Common use of Creation of Liens Clause in Contracts

Creation of Liens. Except as permitted hereby, the Corporation shall not create or cause to be created any lien or charge prior or equal to that of the Bonds on the Trust Estate; provided, however, that nothing contained herein shall prevent the Corporation from incurring Subordinated Indebtedness that is secured by a lien or charge on the Subordinated Indebtedness Fund that is subject and subordinate to the lien or charge thereon created hereby.

Creation of Liens. Except as permitted hereby, the Corporation shall not create or cause to be created any lien or charge prior or equal to that of the Bonds on the Trust Estate; provided, however, that nothing contained herein shall prevent the Corporation from issuing bonds, notes or other obligations or otherwise incurring Subordinated Indebtedness that is secured by a indebtedness so long as the charge or lien or charge on the Subordinated Indebtedness Fund that Trust Estate created to secure the same is subject and subordinate not prior or equal to the charge or lien or charge thereon on the Trust Estate created hereby.

Creation of Liens. Except as permitted hereby, the Corporation shall not create or cause to be created any lien or charge prior prior, equal to, on parity with, or equal subordinated to that of the Series 2017 Bonds on the Trust Estate; provided, however, that nothing contained herein shall prevent the Corporation from incurring Subordinated Indebtedness that is secured by a lien or charge on the Subordinated Indebtedness Fund that is subject and subordinate to the lien or charge thereon created herebyEstate except for any Refunding Bonds.