutes or would qualify (other than because the Issuer has otherwise in issue Additional Tier 1 Capital (as defined in the BNM Capital Adequacy Framework) up to the limit prescribed or allowed from time to time by BNM) as Additional Tier 1 Capital of the Issuer on an unconsolidated or consolidated basis, pursuant to the relevant requirements issued by BNM from time to time and currently set out in the BNM Capital Adequacy Framework, or otherwise ranks on a Winding-Up or is expressed to rank on a Winding-Up, by its terms or by operation of law, pari passu with the AT1 Notes;
Parity Obligation means any instrument or other obligation issued, entered into, or guaranteed by DSB that constitutes or qualifies as a Tier 2 Capital Instrument (or its equivalent) under applicable Capital Regulations or that ranks or is expressed to rank pari passu with the Dated Subordinated Notes by operation of law or contract;
Examples of Parity Obligation in a sentence
Any acceleration shall occur of the maturity of any Senior Obligation or Parity Obligation, or any Senior Obligation or Parity Obligation due and payable on the final maturity date thereof shall not be paid in full.
To the extent that KDHE's right to receive Loan Repayments is on a parity of lien basis with the lien of Utility Indebtedness on the Municipality's Gross Revenues, such moneys shall be applied to the Loan as a Parity Obligation under the Bond Resolutions as described in Section 5.02(c) hereof.
Each Revolving Loan shall constitute a Parity Obligation under the Parity Revenue Bond Indentures.
The Municipality certifies that the Loan is a Parity Obligation as defined in the WIFIA Credit Agreement and is a Parity Obligation as defined in the Outstanding Parity Bond Resolutions.
This Note constitutes a Parity Obligation within the meaning of the Parity Revenue Bond Indentures.
More Definitions of Parity Obligation
Parity Obligation means Parity Interest and Parity Principal.
Parity Obligation means any instrument or security (including preference shares) issued, entered into or guaranteed by the Issuer which ranks or is expressed to rank, by its terms or by operation of law, pari passu with the Securities;
Parity Obligation means a debt obligation of the Recipient on parity with this Obligation. There are no Parity Obligations.
Parity Obligation means any Additional Tier 1 Capital Instrument, and any other instrument or other obligation issued, entered into, or guaranteed by the Issuer that ranks or is expressed to rank pari passu with the Perpetual Capital Securities by operation of law or contract;
Parity Obligation means a guarantee or Lien, if applicable, granted by a Security Document to the Security and Intercreditor Agent, at any time, to guarantee Parity Debt Obligations or, if applicable, upon any collateral to secure Parity Obligations.
Parity Obligation means any instrument or security (including without limitation any preference units in KIT) issued, entered into or guaranteed by the Issuer (1) which ranks or is expressed to rank, by its terms or by operation of law, pari passu with a Notional Preferred Unit (as defined in the terms and conditions of the Perpetual Securities) and(2) the terms of which provide that the making of payments thereon or distributions in respect thereof are fully at the discretion of the Issuer and/or, in the case of an instrument or security guaranteed by the Issuer, the issuer thereof. Non-Cumulative Deferral and Cumulative Deferral: If Non-Cumulative Deferral is set out on the face of the Perpetual Security and the relevant Pricing Supplement, any distribution deferred pursuant to Condition 4(IV) of the Perpetual Securities is non-cumulative and will not accrue interest. The Issuer is not under any obligation to pay that or any other distributions that have not been paid in whole or in part. The Issuer may, at its sole discretion (and is not obliged to), and at any time, elect to pay an amount up to the amount of distribution which is unpaid (“Optional Distribution”) (in whole or in part) by complying with the notice requirements in Condition 4(IV)(e) of the Perpetual Securities. There is no limit on the number of times or the extent of the amount with respect to which the Issuer can elect not to pay distributions pursuant to Condition 4(IV) of the Perpetual Securities. Any partial payment of outstanding Optional Distribution by the Issuer shall be shared by the holders of all outstanding Perpetual Securities and the Coupons related to them on a pro rata basis. If Cumulative Deferral is set out on the face of the Perpetual Security and the relevant Pricing Supplement, any distribution deferred pursuant to Condition 4(IV) of the Perpetual Securities shall constitute “Arrears ofDistribution”. The Issuer may, at its sole discretion, elect to (in the circumstances set out in Condition 4(IV)(a) of the Perpetual Securities) further defer any Arrears of Distribution by complying with the foregoing notice requirement applicable to any deferral of an accrued distribution. The Issuer is not subject to any limit as to the number of times distributions and Arrears of Distribution can or shall be deferred pursuant to Condition 4(IV) of the Perpetual Securities except that Condition 4(IV)(c) of the Perpetual Securities shall be complied with until all outstanding Arrears of Distribution h...
Parity Obligation means that class of preference shares of the Issuer that rank in right of payment at the most junior level on a Winding-Up and any security or other similar obligation issued, entered into or guaranteed by the Issuer that constitutes or would qualify (other than because the Issuer has otherwise in issue Additional Tier 1 Capital (as defined in the BNM Capital Adequacy Framework) up to the limit prescribed or allowed from time to time by