Tier 1 Disqualification Event definition

Tier 1 Disqualification Event means the receipt of the Borrower of an opinion or declaration, rule or
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Tier 1 Disqualification Event means (i) a change in law or regulation, (ii) a change in the official interpretation thereof or (iii) determination or announcement by the FSA, resulting in the Notes not being eligible to be included in calculating the tier 1 capital of the Issuer for Finnish banking capital adequacy purposes.
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Tier 1 Disqualification Event means the receipt by either of the Parent Companies of an opinion, declaration, rule or decree of the BFIC to the effect that there has been a change in (i) the law or regulation or (ii) the interpretation thereof, resulting in more than an insubstantial risk that the Securities (or any portion thereof) will not be eligible to be included in calculating the Tier 1 capital of Fortis Group.Any redemption of Securities upon the occurrence of a Tax Event or a Tier 1 Disqualification Event is subject to compliance with applicable regulatory requirements, including the prior approval of the BFIC. In any event, no redemption of Securities will be permitted if and to the extent that, (i) before or after giving effect to such redemption a Trigger Event has occurred and is continuing or would occur, or (ii) a Loss Absorption has occurred and the Securities have not yet been reinstated in full, unless the BFIC approves a redemption in such circumstances at 100% of the Original Principal Amount of the Securities.Additional Amounts: All payments in respect of the Securities will be made free andclear of and without withholding or deduction for or on account of any present or future taxes, duties, or other governmental charges of whatever nature imposed or levied by or on behalf of Luxembourg or any political subdivision thereof or any authority or agency therein or thereof having the power to tax (“Relevant Tax”), unless the withholding or deduction is required by law. If at any time Fortis Hybrid Financing is required to withhold or deduct any Relevant Tax with respect to any payments on the Securities, Fortis Hybrid Financing will be required to pay such additional amounts (“Additional Amounts”) as shall be required so that the net amount received by each holder of Securities after the withholding or deduction of any such Relevant Tax will not be less than the amount then due and payable to each holder of Securities in the absence of such withholding or deduction.Subordination of the Securities: The Securities, as obligations of Fortis Hybrid Financing, arecontractually subordinated to Senior and Subordinated Indebtedness of Fortis Hybrid Financing. The payment obligations of Fortis Hybrid Financing under the Securities constitute unsecured subordinated obligations of Fortis Hybrid Financing.The claims of the holders of the Securities for payment by Fortis Hybrid Financing under the Securities will rank:
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Examples of Tier 1 Disqualification Event in a sentence

  • This reserve may only be reduced in accordance with Articles 612 to 614 of the Company Code, save in the case of a redemption made in accordance with Condition 8.4 (Redemption - Redemption upon Tier 1 Disqualification Event).

  • This reserve may only be reduced in accordance with Articles 612 to 614 of the Company Code, save in the case of a redemption made in accordance with Condition8.4 (Redemption – Redemption upon Tier 1 Disqualification Event).

  • Upon the occurrence of a Tax Event or a Tier 1 Disqualification Event, the Issuer will have the right, subject to prior approval of the CBFA, (i) at any time before the First Call Date, to redeem the Securities in whole (but not in part) at a redemption price equal to the greater of (x) the Make Whole Amount and (y) the Base Redemption Price or (ii) at any time, to convert the Securities in whole (but not in part) into Conversion Upper Tier 2 Instruments.

  • This is a name change to better define the duties of the position.

  • For the purposes of the foregoing, Tier 1 Disqualification Event means the receipt by the Issuer of an opinion or declaration, rule or decree of the CBFA to the effect that there has been either (i) a change in law or regulation or (ii) a change in the official interpretation thereof, resulting in more than an insubstantial risk that the Profit-Sharing Certificates (or any portion thereof) will no longer be capable of constituting tier 1 capital of the Issuer under Applicable Banking Regulations.

  • The Employment Tribunals (Constitution and Rules of Procedure) Regulations 2013 do not provide any further guidance on how the term ‘apparently’ should be construed in the context of the rule mentioned above.

  • For the purposes of the foregoing, Tier 1 Disqualification Event means the receipt by the Issuer of an opinion or declaration, rule or decree of the CBFA to the effect that there has been either (i) a change in law or regulation or (ii) a change in the official interpretation thereof, resulting in morethan an insubstantial risk that the Securities (or any portion thereof) will no longer be capable of constituting tier 1 capital of the Issuer under Applicable Banking Regulations.

