Parity Security means any class or series of stock issued by the Corporation ranking on a parity with the Series A Preferred upon liquidation, dissolution or winding up of the Corporation.
Parity Security means, in relation to the Issuer or the Guarantor, as the case may be, any instrument or security issued, entered into or guaranteed by the Issuer or the Guarantor (i) which ranks or is expressed to rank, by its terms or by operation of law, pari passu with the Securities (in the case of the Issuer) or the obligations of the Guarantor under the Guarantee of the Securities (in the case of the Guarantor) and (ii) the terms of which provide that the making of payments thereon or distributions in respect thereof are fully at the discretion of the Issuer or, as the case may be, the Guarantor.
Parity Security means any class or series of stock issued by the Corporation ranking on a parity with the Series A Preferred in payment of dividends or distributions or upon liquidation, dissolution or winding-up of the Corporation.
Examples of Parity Security in a sentence
For the avoidance of doubt, a security shall not be deemed a Parity Security unless the dividend is payable in kind when the dividend of the Series A Preferred Stock is paid in kind, and a security shall not be deemed not to be a Parity Security solely because the dividend on such security has a coupon equal to or greater than the Series A Preferred Stock.
Before the payment of special distributions on account of any “excess cash” (as described in the Articles of Incorporation), any deferred and unpaid Asset Management Fees, plus all interest accrued thereon, will be paid to the Advisor, but only after the holders of the K-I Shares, K Shares and K-T Shares and any Parity Security have been paid the full amount of any unpaid, accrued and unpaid distributions on the K-I Shares, K Shares, K-T Shares and any Parity Security.
The Issuer's Series A Preferred Stock is hereby designated a Parity Security.
The increase in the amount of authorized Preferred Stock of the Corporation or the creation and issuance, or increase in amount of authorized shares of other series of Parity Security or Junior Security shall not be deemed to affect materially and adversely such rights, preferences, privileges or voting power.
The Company will not declare or pay any dividend, purchase, redeem, or otherwise acquire for value any of its Parity Security or Junior Security now or hereafter outstanding, return any capital or make a distribution of its assets to its stockholders.
More Definitions of Parity Security
Parity Security means (i) any securities or other instruments issued by the Issuer and claims towards the Issuer which are expressed to rank pari passu with the Issuer's obligations under the Subordinated Notes or (ii) securities or other instruments issued by a Subsidiary, where such securities or instruments have the benefit of a guarantee or a keep well agreement by the Issuer, and the obligations under such guarantee or a keep well agreement rank pari passu with the Issuer's obligations under the Subordinated Notes. For the avoidance of doubt, this includes the Issuer's EUR 1.75 billion Subordinated Fixed to Floating Rate Notes issued in 2010 (ISIN XS0542298012), the Issuer's CHF 250 million Subordinated Resettable Fixed Rate Notes issued in 2011 (ISIN CH0136594352) the Issuer's CHF 150million Subordinated Resettable Fixed Rate Notes issued in 2012 (ISIN CH0185803049), the Issuer's GBP 750 million Subordinated Hybrid Capital Securities issued in 2012 (ISIN XS0652913988), the Issuer's USD 1 billion Subordinated Hybrid Capital Securities issued in 2012 (ISIN XS0767140022) and the Issuer's EUR 700 million Subordinated Hybrid Capital Securities (ISIN XS1219498141) and EUR 550 million Subordinated Hybrid Capital Securities (ISIN XS1219499032) issued in 2015, respectively.
Parity Security means (i) any subordinated and undated debt instruments or securities of the Issuer which are recognized as Additional Tier 1 capital of the Issuer, from time to time by the Relevant Authority and (ii) any securities or other obligations of the Issuer which rank, or areexpressed to rank, on a voluntary or involuntary liquidation or bankruptcy of the Issuer, pari passuwith the Notes;
Parity Security means: (i) any security issued by the Issuer which ranks, or is expressed to rank, pari passu with the Notes; and (ii) any security guaranteed by, or subject to the benefit of a keep well agreement or support undertaking entered into by, the Issuer where the Issuer's obligations under the relevant guarantee, keep well agreement or support undertaking rank pari passu with the Issuer's obligations under the Notes.
Parity Security means the Company’s perpetual capital instruments (including the Capital Securities), preferred or preference shares (including the Preference Shares) or other securities issued directly or indirectly by the Company or issued by one of its Subsidiaries and benefiting from a guarantee or support agreement ranking pari passu with the Capital Securities as to participation in the Company’s assets in the event of the Company’s winding up;
Parity Security means any security (i) issued by the Issuer and ranking pari passu as to payment of interest, dividends or distributions with its obligations under the Tier 1 Notes or (ii) issued by an Issuing Vehicle.
Parity Security means any present or future security, registered security or other instrument which (i) is issued by the Issuer and ranks or is expressed to rank pari passu with the Notes, or (ii) is issued by a Subsidiary and guaranteed by the Issuer or for which the Issuer has otherwise assumed liability where the Issuer's obligations under the relevant guarantee or other assumption of liability rank or are expressed to rank pari passu with the Issuer's obligations under the Notes."Junior Security" means (i) the ordinary shares of the Issuer, (ii) any share of any other class of shares of the Issuer ranking pari passu with the ordinary shares of the Issuer, (iii) any other security, registered security or other instrument of the Issuer the Issuer's obligations under which rank or are expressed to rank pari passu with the instruments of the Issuer described under (i) and (ii) and (iv) any present or future security, registered security or other instrument which is issued by a Subsidiary and guaranteed by the Issuer or for which the Issuer has otherwise assumed liability where the Issuer's obligations under such guarantee or other assumption of liability rank or are expressed to rank pari passu with the instruments of the Issuer described under (i), (ii) and/or (iii)."Subsidiary" means any corporation, partnership or other enterprise in which the Issuer directly or indirectly holds in the aggregate more than 50 per cent. of the capital or the voting rights.Limitation of the rights attached to the NotesExcept for (i) the possibility of the Issuer (x) to defer interest payments and(y) to call the Notes for redemption or to repurchase and cancel Notes prior to the Maturity Date (as defined below) and (ii) the prohibition of set-off, there are no limitations to the rights attached to the Notes.Prohibition of set-offThe Holders may not set off any claim arising under the Notes against any claim that the Issuer may have against any of them. The Issuer may not set off any claims it may have against any Holder against any claims of such Holder under the Notes.RedemptionUnless previously redeemed, or purchased and cancelled, each Note will be redeemed at its principal amount on 6 December 2076 (the "Maturity Date").Early redemption at the option of the IssuerThe Issuer may, upon giving not less than 30 nor more than 60 days' notice, call the Notes for redemption (in whole but not in part) with effect as of the First Call Date (as defined below) or with effect as of any Interest Pa...
Parity Security means (i) Operating Revenues and Transfers, but subject to the Issuer’s obligation to make payments into the Operation and Maintenance Fund and the Rebate Fund, (ii) all cash and Investment Obligations in: (A) the Operating Revenue Fund (subject to the Issuer’s obligation to make payments into the Operation and Maintenance Fund and the Rebate Fund), (B) the Renewal and Replacement Fund, (C) the Surplus Fund, and (D) the Capital Recovery Fund, and (iii) Swap Receipts.