Examples of Parity Securities in a sentence
This will be paid in proportion to the dividends and other amounts which would have been due on the Preference Shares and any other shares and other instruments of the Company on such Dividend Payment Date which are expressed to rank equally with the Preference Shares as regards participation in profits (including any arrears of dividends and other amounts on any such Parity Securities which have rights to cumulative dividends or other amounts) if there had been sufficient profit.
If, upon any return of capital or distribution of assets, the amounts available for payment are insufficient to cover the amounts payable in full on the Preference Shares and any Parity Securities and the 2004 Preference Shares, the holders of the Preference Shares and the holders of such Parity Securities and the 2004 Preference Shares will share rateably in the distribution of surplus assets (if any) of the Company in proportion to the full amounts to which they are respectively entitled.
The Securities and Coupons relating to them constitute direct, unsecured and subordinated obligations of the Issuer and rank and will at all times rank pari passu and without any preference among themselves and with the Issuer’s payment obligations in respect of any Parity Securities.
The obligations of the Guarantor under the Guarantee constitute direct, unsecured and subordinated obligations of the Guarantor and rank pari passu and without any preference or priority among themselves and with any Parity Securities of the Guarantor.
Neither the Bank nor any Subsidiary may issue, or guarantee the issue of, any Parity Securities or other instruments equivalent to Parity Securities ranking, either directly or through a guarantee, senior to the Preferred Securities, unless the terms and conditions of the Preferred Securities are amended so as to rank pari passu with any such issue of senior securities.