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
It will faithfully perform at all times any and all covenants, undertakings, stipulations, and provisions contained in this Resolution, and in each and every Parity Obligation or evidence thereof.
The Municipality shall also, from the moneys in the Income Fund, transfer to the applicable trustee, if any, for deposit in the respective payment fund, without preference or priority, and in the event of any insufficiency of such moneys ratably without any discrimination or preference, any other Parity Obligation Payments in accordance with the provisions of any Parity Obligation.
The City and the Hospital may issue Subordinate Obligations without the consent of Rural Development (or such other owner of the Series 2016 USDA Bond) or any other Parity Obligation Holder.
The City will observe and perform all of the covenants, agreements and conditions on its part required to be observed and performed under the Parity Obligation Documents.
If, whether by reason of any of the provisions of Article 8(C)(2)(v) or 8(C)(2)(vi) above or the terms of a Parity Obligation, on the relevant Dividend Date, a Dividend is not paid in full (when, as and if declared by the Board) or dividends or other distributions are not paid in full on any Parity Obligations, but on such Dividend Date there are Distributable Reserves, then each Class A Cumulative Preference Shareholder shall be entitled to receive the Relevant Proportion of any such Dividend.
More Definitions of Parity Obligation
Parity Obligation means Parity Interest and Parity Principal.
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.
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 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...