MREL Disqualification Event definition
MREL Disqualification Event means that, at any time, all or part of the Series of Securities is or will be excluded fully or partially from the eligible liabilities available to meet the MREL Requirements provided that: (a) the exclusion of a Series of such Securities from the MREL Requirements due to the remaining maturity of such Securities being less than any period prescribed thereunder, does not constitute a MREL Disqualification Event; (b) the exclusion of all or some of a Series of Securities due to there being insufficient headroom for such Securities within a prescribed exception to the otherwise applicable general requirements for eligible liabilities does not constitute a MREL Disqualification Event; and (c) the exclusion of all or some of a Series of Securities as a result of such Securities being purchased by or on behalf of the Issuer or as a result of a purchase which is funded directly or indirectly by the Issuer, does not constitute a MREL Disqualification Event.
MREL Disqualification Event means the determination by the Issuer that, as a result of a change in any Applicable MREL Regulations or any change in the official application or interpretation thereof becoming effective on or after the Issue Date of the last Tranche of the Notes, the Notes will be fully excluded or partially excluded from the eligible liabilities (or any equivalent or successor term) available to meet any MREL Requirement (however called or defined by then Applicable MREL Regulations) if the Issuer is then or, as the case may be, will be subject to such MREL Requirement, provided that a MREL Disqualification Event shall not occur where such exclusion is or will be caused by (i) the remaining maturity of the Notes being less than any period prescribed by any applicable eligibility criteria under the Applicable MREL Regulations, or (ii) any applicable limits on the amount of eligible liabilities (or any equivalent or successor term) permitted or allowed to meet any MREL Requirement(s) being exceeded.
MREL Disqualification Event means that, by reason of the introduction of, or a change in, any MREL Requirements, which was not reasonably foreseeable by the Issuer at the Issue Date of the relevant Series of Notes, all or part of the aggregate outstanding nominal amount of a Series of Senior Preferred Notes and/or of Senior Non-Preferred Notes (as the case may be) are or will be excluded fully or partially from the liabilities that are eligible to meet the MREL Requirements. For the avoidance of doubt: (a) the exclusion of a Series of Notes from the liabilities that are eligible to meet the MREL Requirements due to the remaining maturity of such Notes being less than any period prescribed thereunder does not constitute a MREL Disqualification Event; (b) the exclusion of all or some of a Series of Notes from the MREL Requirements due to there being insufficient headroom for such Notes within any prescribed exception to the otherwise applicable general requirements for liabilities that are eligible to meet the MREL Requirements does not constitute a MREL Disqualification Event; and (c) any exclusion shall not be “reasonably foreseeable” by the Issuer at the Issue Date where such exclusion arises as a result of (i) any EU and/or national legislation implementing and/or supplementing the Banking Reform Package differing, as it applies to the Issuer and/or the Group, in any respect from the drafts of proposal for the implementation of the Banking Reform Package, if any, in place as at the Issue Date of the first Series of the Senior Notes, or (ii) the official interpretation or application of the Banking Reform Package as applicable to the Issuer and/or the Group (including any interpretation or pronouncement by any relevant court or tribunal or by the Relevant Authority) differing in any respect from the official interpretation or application, if any, in place as at the Issue Date of the relevant Series of Senior Notes;
Examples of MREL Disqualification Event in a sentence
On the due date for redemption of any Note pursuant to Condition 4(a) (Scheduled redemption), Condition 4(b) (Redemption for tax reasons), Condition 4(c) (Redemption at the option of the Issuer), Condition 4(d) (Early Redemption as a result of an MREL Disqualification Event), or Condition 7 (Events of Default), all unmatured Coupons (if any) relating thereto (whether or not still attached) shall become void and no payment will be made in respect thereof.
The Issuer shall not be entitled to redeem the Notes otherwise than as provided in paragraphs 4(a) (Scheduled redemption) to 4(d) (Early Redemption as a result of an MREL Disqualification Event) above.
Later in the day on May 1, 2009, representatives of ▇▇▇▇▇▇▇▇▇ communicated to Lazard a revised offer from LabCorp of $4.35 per share in cash plus a non-transferable contingent value right of up to $1.40 per share, subject to the achievement of total oncology revenue during the twelve months ended December 31, 2012, with $0.50 per share payable for oncology revenue in excess of $95 million and $0.02 for every $1 million in oncology revenue in excess of $95 million during this period.
The Issuer shall not be entitled to redeem the Notes otherwise than as provided in Conditions 11.1 (Scheduled redemption) to 11.8 (Issuer Call due to MREL Disqualification Event) (as may be applicable to the Notes).
