Tax Deductibility Event definition

Tax Deductibility Event means the receipt by the Issuer of an opinion of counsel in Sweden (experienced in such matters) to the effect that, as a result of a Tax Law Change, any interest payments under the Capital Securities were, but are no longer, tax-deductible by the Issuer for Swedish tax purposes to the same extent as any unsubordinated obligations of the Issuer;

Tax Deductibility Event means the receipt by the Issuer of an opinion of counsel in Sweden (experienced in such matters) to the effect that, as a result of a Tax Law Change (other than an Excluded Change), the Issuer is no longer able to claim a deduction to which it was entitled as at the Issue Date or at any time thereafter in respect of payments relating to the Capital Securities in computing its taxation liabilities for Swedish tax purposes (a "Tax Deduction") or the amount of any Tax Deduction is materially reduced and, in either case, in circumstances where unsubordinated debt obligations of the Issuer continue to be fully or partly tax deductible for such purposes;

Tax Deductibility Event means a situation whereby:

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.

• Coalition Agreement Deductibility Event means a Tax Deductibility Event that arises solely by the implementation of the thin capitalisation rule for banks and insurance companies on the terms as set out in the draft legislation as published by Dutch government on 18 March 2019 as part of the consultation paper regarding the thin capitalisation rule.

More Definitions of Tax Deductibility Event

Tax Deductibility Event means the part of the interest payable by the Issuer under the Notes that is tax-deductible by the Issuer for Italian tax purposes is reduced as a result of any change in, or amendment to the laws, regulations or rulings or applicable accounting standards of the Republic of Italy, or any political subdivision or any authority or agency thereof or therein having power to tax, or any change in the application or official interpretation or administration of such laws, regulations or rulings or applicable accounting standards:

Tax Deductibility Event means that as a result of:

Tax Deductibility Event means the receipt by the Issuer of an opinion of counsel in Sweden (experienced in such matters) to the effect that, as a result of a Tax Law Change, any interest payments under the Capital Securities were, but are no longer, tax-deductible by the Issuer for Swedish tax purposes to the same extent as any unsubordinated obligations of the Issuer; “Tax Law Change” means (a) any amendment to, clarification of, or change (excluding any proposed amendment, clarification or change announced prior to the Issue Date but including any proposed amendment, clarification or change announced on or after the Issue Date) in, the laws or treaties (or any regulations thereunder) of Sweden affecting taxation, (b) any governmental action (c) or any amendment to, clarification of, or change in the official position or the interpretation of such law, treaty(or regulations thereunder) or governmental action or any interpretation, decision or pronouncement that provides for a position with respect to such law, treaty (or regulations thereunder) or governmental action that differs from the theretofore generally accepted position, in each case, by any legislative body, court, governmental authority or regulatory body in Sweden, irrespective of the manner in which such amendment, clarification, change, action, pronouncement, interpretation or decision is made known, which amendment, clarification or change is effective or such governmental action, pronouncement, interpretation or decision is announced on or after the Issue Date;

Tax Deductibility Event means the receipt by the Bank of an opinion of a nationally recognized law firm or other tax advisers, as appropriate, in the Relevant Jurisdiction in which an Eligible Borrower under a Subordinated Deposit is located and experienced in such matters, to the effect that, as a result of: (1) any amendment to, or other change (including any change that has been adopted, but which has not yet taken effect) in, the laws or treaties (or any regulations promulgated thereunder) of such Relevant Jurisdiction or any political subdivision or taxing authority thereof or therein affecting taxation, which amendment or other change is effective, or which prospective change is announced, on or after the date of making of such Subordinated Deposit, or (2) a change in the official interpretation of the laws or treaties (or any regulations promulgated thereunder) of such Relevant Jurisdiction or any political subdivision or taxing authority thereof or therein affecting taxation, or (3) any judicial decision, official administrative pronouncement, published or private ruling, regulatory procedure, notice or announcement (including any notice or announcement of intent to adopt such procedures or regulations) (for purposes of this definition, an “Administrative Action”); or (4) any clarification of, or change in the official position or the interpretation or pronouncement of such Administrative Action or any interpretation or pronouncement that provides for a position with respect to such Administrative Action that differs from the hitherto generally accepted position, in each case, by any legislative body, court, governmental, administrative or regulatory authority or body, irrespective of the manner in which such clarification or change is made known, which Administrative Action, clarification or change is effective, or which notice or announcement is made, on or after the making of such Subordinated Deposit, there is more than an insubstantial risk that such an Eligible Borrower will be subject to more than a de minimis additional amount of national income taxes due to a change or modification of the deductibility of the interest payments on such Subordinated Deposit, provided, however, that none of the foregoing events shall constitute a Tax Deductibility Event if such event or events may be avoided by the related Eligible Borrower, the Trust or the LLC taking reasonable measures which (x) do not require the Eligible Borrower, the LLC or the Trust to incur material out-of-p...

Tax Deductibility Event means the occurrence of a more than insubstantial increase in the risk that Distributions payable by the Issuer on the Securities are not, or will no longer be, deductible by the Issuer, in whole or in part, for Korean (or, in the case of a successor person, such other jurisdiction of the successor person, as applicable) tax purposes, as a result of

Tax Deductibility Event means that, by reason of any change in French laws or regulations, or any change in the official application or interpretation of such laws or regulations, in each case becoming effective on or after the Issue Date, the tax regime of any payments of interest under such Subordinated Notes is modified and such modification results in the part of the interest payable by the Issuer under such Subordinated Notes that is tax-deductible being reduced.

Tax Deductibility Event means the Borrower having sufficiently obtained an opinion in writing from a reputable law firm of good standing, a decision of the Dutch tax authorities and/or a court ruling to the effect that interest payments under the loan are not or will no longer be, tax-deductible by the Borrower for Dutch corporate income tax purposes;