Sub-CQS3 Rating definition
Sub-CQS3 Rating means a rating assigned to credit quality step 4 or below, in accordance with then-current standards under Solvency II for the EU under Directive 2009/138/EC and legislation made pursuant to it;
Sub-CQS3 Rating means a rating assigned to credit quality step 4 or below, in accordance with then-current standards under Solvency II for the EU under Directive 2009/138/EC and legislation made pursuant to it; "Tax or Taxation" means any kind of tax, duty or levy or any similar charge, whether or not similar to any in force at the date of this Agreement, and whether of the United Kingdom or the Republic of Ireland or elsewhere, and any related fine, penalty, interest or other amount;