  • Any optional redemption or conversion of Securities pursuant to Condition 8(b) (Conversion into Conversion Upper Tier 2 Instruments and Redemption - Redemption for tax reasons), 8(c) (Conversion into Conversion Upper Tier 2 Instruments and Redemption - Tier 1 Disqualification Event) or Condition 8(e) (Redemption at the option of the Issuer) is subject to compliance with applicable regulatory requirements, including any required prior approval of the CBFA.

  • For the purposes of the foregoing, "Tier 1 Disqualification Event" means the receipt by the Issuer of an opinion or declaration, rule or decree of the CBFA to the effect that there has been either (i) a change in law or regulation or (ii) a change in the official interpretation thereof, resulting in more than an insubstantial risk that the Profit-Sharing Certificates (or any portion thereof) will no longer be capable of constituting tier 1 capital of the Issuer under Applicable Banking Regulations.

  • Optional RedemptionThe Securities are not redeemable at the option of the holders thereof at any time and are not redeemable at the option of Fortis Hybrid Financing prior to May 30, 2013 or such other date that will be the fifth anniversary of the Issue Date (the “First Call Date”), except in certain circumstances upon the occurrence of a Tax Event or a Tier 1 Disqualification Event.


More Definitions of Tier 1 Disqualification Event

Tier 1 Disqualification Event means the receipt by the Issuer of an opinion or declaration, rule or decree of the CBFA to the effect that there has been either (i) a change in law or regulation or (ii) a change in the official interpretation thereof, resulting in more than an insubstantial risk that the Securities (or any portion thereof) will no longer be capable of constituting tier 1 capital of the Issuer under Applicable Banking Regulations.
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Tier 1 Disqualification Event. ’ means the receipt by the Borrower of a written confirmation, opinion, declaration, rule or decree of the Authorised Agency to the effect that the entire Loan is not eligible to be included in calculating the Tier 1 Capital of the Borrower under the Capital Regulations.
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Tier 1 Disqualification Event means a determination by the FSA that, as a result of any amendment to, clarification of, or change in the official position on the interpretation of, applicable banking regulations or any interpretation or pronouncement that provides for a position with respect to applicable banking regulations that differs from the theretofore generally accepted position, the PROs (or any portion thereof) cannot be included in calculating our Tier 1 capital.Under existing UK Financial Services Authority requirements, we may not redeem or purchase any PROs unless the FSA consents in advance. The FSA may impose conditions on any redemption or purchase at the time it gives its consent. In addition, we must give 30 to 60 days’ notice of redemption to the holders of the PROs. Any notice of redemption will be irrevocable. If the redemption price in respect of any PROs is improperly withheld or refused and is not paid by us, interest on the PROs will continue to be payable until the redemption price is actually paid.Delisting EventUpon the occurrence of a Delisting Event, we may, subject to the prior approval of the FSA, convert the PROs in whole (but not in part) to Upper Tier 2 Securities having the same material terms as the PROs; except that such Upper Tier 2 Securities will (i) be redeemable only after September 30, 2031 or upon the occurrence of a Tax Event, (ii) be a perpetual capital security issued by us with cumulative interest, (iii) rank pari passu with any other upper Tier 2 capital securities issued by us, (iv) following conversion, be redeemable upon any Tax Event at the base redemption price and (v) not be subject to the alternative coupon satisfaction mechanism. For the avoidance of doubt, any Missed Payments outstanding at the time of conversion become outstanding missed cumulative interest payments for purposes of the Upper Tier 2 Securities.For purposes of the foregoing, Delisting Event means an event as a consequence of which our ordinary shares are no longer listed on the London Stock Exchange, any other national securities exchange (within the meaning of the Securities Exchange Act of 1934) or any designated offshore securities market (within the meaning of Regulation S under the Securities Act of 1933).Book-entry System; Delivery and FormGeneralThe PROs shall initially be represented by one or more global securities in registered form, without coupons attached, and will be deposited with or on behalf of The Depository Trust Company, DTC, or its nominee a...
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Related to Tier 1 Disqualification Event

  • TLAC Disqualification Event means OSFI has advised the Bank in writing that the bail-inable notes issued under the applicable pricing supplement will no longer be recognized in full as TLAC under the TLAC Guideline as interpreted by the Superintendent, provided that a TLAC Disqualification Event will not occur where the exclusion of those bail-inable notes from the Bank’s TLAC requirements is due to the remaining maturity of those bail-inable notes being less than any period prescribed by any relevant eligibility criteria applicable as of the issue date of those bail-inable notes.

