Parity Obligations. The Lenders authorize the Agent to enter into (i) a collateral trust agreement or other arrangement on terms acceptable to the Agent and the Required Lenders to secure on an Equal and Ratable basis with the Loan Obligations, any Parity Obligations, and (ii) an intercreditor agreement on terms acceptable to the Agent and the Required Lenders with the holders of Parity Obligations.
Parity Obligations. The Municipality certifies that the Loan is a Parity Obligation as defined in the WIFIA Credit Agreement and is a Parity Obligation as defined in the Outstanding Parity Bond Resolutions. The Municipality hereby represents and covenants that the Loan granted by this Loan Agreement is so granted in full compliance with the restrictions and conditions upon which the Municipality may issue Additional Obligations which stand on a parity of lien with the Net Revenues with the Parity Indebtedness heretofore issued and Outstanding, as set forth and contained in the Outstanding Parity Bond Resolution, and that the Loan herein directed to be granted is so issued in all respects on a parity and equality with the Parity Indebtedness heretofore issued and Outstanding. In case any one or more of the provisions of this Loan Agreement or of the Loan granted hereunder shall for any reason be inconsistent with the provisions of the Outstanding Parity Bond Resolutions or the Parity Indebtedness: (a) the provisions of any Outstanding Parity Bond Resolution adopted prior to this Loan Agreement shall prevail with respect to Parity Indebtedness issued prior in time, so long as such Parity Indebtedness is Outstanding; and (b) the provisions of this Loan Agreement shall prevail with respect to any Parity Bond Resolution adopted subsequent to this Loan Agreement, so long as any Parity Indebtedness issued under this Loan Agreement is Outstanding.
Parity Obligations. The Municipality agrees that it will not take any action that would result in the Loan no longer remaining at least a Parity Obligation as defined in the WIFIA Credit Agreement and a Parity Obligation as defined in the Parity Bond Resolutions.
Parity Obligations. (a) So long as any Installment Payments are due hereunder, the District shall not issue or incur any obligations payable from Net Revenues or the Revenue Fund senior or superior to the Installment Payments.
Parity Obligations. Prior to the incurrence of any Parity Obligations, the State will provide evidence satisfactory to the Trustee that each of the following conditions has been satisfied and will deliver to the Trustee the following instruments and documents:
Parity Obligations. Issuer shall not be permitted to create or permit the creation of indebtedness payable from the Revenues on an equal and parity basis with the lien of this Indenture, except, with respect to Additional Debentures issued in strict compliance with this Indenture or other permissible forms of debt as set forth below (collectively, the “Permissible Parity Debt”). Before any Permissible Parity Debt is issued or incurred, there shall be delivered to Trustee the items required for the issuance of Debentures by Section 2.08 of this Indenture, plus a statement by a Qualified Accountant reciting the opinion, based upon necessary investigation, (i) that the Net Revenues of Issuer for the two (2) Fiscal Years immediately preceding the Fiscal Year in which such Permissible Parity Debt are to be issued or incurred were not less than three hundred percent (300%) of the average Annual Debt Service on all then-Outstanding Debentures, the Operating Line of Credit, any Parity Debt and Subordinate Obligations, plus the Permissible Parity Debt then proposed to be issued or incurred, or (ii) in the event that the proceeds of the Permissible Parity Debt will be used to fund the acquisition, in whole or in part of an additional business, that the Net Revenues of Issuer, together with the audited Net Revenues of the business to be acquired, restated on a combined basis in accordance with GAAP procedures, for the two (2) Fiscal Years immediately preceding the Fiscal Year in which such Permissible Parity Debt are to be issued or incurred were not less than three hundred percent (300%) of the average Annual Debt Service on all then-Outstanding Debentures, the Operating Line of Credit, any Parity Debt and Subordinate Obligations, plus the Permissible Parity Debt then proposed to be issued or incurred. No Permissible Parity Debt shall be issued or incurred unless there is no default at the time of issuance under this Indenture or Operating Line of Credit.
Parity Obligations. Notwithstanding anything to the contrary in this Loan Agreement, the Borrower shall have the right to issue bonds or incur other obligations (the “Parity Obligations”) which shall be secured by a first pledge of, and lien on, all the Gross Revenues and which shall be payable on a parity with the Loan and the Loan Repayments under this Loan Agreement, but such Parity Obligations shall be issued or incurred solely for the purpose of refinancing the Miscellaneous Plan in order to achieve cost savings with respect to the Miscellaneous Plan
Parity Obligations. The Authority further covenants that, except for obligations incurred to prepay or post a security deposit for the payment of the Bonds or Parity Obligations, the Authority may issue or incur Parity Obligations during the term of the Bonds if:
Parity Obligations. So long as no event of default has occurred and is continuing the Corporation may issue or incur Parity Obligations to provide financing or refinancing for improvements or additions to the Encumbered Property or the construction of additional facilities of the Corporation on sites adjacent or proximate to the Encumbered Property to be used for similar purposes if the conditions set forth in this Section are met. Such Parity Obligations may, at the option of the Corporation, be secured on a parity basis with the Bonds (but not a senior basis) including the lien and security provided for in the Security Documents. The holders of such Parity Obligations shall not be entitled to share on a parity with the owners of the Bonds in any project fund, costs of issuance fund, bond fund or debt service fund, debt service reserve fund or similar fund or account established under the Bond Indenture for a series of Bonds unless such parity of the Parity Obligations is specifically provided in a Supplemental Bond Indenture for a series of Bonds. Such Parity Obligations may be further secured in any manner not inconsistent with the provisions and intent of the Bond Indenture or this Loan Agreement, and may be secured by any partial interest in Gross Revenues or other liens and security interests to the extent set forth in the Supplemental Loan Agreement or other instrument relating to such Parity Obligations. In the event that the Corporation shall propose to secure any such Parity Obligation by a lien, mortgage or other security interest as described above, the County, the Bond Trustee and the Corporation shall take, or shall cause to be taken, such actions (including entering into a Supplemental Loan Agreement, Parity Obligations/intercreditor agreement, Supplemental Bond Indenture, or amendment to any Security Document) and execute, deliver, file and record such instruments of security as their respective counsel agree to be necessary or appropriate to grant to and/or otherwise secure for the holder or holders of the Parity Obligation a security interest similar to that of the County and the Bond Trustee, and the Corporation shall as a condition of securing such Parity Obligation execute, deliver, file and record, and cause to be executed, delivered, filed and recorded by such holder or holders, such documents as counsel for the County and the Corporation agree to be necessary or appropriate therefor. Any event of default under any instrument or agreement providing for ...
Parity Obligations. (a) So long as any Installment Payments are due hereunder, the District shall not issue or incur any obligations payable from Net Revenues or the Revenue Fund senior or superior to the Installment Payments. The District may at any time issue Parity Obligations payable from Net Revenues on a parity with the Installment Payments to provide financing for the Enterprise in such principal amount as shall be determined by the District. Except for obligations incurred to prepay or post a security deposit for the Installment Payments hereunder or with respect to Parity Obligations, the District may not issue or incur any Parity Obligations unless:
