Examples of Prior Lien Bonds in a sentence
As provided in Article V of the General Bond Resolution, the Bonds, equally with the Prior Lien Bonds, shall be secured by a pledge and dedication of the Revenues of the System, subject only to the payment of the reasonable and necessary expenses of operating and maintaining the System.
The Bonds, when issued, shall constitute Prior Lien Bonds as provided in the General Bond Resolution, as amended.
The City will not hereafter issue any additional obligations with a lien on and pledge of the Net Revenues on a parity with the lien on and pledge of the Net Revenues associated with the Prior Lien Bonds or create or issue evidences of indebtedness for any purpose possessing a lien on the Net Revenues of the System superior to that to be possessed by the Bonds Similarly Secured.
Claims incurred in any other policy currency will be converted using the spot rates prevailing at the time we assess the claim.
In addition, the Cities are obligated to guarantee the payment of TMPA’s Prior Lien Bonds (the “Debt Service Guarantee”).