  • MREL Disqualification Event means that, at any time, all or part of the outstanding nominal amount 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.

  • Disqualification Event has the meaning set forth in Section 4.2.4.

  • Capital Disqualification Event has the meaning specified in Section 1.1 of the Indenture.

  • Qualifying Distribution Event means (i) the Separation from Service of the Participant, (ii) the date the Participant becomes Disabled, (iii) the death of the Participant, (iv) the time specified by the Participant for an In-Service or Education Distribution, (v) a Change in Control Event, or (vi) an Unforeseeable Emergency, each to the extent provided in Section 5.

  • Qualification Period means the period of time in which the List of Approved Suppliers shall be valid in accordance with the Tender; in which the Company shall have the right, at any time to issue Purchase Order(s) for Goods and/or to approach any or all of the Approved Suppliers and invite them, by way of RFQ to supply Goods, all in accordance with the terms and conditions of the Contract.

  • ERISA Termination Event means (i) a “Reportable Event” described in Section 4043 of ERISA and the regulations issued thereunder (other than a “Reportable Event” not subject to the provision for 30-day notice to the PBGC under such regulations), or (ii) the withdrawal of a Borrower or any of its ERISA Affiliates from a “single employer” Plan during a plan year in which it was a “substantial employer”, both of such terms as defined in Section 4001(a) of ERISA, or (iii) the filing of a notice of intent to terminate a Plan or the treatment of a Plan amendment as a termination under Section 4041 of ERISA, or (iv) the institution of proceedings to terminate a Plan by the PBGC or (v) any other event or condition which might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or (vi) the partial or complete withdrawal of a Borrower or any ERISA Affiliate of such Borrower from a “multiemployer plan” as defined in Section 4001(a) of ERISA.

  • Notification Event means (a) the occurrence of a “reportable event” described in Section 4043 of ERISA for which the 30-day notice requirement has not been waived by applicable regulations issued by the PBGC, (b) the withdrawal of any Loan Party or ERISA Affiliate from a Pension Plan during a plan year in which it was a “substantial employer” as defined in Section 4001(a)(2) of ERISA, (c) the termination of a Pension Plan, the filing of a notice of intent to terminate a Pension Plan or the treatment of a Pension Plan amendment as a termination, under Section 4041 of ERISA, if the plan assets are not sufficient to pay all plan liabilities, (d) the institution of proceedings to terminate, or the appointment of a trustee with respect to, any Pension Plan by the PBGC or any Pension Plan or Multiemployer Plan administrator, (e) any other event or condition that would constitute grounds under Section 4042(a) of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan, (f) the imposition of a Lien pursuant to the IRC or ERISA in connection with any Employee Benefit Plan or the existence of any facts or circumstances that could reasonably be expected to result in the imposition of a Lien, (g) the partial or complete withdrawal of any Loan Party or ERISA Affiliate from a Multiemployer Plan (other than any withdrawal that would not constitute an Event of Default under Section 8.12), (h) any event or condition that results in the reorganization or insolvency of a Multiemployer Plan under Sections of ERISA, (i) any event or condition that results in the termination of a Multiemployer Plan under Section 4041A of ERISA or the institution by the PBGC of proceedings to terminate or to appoint a trustee to administer a Multiemployer Plan under ERISA, (j) any Pension Plan being in “at risk status” within the meaning of IRC Section 430(i), (k) any Multiemployer Plan being in “endangered status” or “critical status” within the meaning of IRC Section 432(b) or the determination that any Multiemployer Plan is or is expected to be insolvent or in reorganization within the meaning of Title IV of ERISA, (l) with respect to any Pension Plan, any Loan Party or ERISA Affiliate incurring a substantial cessation of operations within the meaning of ERISA Section 4062(e), (m) an “accumulated funding deficiency” within the meaning of the IRC or ERISA (including Section 412 of the IRC or Section 302 of ERISA) or the failure of any Pension Plan or Multiemployer Plan to meet the minimum funding standards within the meaning of the IRC or ERISA (including Section 412 of the IRC or Section 302 of ERISA), in each case, whether or not waived, (n) the filing of an application for a waiver of the minimum funding standards within the meaning of the IRC or ERISA (including Section 412 of the IRC or Section 302 of ERISA) with respect to any Pension Plan or Multiemployer Plan, (o) the failure to make by its due date a required payment or contribution with respect to any Pension Plan or Multiemployer Plan, (p) any event that results in or could reasonably be expected to result in a liability by a Loan Party pursuant to Title I of ERISA or the excise tax provisions of the IRC relating to Employee Benefit Plans or any event that results in or could reasonably be expected to result in a liability to any Loan Party or ERISA Affiliate pursuant to Title IV of ERISA or Section 401(a)(29) of the IRC, or (q) any of the foregoing is reasonably likely to occur in the following 30 days.

