Parity Security definition

Parity Security means, in relation to the Issuer or the Guarantor, as the case may be, any instrument or security issued, entered into or guaranteed by the Issuer or the Guarantor (i) which ranks or is expressed to rank, by its terms or by operation of law, pari passu with the Securities (in the case of the Issuer) or the obligations of the Guarantor under the Guarantee of the Securities (in the case of the Guarantor) 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 Issuer or, as the case may be, the Guarantor.

Parity Security means any class or series of stock issued by the Corporation ranking on a parity with the Series A Preferred upon liquidation, dissolution or winding up of the Corporation.

Parity Security means any class or series of stock issued by the Corporation ranking on a parity with the Series A Preferred in payment of dividends or distributions or upon liquidation, dissolution or winding-up of the Corporation.

Examples of Parity Security in a sentence

• To read what is modified by the Properly Chargeable and Extraordinary Item Phrase otherwise undoes to an extent what the parties to the Indenture desired to accomplish when it comes to the waterfall of revenues which is ensuring a consistent and relatively stable flow of revenues to the Parity Security Holders.

• For the avoidance of doubt, a security shall not be deemed a Parity Security unless the dividend is payable in kind when the dividend of the Series A Preferred Stock is paid in kind, and a security shall not be deemed not to be a Parity Security solely because the dividend on such security has a coupon equal to or greater than the Series A Preferred Stock.

• In this Sewer System Indenture dispute, it is sufficient to point out that the mere reference to GAAP does not distinguish between various methods of reporting under GAAP which raises another issue for what is meant by its inclusion in the calculus for what is Operating Expenses utilized to calculate Net Revenues available for payment to the Parity Security Holders.

• Since Operating Expenses is a crucial component in the mathematics for what of the System Revenues is available for payment of the Parity Security Holders, only one version for Operating Expenses is possible under the Indenture.

• Given that undisputed premise, the Trustee argues that it would be entirely redundant to define a Parity Security also as an “instrument[] qualifying as consolidated Tier I regulatory capital of the Bank .

More Definitions of Parity Security

Parity Security means (i) any subordinated and undated debt instruments or securities of the Issuer which are recognized as Additional Tier 1 capital of the Issuer, from time to time by the Relevant Authority and (ii) any securities or other obligations of the Issuer which rank, or areexpressed to rank, on a voluntary or involuntary liquidation or bankruptcy of the Issuer, pari passuwith the Notes;

Parity Security means: (i) any security issued by the Issuer which ranks, or is expressed to rank, pari passu with the Subordinated Instruments; and (ii) any security guaranteed by, or subject to the benefit of a keep well agreement or support undertaking entered into by, the Issuer where the Issuer's obligations under the relevant guarantee, keep well agreement or support undertaking rank pari passu with the Issuer's obligations under the Subordinated Instruments.

Parity Security means (i) any securities or other instruments issued by the Issuer and claims towards the Issuer which are expressed to rank pari passu with the Issuer's obligations under the Subordinated Notes or (ii) securities or other instruments issued by a Subsidiary, where such securities or instruments have the benefit of a guarantee or a keep well agreement by the Issuer, and the obligations under such guarantee or a keep well agreement rank pari passu with the Issuer's obligations under the Subordinated Notes. For the avoidance of doubt, this includes the Issuer's EUR 1.75 billion Subordinated Fixed to Floating Rate Notes issued in 2010 (ISIN XS0542298012), the Issuer's CHF 250 million Subordinated Resettable Fixed Rate Notes issued in 2011 (ISIN CH0136594352) the Issuer's CHF 150million Subordinated Resettable Fixed Rate Notes issued in 2012 (ISIN CH0185803049), the Issuer's GBP 750 million Subordinated Hybrid Capital Securities issued in 2012 (ISIN XS0652913988), the Issuer's USD 1 billion Subordinated Hybrid Capital Securities issued in 2012 (ISIN XS0767140022) and the Issuer's EUR 700 million Subordinated Hybrid Capital Securities (ISIN XS1219498141) and EUR 550 million Subordinated Hybrid Capital Securities (ISIN XS1219499032) issued in 2015, respectively.

Parity Security means any security, registered security or other instrument which (i) is issued by the Issuer and the obligations under which rank or are expressed to rank pari passu with the Issuer's obligations under the Notes, or (ii) is issued by a Subsidiary and guaranteed by the Issuer or for which the Issuer has otherwise assumed liability where the Issuer's obligations under the relevant guarantee or other assumption of liability rank or are expressed to be pari passu with the Issuer's obligations under the Notes.

Parity Security means any other class or series of Capital Stock of the Issuer with a ranking for purposes of any liquidation or the payment of dividends that is on par with that of the Series E Preferred Stock.

Parity Security means the Company’s perpetual capital instruments including the Capital Securities, preferred or preference shares or other securities issued directly or indirectly by the Company ranking pari passu with the Preference Shares as to rights to interest or dividend payments and participation in the Company’s assets in the event of the Company’s liquidation or winding up;

Parity Security means (i) Operating Revenues and Transfers, but subject to the Issuer’s obligation to make payments into the Operation and Maintenance Fund and the Rebate Fund, (ii) all cash and Investment Obligations in: (A) the Operating Revenue Fund (subject to the Issuer’s obligation to make payments into the Operation and Maintenance Fund and the Rebate Fund), (B) the Renewal and Replacement Fund, (C) the Surplus Fund, and (D) the Capital Recovery Fund, and (iii) Swap Receipts.