Bonds having a priority claim on one or more security interests relative to the claim against such security interests by the holders of other bonds.
Two or more Issues of Bonds with the same priority of claim or lien on the same underlying Security and sources of repayment (i.e., revenues) for all of the Bonds. For example, two Issues of Revenue Bonds are said to be on a parity with each other if the revenues, projects, program loans and other assets securing the first Revenue Bond Issue also secure the second Revenue Bond Issue and vice versa, and the two Issues have equivalent seniority. Two or more Issues of Bonds may be on a parity with each other with respect to one type of Security or revenues and not with respect to another type of Security or revenues. For example, one of the Revenue Bond Issues in the above example may be also secured by Bond Insurance, while the other is not, in which case they would be on a parity with respect to the basic revenues, but not with respect to the Bond Insurance.
Bonds having a subordinate claim on one or more security interests relative to the claim against such security interests by the holders of other bonds, also known as “junior lien bonds.”