  • Qualification Date means the date as of which the Offering Statement was or will be qualified with the Commission pursuant to Regulation A, the Act and the Rules and Regulations; and

  • Distribution Event means, as to each Participant, the earliest of the following events:

  • SOFR Index Cessation Event means the occurrence of one or more of the following events:

  • Flip-in Event means a transaction in or pursuant to which any Person becomes an Acquiring Person;

  • Tier 2 Capital Event means the receipt by the Company of a legal opinion from counsel experienced in such matters to the effect that the Subordinated Notes do not constitute, or within 90 days of the date of such legal opinion will not constitute, Tier 2 Capital (or its then equivalent if the Company were subject to such capital requirement).

  • Disqualifying Event has the meaning specified in the definition of “Eligible Currency”.

  • Application Event means the occurrence of (a) a failure by Borrowers to repay all of the Obligations in full on the Maturity Date, or (b) an Event of Default and the election by Agent or the Required Lenders to require that payments and proceeds of Collateral be applied pursuant to Section 2.4(b)(iii) of this Agreement.

  • Index Cessation Event means an Index Cessation Event as defined in Supplement number 70 to the 2006 ISDA Definitions, as amended or supplemented from time to time, and, for the purposes of these Conditions and the definition of "Index Cessation Event" therein, the "Applicable Rate" as used therein is six-month Sterling LIBOR;

  • €STR Index Cessation Event means the occurrence of one or more of the following events, as determined by the Issuer and notified by the Issuer to the Calculation Agent:

  • Control Termination Event shall have the meaning given to such term or any one or more analogous terms in the Lead Securitization Servicing Agreement.

  • Compensation Event means any of the following events or circumstances if and to the extent that it interferes adversely with, or causes a failure of, the carrying out of the Design, the Construction or the Services, causes an Unavailability Event or causes Direct Losses to Project Co or any Project Co Person:

  • OBFR Index Cessation Event means the occurrence of one or more of the following events:

  • Servicer Termination Event shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement or at any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, any analogous concept under the servicing agreement pursuant to which the Mortgage Loan is being serviced in accordance with the terms of this Agreement.

  • Registration Event means the occurrence of any of the following events:

  • Change of Control Triggering Event means the occurrence of both a Change of Control and a Rating Event.

  • Company Triggering Event means: (i) the failure of the Board of Directors of the Company to recommend that the Company's stockholders vote to adopt this Agreement, or the withdrawal or modification of the Company Board Recommendation in a manner adverse to Parent, or the Board of Directors shall have taken any other action that is or becomes disclosed publicly or to a third party, which indicates that the Board of Directors of the Company does not support the Merger or does not believe that the Merger is in the best interests of the Company's stockholders; (ii) the Company shall have failed to include in the Proxy Statement the Company Board Recommendation or a statement to the effect that the Board of Directors of the Company has determined and believes that the Merger is in the best interests of the Company's stockholders; (iii) an Acquisition Proposal is publicly announced and the Board of Directors of the Company fails to reaffirm without qualification the Company Board Recommendation, or fails to publicly state without qualification, that the Merger is in the best interests of the Company's stockholders, within five business days after Parent requests in writing that such action be taken; (iv) the Board of Directors of the Company shall have approved, endorsed or recommended any Acquisition Proposal; (v) the Company shall have failed to comply with Section 5.04 in any material respect; (vi) a tender or exchange offer relating to securities of the Company shall have been commenced and the Company shall not have sent to its securityholders, within ten business days after the commencement of such tender or exchange offer, a statement disclosing that the Board of Directors recommends rejection of such tender or exchange offer; (vii) an Acquisition Proposal is publicly announced, and the Company fails to issue a press release announcing its opposition to such Acquisition Proposal within ten business days after such Acquisition Proposal is announced; or (viii) either the Company or any of its subsidiaries or any their Representatives shall have breached any of the provisions set forth in Section 5.04 (in any material respect) or Section 6.15.

  • Company Termination Event means any of the following:

  • Exempted Fundamental Change means any Fundamental Change with respect to which, in accordance with Section 4.02(I), the Company does not offer to repurchase any Notes.