Alignment Event definition

Alignment Event means, in respect of a Series of Senior Non-Preferred Notes, as a result of any change in, or amendment to, section 13(3) of the Danish Recovery and Resolution Act, CRD/CRR and/or BRRD (including any provision of Danish law transposing or implementing BRRD) and/or the legislation relating to the Debt Buffer Requirement (as applicable), at any time after the date of issue of the last Tranche of such Notes, Nykredit Realkredit would be able to issue an Eligible Liability that contains one or more provisions that are, in the reasonable opinion of Nykredit Realkredit, different in any material respect from those in the Conditions;

Alignment Event means, in the opinion of the Issuer, that any modifications to the terms of the Notes are necessary to reflect the implementation, of or to enable the Senior Non-Preferred Notes to have the benefit of and be subject to, the Creditor Hierarchy Directive as implemented in the Relevant Jurisdiction, including (without limitation) (i) in connection with achieving the lower priority ranking contemplated by Article 108(2) of the BRRD in accordance with Condition 4(b) or (ii) for the purposes of achieving consistent ranking provisions with other Series of Senior Non- Preferred Notes;

Alignment Event has the meaning assigned to such term in Condition 5 (Redemption and Purchase).

Examples of Alignment Event in a sentence

• Substitution and VariationIf an MREL Eligibility Event, a Rating Methodology Event, an Alignment Event or Tax Event occurs and is continuing, the Issuer may, at its option (subject to obtaining relevant supervisory permission, if required), substitute the Notes, or vary the Conditions, without any requirement for the consent or approval of Noteholders, so that they are substituted for, or varied to become or remain, qualifying notes.

• Substitution and Variation If an MREL Eligibility Event, a Rating Methodology Event, an Alignment Event or Tax Event occurs and is continuing, the Issuer may, at its option (subject to obtaining relevant supervisory permission, if required), substitute the Notes, or vary the Conditions, without any requirement for the consent or approval of Noteholders, so that they are substituted for, or varied to become or remain, qualifying notes.

• For the avoidance of doubt, it is understood that, if, upon the occurrence of a Tax Event, Regulatory Event, Change in Progressive Capital Component Requirement or Alignment Event, the Issuer elects not to early redeem the Notes pursuant to this Condition 5, nothing in this Condition 5 shall prohibit the Issuer from redeeming any other instruments issued by any member of the Group pursuant to the terms thereof.

• For the avoidance of doubt, it is understood that, if, upon the occurrence of a Tax Event, Regulatory Event, Change in Progressive Capital Component Requirement or Alignment Event, the Issuer does not elect to early redeem the Notes pursuant to this Condition 5, nothing in this Condition 5 shall prohibit the Issuer from redeeming any other instruments issued by any member of the Group pursuant to the terms thereof.

• Except in circumstances where a Redemption Alignment Event has occurred, the Notes may not be redeemed pursuant to Condition 7(b)(i) prior toJanuary 17, 2027, unless the relevant redeemed Notes are replaced by other own funds regulatory capital of at least the same quality.

• Except in circumstances where a Redemption Alignment Event has occurred, the Notes may not be redeemed following a Gross-up Event prior to their tenth anniversary, unless (but only if and to the extent so required or otherwise as provided by the Solvency II Regulations at the time of such redemption or purchase) the relevant redeemed Notes are replaced by other own funds regulatory capital of at least the same quality.

• If a Redemption Alignment Event has occurred, the Notes may not be redeemed pursuant to Condition 7(b)(i) prior to March 15, 2022, unless the relevant redeemed Notes are replaced by other own funds regulatory capital of at least the same quality.

• If a Redemption Alignment Event has occurred, the Notes may not be redeemed pursuant to Condition 7(b)(i) prior to January 17, 2022, unless the relevant redeemed Notes are replaced by other own funds regulatory capital of at least the same quality.

• If a Redemption Alignment Event has occurred, the Notes may not be redeemed pursuant to Condition 7(b)(i) prior to March 26, 2023, unless the relevant redeemed Notes are replaced by other own funds regulatory capital of at least the same quality.

• The Issuer gives not less than thirty (30) nor more than forty-five (45) F D O H Q G D U G D \ V ¶ Q Noteholders Relevant Anniversary means the tenth anniversary of the Issue Date, provided however that Relevant Anniversary shall mean the fifth anniversary of the Issue Date if a Redemption Alignment Event has occurred.

More Definitions of Alignment Event

Alignment Event has the meaning assigned to such term in Condition 5.

Alignment Event means, in respect of a Series of Notes, as a result of the implementation of the Senior Ranking Amendment Legislation and/or any change in, or amendment to, the Senior Ranking Amendment Legislation and/or CRD IV and/or BRRD (including any provision of Danish law transposing or implementing BRRD) and/or the legislation relating to the Debt Buffer Requirement (as applicable), at any time after the date of issue of the last Tranche of Notes, the Issuer would be able to issue an Eligible Liabilitythat contains one or more provisions that are, in the reasonable opinion of the Issuer, different in any material respect from those in the Conditions;

Alignment Event has the meaning assigned to such term in Condition 11 (Substitution and Amendment).

Alignment Event is deemed to have occurred if there is a change in or amendment to, the Applicable TLAC/MREL Regulations, or any change in the application or interpretation thereof, that results in the requirements of unsubordinated and unsecured instruments qualifying as senior non preferred obligations (créditos ordinarios no preferentes) under Additional Provision 14.2º of Law 11/2015, as amended or superseded from time to time, or qualifying as TLAC/MREL-Eligible Instruments being different in any respect from the terms and conditions of the Senior Non Preferred Notes of any of the series issued. Further, an Alignment Event will be deemed to have occurred if as a result of the relevant change or amendment, only securities issued on or following a certain date which is after the issue date of the Senior Non Preferred Notes may qualify as unsubordinated and unsecured senior non preferred obligations (créditos ordinarios no preferentes) of the Company under Additional Provision 14.2º of Law 11/2015, as amended or superseded from time to time.

Alignment Event means, at any time on or after the Closing Date, a change in, or amendment to, the Applicable Banking Regulations (including, for the avoidance of doubt, Applicable MREL Regulations), or any change in the application or interpretation thereof, that results in the requirements for an instrument to qualify as Additional Tier 1 Capital and/or to comply with MREL Requirements being different in any respect from the Conditions, provided that if an event or circumstance which would otherwise constitute an Alignment Event also constitutes a Capital Event or an Eligible Liabilities Event, it will be treated as a Capital Event or as an Eligible Liabilities Event and will not constitute an Alignment Event;

Alignment Event has the meaning assigned to such term in clause (a) of Condition 12 (Substitution and Amendment).