The Issuer shall not be entitled to redeem the Notes otherwise than as provided in paragraphs 4(a) (Scheduled redemption) to 4(e) (Early Redemption as a result of an MREL Disqualification Event) above.
More Definitions of MREL Disqualification Event
MREL Disqualification Event means that, at any time, all or part of the aggregate outstanding nominal amount of such Series of Senior Preferred Notes or Senior Non-Preferred Notes is or will be excluded fully or partially from the eligible liabilities available to meet the MREL Requirements provided that: (a) the exclusion of a Series of Senior Preferred Notes or Senior Non-Preferred Notes from the MREL Requirements due to the remaining maturity of such Senior Preferred Notes or Senior Non-Preferred Notes being less than any period prescribed thereunder, does not constitute a MREL Disqualification Event; (b) the exclusion of all or some of a Series of Senior Preferred Notes from the MREL Requirements due to there being insufficient headroom for such Senior Preferred Notes within a prescribed exception to the otherwise applicable general requirements for eligible liabilities (to the extent applicable to Intesa Sanpaolo and/or the Group) does not constitute a MREL Disqualification Event; and (c) the exclusion of all or some of a Series of Senior Preferred Notes or Senior Non-Preferred Notes from the MREL Requirements as a result of such Notes being purchased by or on behalf of Intesa Sanpaolo or as a result of a purchase which is funded directly or indirectly by Intesa Sanpaolo, does not constitute a MREL Disqualification Event;
MREL Disqualification Event means that, by reason of the introduction of, or a change in, any MREL Requirements, which was not reasonably foreseeable by the Issuer at the Issue Date of the relevant Series of Notes, all or part of the aggregate outstanding nominal amount of a Series of Senior Notes and/or of Senior Non-Preferred Notes (as the case may be) are or will be excluded fully or partially from the liabilities that are eligible to meet the MREL Requirements. For the avoidance of doubt: (a) the exclusion of a Series of Notes from the liabilities that are eligible to meet the MREL Requirements due to the remaining maturity of such Notes being less than any period prescribed thereunder does not constitute a MREL Disqualification Event; (b) the exclusion of all or some of a Series of Notes from the MREL Requirements due to there being insufficient headroom for such Notes within any prescribed exception
MREL Disqualification Event means the whole or any part of the outstanding aggregate principal amount of the Notes at any time is not included in, ceases or (in the opinion of the Issuer) will cease to count towards the Issuer’s or the Group’s eligible liabilities and/or loss absorbing capacity (in each case for the purposes of, and in accordance with, the relevant Applicable Banking Regulations); provided that an MREL Disqualification Event shall not occur if such whole or part of the outstanding aggregate principal amount of the Notes is not included in, ceases or (in the opinion of the Issuer) will cease to count towards such eligible liabilities and/or loss absorbing capacity due to the remaining maturity of such Notes being less than the minimum period prescribed by the relevant Applicable Banking Regulations;
MREL Disqualification Event means at any time, on or following the MREL Requirement Date that as a result of the implementation of, or change, in any Applicable MREL Regulations becoming effective on or after the issue date of the Notes and which was not reasonably foreseeable at the issue date of the Notes all outstanding Notes do not qualify as Eligible Liabilities Instruments, except where such disqualification is solely due to the remaining maturity of the Notes being less than any period prescribed by the Applicable MREL Regulations on the issue date of the Notes or any applicable limits on the amount of Eligible Liabilities Instruments being exceeded.
MREL Disqualification Event means, at any time, a change in the classification of the Senior Notes under the MREL Regulations, as a result of which all or part of the outstanding nominal amount of the Senior Notes does not fully qualify as MREL Eligible Instruments, except where such non-qualification was reasonably foreseeable at the Issue Date of the first Tranche of such Senior Notes or is due to the remaining maturity of such Notes being less than any period prescribed by the MREL Regulations.
MREL Disqualification Event means, in respect of a Series of Preferred Senior Notes or a Series of Non-Preferred Senior Notes, the determination by the Issuer that, as a result of:
MREL Disqualification Event means the determination by the Issuer, at any time, that the Notes, in full or in part, (i) do not constitute Eligible MREL Instruments, or (ii) there is a change in the regulatory classification of the Notes that would likely result or has resulted in the exclusion of the Notes from the Eligible MREL Instruments, provided that in each case an MREL Disqualification Event shall not occur on the basis (i) that the remaining maturity of the Notes is less than any period prescribed by any Applicable MREL Regulation, and/or (ii) of any applicable limits on the amount of Eligible MREL Instruments permitted or allowed to meet MREL under the Applicable MREL Regulation.]