Perpetual Security definition

Perpetual Security means a security which (i) has no stated maturity date and which will remain on the market until redeemed or called under whatever redemption provisions apply to the security or has a maturity of at least 80 years; (ii) has a stated coupon; (iii) has a call date within 12 years after its issuance and if not called on such date has a step-up of the coupon; and (iv) on acquisition by the Issuer has a rating from each of Fitch and S&P which in each case is not below investment grade.
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Perpetual Security means a security which (i) has no stated maturity date and which will remain on the market until redeemed or called under whatever redemption provisions apply to the security or has a maturity of at least 80 years; (ii) has a stated coupon; (iii) has a call date within 12 years after its issuance and if not called on such date has a step-up of the coupon; (iv) on acquisition by the Issuer does not have a public rating below investment grade from Moody's and/or S&P; (v) has a public rating or confidential credit estimate from Moody's; and (vi) in respect of which Rating Agency Confirmation has been received from Moody's.
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Examples of Perpetual Security in a sentence

  • Where there is doubt as to the validity or applicability of any such statute, regulation or order, it shall not be a Payment Default, Perpetual Security Default or Payment Event if the Issuer acts on the advice given to it and to the Subordinated Trustee, in the form of an Opinion of Counsel acceptable to the Subordinated Trustee.

  • It shall not be a Payment Default, Perpetual Security Default or Payment Event if such sums were not paid in order to comply with a statute, regulation or order of any court of competent jurisdiction.

  • No delay or omission of the Subordinated Trustee for the Securities of any series or of any Holder of any Security of such series to exercise any right or remedy accruing upon any Event of Default, Payment Default, Perpetual Security Default or Payment Event with respect to the Securities of such series shall impair any such right or remedy or constitute a waiver of any such Event of Default, Payment Default, Perpetual Security Default or Payment Event or an acquiescence therein.

  • In such event, the Perpetual Subordinated Capital Securities or Perpetual Subordinated Debt Securities of such series will remain Outstanding and will continue to accrue and pay interest in accordance with their terms, and such postponement of the Redemption Date will not constitute a Perpetual Security Default.

  • No Perpetual Security may be transferred unless the principal amount of Perpetual Securities transferred and (where not all of the Perpetual Securities held by a holder are being transferred) the principal amount of the balance of the Perpetual Securities not transferred is each a minimum Denomination Amount.

  • It shall not be a Payment Event, Payment Default or Perpetual Security Default if such sums were not paid in order to comply with a statute, regulation or order of any court of competent jurisdiction.

  • Where there is doubt as to the validity or applicability of any such statute, regulation or order, it shall not be a Payment Event, Payment Default or Perpetual Security Default if the Issuer acts on the advice given to it and to the Subordinated Trustee, in the form of an Opinion of Counsel acceptable to the Subordinated Trustee.

  • In the case of a Fixed Rate Perpetual Security, distribution in respect of a period of less than one year will be calculated on the Day Count Fraction specified hereon.

  • No Perpetual Securityholder may require the transfer of a Registered Perpetual Security to be registered (i) during the period of 15 days prior to any date on which Perpetual Securities may be called for redemption by the relevant Issuer at its option pursuant to Condition 5(b), (ii) after any such Perpetual Security has been called for redemption or (iii) during the period of 15 days ending on (and including) any Record Date (as defined in Condition 6(b)(ii)).

  • The amount of distribution payable per Calculation Amount in respect of any Perpetual Security shall be calculated by multiplying the product of the Distribution Rate and the Calculation Amount, by the Day Count Fraction shown on the Perpetual Security and rounding the resultant figure to the nearest sub-unit of the Relevant Currency.