Prior Lien Bonds definition

Prior Lien Bonds means any and all bonds or other obligations of the City presently outstanding or that may be hereafter issued, payable from and secured by a first lien on and pledge of the Net Revenues or by a lien on and pledge of the Net Revenues subordinate to a first lien and pledge of such Net Revenues but superior to the lien and pledge of the Surplus Revenues made for the Certificates.

Prior Lien Bonds means any indebtedness secured by liens either (i) existing both at and immediately prior to the acquisition of the property by the Company, or (ii) created as purchase money mortgages at the time the Company acquires the property, and in each case ranking prior to, or on a parity with, the lien of the Mortgage Indenture. (Mortgage Indenture Sections 1.03(hh) and 1.03(ii).)

Prior Lien Bonds means the previously issued Bonds secured by the Revenues of the System as set forth as Exhibit "D".

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 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.

• In addition, the Cities are obligated to guarantee the payment of TMPA’s Prior Lien Bonds (the “Debt Service Guarantee”).

• The County hereby expressly reserves the right to hereafter issue Prior Lien Bonds, without limitation as to principal amount, but subject to any terms, conditions or restrictions applicable thereto under law or otherwise, provided that the order authorizing the issuance of any Prior Lien Bonds provides that such bonds are payable from and secured, in whole or in part, by a first and superior lien on the Net Revenues.

• Prior Lien Interest Account') an amount computed by (i) deducting the amount of moneys then in the Prior Lien Interest Account from the interest next due on the following Interest Payment Date on an Outstanding Prior Lien Bonds, and (ii) multiplying the difference by a fraction the numerator of which is one and the denominator of which is the number of months, from and including the month of computation, to and including the month prior to the month in which such interest is due.

More Definitions of Prior Lien Bonds

Prior Lien Bonds means the previously issued Bonds secured by the Revenues of the System, as defined in the General Bond Ordinance, as set forth as Exhibit "D."

Prior Lien Bonds means, collectively, the Senior Lien Bonds, the Second Senior Lien Bonds and the Subordinate Lien Bonds.

Prior Lien Bonds means the outstanding revenue bonds of those issues or series identified as follows: (i) $18,935,000 original principal amount of “City of Garland, Texas, Electric Utility System Revenue Bonds, Series 2005,” dated March 15, 2005, (ii) $25,045,000 original principal amount of “City of Garland, Texas, Electric Utility System Revenue Bonds, Series 2006,” dated March 15, 2006, (iii) $21,050,000 original principal amount of “City of Garland, Texas, Electric Utility System Revenue Bonds, Series 2007,” dated March 15, 2007,

Prior Lien Bonds means the Town’s Water and Sewer Revenue and Tax Refunding Bonds, Series 2012A, dated December 21, 2012; its Water and Sewer Revenue and Tax Bond, Series 2020, dated February 20, 2024; and any other debt obligation secured by revenues of the System and issued prior to the date of the Bonds.

Prior Lien Bonds means, to the extent outstanding the County’s outstanding High School Bonds, Series, 2001(B), dated March 19, 2001, any unrefunded Outstanding Bonds, Rural School Refunding Bonds, Series 2013, dated January 25, 2013, and High School Refunding Bonds, Series 2015, dated May 8, 2015;

Prior Lien Bonds means bonds or other obliga- tions secured by a prior lien. "Outstanding" with respect to prior lien bonds shall mean as of any particular time all prior lien bonds theretofore authenticated and delivered by the trustee or other holder of the prior lien securing the same, or, if there be no such trustee or other holder, all prior lien bonds thereto- fore issued under any such lien, except (a) prior lien bond theretofore paid, retired, redeemed, discharged or canceled, (b) prior lien bonds held in pledge hereunder, (c) prior lien bonds held uncanceled by the trustee or other holder of a prior lien (on the same property as that securing the prior lien bonds so held) under conditions such that no transfer of ownership or possession of such prior lien bonds by the trustee or other holder of such prior lien is permissible thereunder except to the Trustee hereunder to be held subject to the provisions of Article 7, or to the trustee or other holder of a prior lien for cancel- lation or to be held uncanceled under the terms of a prior lien under like conditions, (d) prior lien bonds for the purchase, payment or redemption of which moneys in the necessary amount shall have been deposited with or be held, with irrevocable direction so to apply, by the Trustee hereunder or by the trustee or other holder of a prior lien; provided that, in the case of redemption, the notice required therefor shall have been given or have been provided for to the satisfaction of the Trustee, and (e) prior lien bonds upon transfer of which or in exchange or substitution for and/or in lieu of which other prior lien bonds have been authenticated and delivered or made and delivered under any of the provisions of the prior lien securing such prior lien bonds.

Prior Lien Bonds means the bonds issued and outstanding pursuant to the Prior Lien Bond Ordinances. “Prior Lien Bond Ordinances” shall mean Ordinance Nos. 16416, 16417 and 17288 of the City.