Accounting Event means the receipt by the audit committee of the board of directors of the Company of a written report in accordance with Statement on Auditing Standards (“SAS”) No. 97, “Amendment to SAS No. 50 – Reports on the Application of Accounting Principles”, from the Company’s independent auditors, provided at the request of the management of the Company, to the effect that, as a result of a change in accounting rules after the date hereof, the Company must either (i) account for all or any portion of the Purchase Contracts as derivatives under SFAS 133 (or otherwise xxxx-to-market or measure at fair value all or any portion of the Purchase Contracts, with changes appearing in the Company’s income statement) or (ii) account for the Units using the if-converted method under SFAS 128, and that such accounting treatment will cease to apply upon redemption of the Senior Notes.
Accounting Event means the receipt by the Issuer of an opinion of an Authorized Public Accountant in Finland (reputable and experienced in such matters) to the effect that, as a result of a change in the applicable accounting standards or interpretation thereof, the equity treatment of the Capital Notes as “equity” in full in the Issuer’s consolidated financial statements has or will cease.
Accounting Event has the meaning set forth in the Supplemental Indenture.
Examples of Accounting Event in a sentence
The Accounting Event shall be deemed to have occurred on the Accounting Event Adoption Date notwithstanding any later effective date.
If a Tax Event, a Capital Event or an Accounting Event occurs, the Issuer may redeem the Notes (in whole but not in part) at any time prior to but excluding the Optional Redemption Date at their Early Redemption Amount, on the giving of not less than 30 and not more than 60 calendar days’ irrevocable notice of redemption to the Noteholders in accordance with Condition 13.1.
Such notice of redemption may only be given simultaneously with or after a notification by the Issuer in accordance with Condition 13 that a Tax Event, a Capital Event or an Accounting Event (as the case may be) has occurred.
In the case of an Accounting Event or a Substantial Repurchase Event, prior to giving any notice of redemption or substitution or variation (in the case of an Accounting Event only), the Issuer will deliver or procure that there is delivered to the Trustee a certificate signed by two authorised officers of the Issuer on behalf of the Issuer stating that an Accounting Event or a Substantial Repurchase Event, as the case may be, has occurred.
The Trustee shall be entitled, without further enquiry or liability to any person, to accept such certification as sufficient evidence that an Accounting Event or a Substantial Repurchase Event, as the case may be, has occurred, in which event it shall be conclusive and binding on the Noteholders.
More Definitions of Accounting Event
Accounting Event means that a recognised accountancy firm, acting upon instructions of the Issuer, has delivered a letter or report to the Issuer, stating that as a result of a change in accounting principles or methodology (or the application thereof) since the Issue Date, the Euro 10 Year Non- Call Notes may not or may no longer be recorded as “equity” in full in any of the consolidated financial statements of the Issuer pursuant to either IFRS-IASB or IFRS-EU or any other accounting standards that may replace IFRS-IASB and/or IFRS-EU for the purposes of preparing the annual, semi-annual or quarterly consolidated financial statements of the Issuer.
Accounting Event means that an opinion of a recognised accounting firm has been delivered to the Issuer or ZIG, stating that obligations of the Issuer in respect of the Notes must not, or must no longer be, recorded under the Initial Accounting Treatment Methodology specified in the applicable Pricing Supplement (either “liabilities” or “equity”), (being the presentation of the Notes under IFRS as at the Issue Date) on the balance sheet of ZIG published in its annual consolidated financial statements pursuant to IFRS and this cannot be avoided by the Issuer or, as the case may be, ZIG taking such reasonable measures as the Issuer or ZIG (acting in good faith) deems appropriate and, prior to the publication of any notice of substitution, variation or redemption pursuant to Condition 6 (Redemption, Substitution or Variation, Purchase and Options) by reason of such event, the delivery by the Issuer to the Trustee of such opinion;
Accounting Event means that an opinion of a recognised accountancy firm of international standing has been delivered to the Issuer and the Fiscal Agent, stating that as a result of a change or amendment to IFRS or any other generally accepted accounting standards adopted by the Issuer (the “Relevant Accounting Standard”), the Securities must not or must no longer be recorded as “equity” of the Issuer pursuant to the Relevant Accounting Standard.
Accounting Event means that an opinion of a recognised accountancy firm of international standing has been delivered to the Issuer and the Fiscal Agent, stating that, as a result of a change in the accounting rules or methodology (or the application thereof) effective since 28 October 2019, the Bonds may not or may no longer, from the implementation date of the relevant new International Financial Reporting Standards ("IFRS") or any other accounting standards that may replace IFRS, be recorded as "equity" in full pursuant to IFRS or any other accounting standards that may replace IFRS for the purposes of the annual, semi- annual or quarterly consolidated financial statements of the Issuer.The Issuer may notify the redemption of the Bonds as a result of the occurrence of an Accounting Event from (and including) the date on which the change in the relevant IFRS rules or any other accounting standards that may replace IFRS for the purposes of the consolidated financial statements of the Issuer (the "Change") is officially adopted, which may be before the Change has come into effect.If an Equity Credit Rating Event has occurred, then the Issuer may redeem all, but not some only, of the Bonds at any time, at (i) 101 per cent. of their principal amount where such redemption occurs prior to 30 January 2025 (being the date falling three months prior to the First Step-up Date), or (ii) 100 per cent. of their principal amount where such redemption occurs on or after 30 January 2025 (being the date falling three months prior to the First Step-up Date), in each case together with any accrued interest and any Arrears of Interest (including any Additional Interest Amounts thereon), provided that the due date for redemption of which notice hereunder may be given shall be no earlier than the last calendar day before the date on which the Bonds are assigned a level of equity credit that is lower than the level or equivalent level of equity credit assigned to the Bonds by the relevant Rating Agency on 28 October 2019, or if such equity credit was not assigned on 28 October 2019, at the date when the equity credit was assigned for the first time.For the purpose hereof:
Accounting Event means that an opinion of a recognised accountancy firm of international standing has been delivered to the Issuer and the Fiscal Agent, stating that the funds raised through the issue of the Notes must not or must no longer be recorded as “equity” in full pursuant to the International Financial Reporting Standards (“IFRS”) or any other accounting standards that may replace IFRS for the purposes of the annual consolidated financial statements of the Issuer.
Accounting Event means (i)(A) the receipt by the Bank of an opinion of a recognised international accounting firm stating that on or after the Issue Date of the Notes, or if the Notes comprise more than one Tranche, the Issue Date of the first Tranche, the obligations in respect of the Notes must not or must no longer be recorded as liabilities in the Bank’s consolidated financial statements prepared in accordance with IFRS; and
Accounting Event shall occur if as a result of (i) a change in the accounting principles which has been officially adopted on or after the Issue Date or (ii) a change in the interpretation thereof (such change an “Accounting Event Change”), but not otherwise, the obligations of the Issuer under the Securities following the official adoption, if applicable, of such Accounting Event Change, which may fall before the date on which the Accounting Event Change comes into effect, must not, or may no longer, be recorded as “equity” in the audited annual or interim consolidated financial statements of the Issuer, in each case prepared in accordance with IFRS or any other accounting standards that the Issuer may adopt in the future for the preparation of its audited annual or interim consolidated financial statements in accordance with Italian company law.