Equity Credit Rating Event definition

Equity Credit Rating Event means that a Rating Agency which has assigned solicited ratings to the Issuer either directly or via publication by such Rating Agency has confirmed to the Issuer in writing that an amendment, clarification or change in the “equity credit” criteria of any such Rating Agency (or the interpretation thereof) has occurred after the Issue Date, which amendment, clarification change or interpretation, results in the Euro 10 Year Non-Call Notes being assigned a level of equity credit that is lower than the level or equivalent level of equity credit assigned to the Euro 10 Year Non-Call Notes by such Rating Agency on the Issue Date, or if such equity credit was not assigned on the Issue Date, at the date when the equity credit was assigned for the first time.
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Equity Credit Rating Event means that the Issuer has received written confirmation from any Rating Agency from whom the Issuer is assigned solicited ratings either directly or via a publication by such agency, that an amendment, clarification or change has occurred in the "equity credit" criteria (or such other nomenclature that the relevant Rating Agency may then use to describe the degree to which an investment exhibits the characteristics of an ordinary share) of such Rating Agency or the application thereof, effective after 28 October 2019 (or Early Redemption following a Substantial Repurchase Event Early Redemption following a Change of Control Call Eventeffective after the date when the equity credit is assigned for the first time, as applicable), which amendment, clarification or change or the application thereof results in a lower equity credit for all or some of the Bonds than the then respective equity credit assigned on 28 October 2019, or if equity credit is not assigned on 28 October 2019, at the date when the equity credit is assigned for the first time.If a Substantial Repurchase Event shall occur after the Issue Date, the Issuer may at its option, at any time, redeem all, but not some only, of the Bonds at 100% of their principal amount.
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Equity Credit Rating Event means that the Issuer has received written confirmation from any Rating Agency from whom the Issuer is assigned solicited ratings either directly or via a publication by such agency, that an amendment, clarification or change has occurred in the equity credit criteria of such Rating Agency (as defined below) effective after 29 January 2019 (or effective after the date when the equity credit is assigned for the first time, as applicable), which amendment, clarification or change results in a lower equity credit for the Bonds than the then respective equity credit assigned on 29 January 2019, or if equity credit is not assigned on 29 January 2019, at the date when the equity credit is assigned for the first time.
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Examples of Equity Credit Rating Event in a sentence

  • The Trustee shall be entitled, without liability to any person, to accept such certification and, in the case of a Tax Event, opinion as sufficient evidence that a Tax Event or an Equity Credit Rating Event (as the case may be) has occurred, in which event it shall be conclusive and binding on the Holders.

  • If an Equity Credit Rating Event has occurred, then the Issuer may, at its option, subject to having given not less than thirty (30) nor more than sixty (60) calendar days' notice to the Fiscal Agent and, in accordance with Condition 10, the Bondholders (which notice shall be irrevocable), redeem all, but not some only, of the Bonds at any time, at (i) 101 per cent.

  • Like the manual model-based approach, the ef- fort to modeling is high but only needs to be done once.

  • June 2013 Response to Reviewers’ Comments (OS-2012-78) Reviewer 1Ocean Sci.

  • Notwithstanding any other provision of this Condition 5.3, no Successor Rate or Alternative Rate will be adopted, nor will the applicable Adjustment Spread be applied, nor will any Benchmark Amendments be made, if and to the extent that, in the determination of the Issuer, the same could reasonably be expected to cause an Equity Credit Rating Event to occur.


More Definitions of Equity Credit Rating Event

Equity Credit Rating Event means that the Issuer certifies in a notice signed by a senior authorised representative of the Issuer to the Noteholders that, due to any amendment, clarification or change in the hybrid capital methodology or a change in the interpretation thereof by any Rating Agency which has assigned solicited ratings to the Issuer, in each case occurring or becoming effective after the Issue Date (i) all or any of the relevant Notes will no longer be eligible (or if the Notes have been partially or fully refinanced since the Issue Date and are no longer eligible for “equity credit” from such Rating Agency in part or in full as a result, all or any of the Notes that would no longer have been eligible as a result of such amendment, clarification, change in hybrid capital methodology or change in the interpretation had they not been re-financed) for the same or a higher amount of “equity credit” (or such other nomenclature that the relevant Rating Agency may then use to describe the degree to which an instrument exhibits the characteristics of an ordinary share) attributed to the relevant Notes at the Issue Date (or, if “equity credit” is not assigned to the Notes by the relevant Rating Agency on the Issue Date, at the date on which “equity credit” is assigned by such Rating Agency for the first time) or (ii) if the period of time during which the Notes are eligible for the same or a higher amount of “equity credit” attributed to the Notes at the Issue Date (or at the date on which “equity credit” is assigned by such Rating Agency for the first time, as the case may be) is being shortened.
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Equity Credit Rating Event means that the Issuer has received written confirmation from any Rating Agency from whom the Issuer is assigned solicited ratings either directly or via a publication by such agency, that an amendment, clarification or change has occurred in the "equity credit" criteria (or such other nomenclature that the relevant Rating Agency may then use to describe the degree to which an investment exhibits the characteristics of an ordinary share) of such Rating Agency (as defined below) or the application thereof, effective after the Issue Date (or effective after the date when the equity credit is assigned for the first time, as applicable), which amendment, clarification or change or the application thereof results in (a) a lower equity credit for the Bonds than the then respective equity credit assigned on the Issue Date, or if equity credit is not assigned on the Issue Date, at the date when the equity credit is assigned for the first time or (b) the period of time during which the relevant Rating Agency has assigned to the Bonds a particular level of "equity credit" being shortened as compared to the period of time for which such Rating Agency did assign to the Bonds that level of "equity credit" on the Issue Date, or if such "equity credit" was not assigned on the Issue Date, at the date when the "equity credit" was assigned for the first time.
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Related to Equity Credit Rating Event

  • Credit Rating means the rating assigned by a Rating Agency to the senior unsecured long term Indebtedness of a Person.

