Parity Obligation definition

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.

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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;

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;

Examples of Parity Obligation in a sentence

• If the Department establishes a reserve fund for any Parity Obligation but does not elect to make such reserve fund a part of the Common Reserve, then any Reserve Fund so established will be a Separate Reserve Fund and will secure only the Parity Obligations for which such reserve fund was created.

• This Note constitutes a Parity Obligation within the meaning of the Parity Revenue Bond Indentures.

• 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 Trustee may withdraw amounts from the Common Reserve in accordance with each Issuing Document for a Common Reserve Parity Obligation to make payments to the owners of the Common Reserve Parity Obligations issued under such Issuing Document when due.

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 any instrument or security (other than shares) issued, entered into or guaranteed by the Company (i) which ranks or is expressed to rank, by its terms or by operation of law, pari passu with the Series 2 Convertible Securities and (ii) the terms of which provide that the making of payments thereon or distributions in respect thereof are fully at the discretion of the Company and/or, in the case of an instrument or security guaranteed by the Company, the issuer thereof.

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

Parity Obligation means a debt obligation of the Recipient on parity with this Obligation. There are no Parity Obligations.

Parity Obligation means any instrument or other obligation issued or entered into by the Issuer that qualifies as an Additional Tier 1 Capital Instrument and any Loss Absorbing Instrument or other 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.

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.