Examples of Tax Deductibility Event in a sentence
If a Tax Deductibility Event or a Withholding Tax Event has occurred and is continuing, then the Issuer may, having given not fewer than 10 nor more than 60 days’ notice to the Trustee, the Registrar, the Principal Paying Agent and, in accordance with Condition 19, the Holders (which notice shall be irrevocable) and subject to Condition 9, redeem all, but not some only, of the Securities at any time at 100 per cent.
In addition, in the case of an Accounting Event, a Tax Deductibility Event or a Withholding Tax Event, the Issuer shall deliver to the Agent and the Issuing Agent an opinion of independent legal, accounting or other tax advisers to the effect that the relevant requirement or circumstance giving rise to the right to redeem is satisfied (save, in the case of a Withholding Tax Event, as to whether reasonable measures to avoid paying additional amounts are available to the Issuer).
If the Notes are called upon the occurrence of a Tax Deductibility Event or an Equity Credit Event the Issuer will redeem all outstanding Notes (i) at an amount equal to 101 per cent.
The Borrower may, upon the occurrence of a Rating Capital Event, a Tax Deductibility Event or a Withholding Tax Event, at any time, without the consent of the relevant Lenders, either: (i) substitute the Loans (in full) for; or(ii) vary the terms of the Loans with the effect that the Loans remain or become, as the case may be, a Qualifying Loan.
Tax Deductibility Event occurs if there is a change in the applicable tax treatment of the Notes as a result of which the Issuer would not be entitled to claim a deduction in respect of distributions paid on the Notes in computing its taxation liabilities, or such deductibility is materially reduced.