  • Credit Rating Agency means a nationally recognized credit rating agency that evaluates the financial condition of issuers of debt instruments and then assigns a rating that reflects its assessment of the issuer’s ability to make debt payments.

  • Rating Event means the rating on the Notes is lowered by each of the Rating Agencies and the Notes are rated below an Investment Grade Rating by each of the Rating Agencies on any day within the 60-day period (which 60-day period will be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (a) the occurrence of a Change of Control and (b) public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control; provided that a Rating Event will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event) if each Rating Agency making the reduction in rating does not publicly announce or confirm or inform the Trustee in writing at the request of the Company that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Event).

  • Acceptable Credit Rating means a minimum long term credit rating of either BBB from Standard & Poors or Baa2 from Xxxxx’x; Access Undertaking means:

  • Investment Grade Credit Rating means (a) with respect to Fitch, a credit rating of BBB- or higher, (b) with respect to Xxxxx’x, a credit rating of Baa3 or higher and (c) with respect to S&P, a credit rating of BBB- or higher.

  • Ratings Decline Period means the period that (i) begins on the earlier of (a) the date of the first public announcement of the occurrence of a Change of Control and (b) the occurrence of a Change of Control and (ii) ends 90 days following consummation of such Change of Control; provided that such period shall be extended for so long as the rating of the Notes, as noted by the applicable Rating Agency, is under publicly announced consideration for downgrade by the applicable Rating Agency.

  • Applicable Rating Level at any time shall be determined in accordance with the then-applicable S&P Rating or the then-applicable Xxxxx’x Rating as follows: S&P Rating/Xxxxx’x Rating Applicable Rating Level S&P Rating AA or higher or Xxxxx’x Rating Aa2 or higher 1 S&P Rating AA- or Xxxxx’x Rating Aa3 2 S&P Rating A+ or Xxxxx’x Rating A1 3 S&P Rating A or Xxxxx’x Rating A2 4 S&P Rating A- or below or Xxxxx’x Rating A3 or below or unrated 5 The Applicable Rating Level for any day shall be determined based upon the higher of the S&P Rating and the Xxxxx’x Rating in effect on such day. If the S&P Rating and the Xxxxx’x Rating are not the same (i.e., a “split rating”), the higher (better) of such ratings shall control, unless the ratings differ by more than one level, in which case the rating one level below the higher of the two ratings shall control.

  • Step Down Rating Change means the first public announcement by S&P and, if applicable, each other Rating Agency appointed by or with the consent of Heimstaden Bostad, after a Step Up Rating Change, that the credit rating of Heimstaden Bostad's senior unsecured long-term debt is at least BBB- in the case of S&P and, if applicable, at least Baa3 in the case of Moody's and at least BBB- in the case of Fitch with the result that, following such public announcement, no Rating Agency assigns a credit rating below the aforementioned levels or any equivalent rating. For the avoidance of doubt, any further increase in the credit rating of Heimstaden Bostad's senior unsecured long-term debt above BBB- in the case of S&P and, if applicable, at least Baa3 in the case of Moody's and at least BBB- in the case of Fitch and in respect of any other Substitute Rating Agency, an equivalent rating or above shall not constitute a further Step Down Rating Change;

  • Rating Date means the date which is 90 days prior to the earlier of (i) a Change in Control and (ii) public notice of the occurrence of a Change in Control or of the intention of the Company to effect a Change in Control.

  • S&P Rating means, at any time, the rating issued by S&P and then in effect with respect to the Borrower’s senior unsecured long-term public debt securities without third-party credit enhancement (it being understood that if the Borrower does not have any outstanding debt securities of the type described above but has an indicative rating from S&P for debt securities of such type, then such indicative rating shall be used for determining the “S&P Rating”).

  • Eligible Investment Required Ratings means, in the case of each Eligible Investment, a short-term credit rating of at least “A-1” (or, in the absence of a short-term credit rating, “AA-” or better) from S&P.

  • Step Up Rating Change means the first public announcement by either a Rating Agency or both Rating Agencies of a decrease in the credit rating of the Issuer’s senior unsecured long-term debt to below Baa3 (in the case of Moody’s) or to below BBB- (in the case of S&P). For the avoidance of doubt, any further decrease in the credit rating of the Issuer's senior unsecured long-term debt from below Baa3 in the case of Moody’s or from below BBB- in the case of S&P shall not constitute a Step Up Rating Change.

  • S&P Global Ratings means S&P Global Ratings, a division of S&P Global.

  • Debt Rating has the meaning specified in the definition of “Applicable Rate.”