Capital Deficiency Event definition

Capital Deficiency Event means the first date on which either of the following events occurs:

Capital Deficiency Event means the occurrence of (i) the Issuer giving notice to the Holders that the relevant Capital Ratio is below the Trigger Ratio, or (ii) the Competent Authority notifying the Issuer that it has determined, in its absolute discretion, that the Group’s financial and solvency condition is deteriorating in such a way that the relevant Capital Ratio is likely to be below the Trigger Ratio in the short term;

Capital Deficiency Event means, as of the relevant date, (i) the Capital Adequacy Condition is not met or (ii) the Relevant Supervisory Authority has issued any order of prompt corrective action (souki zesei sochi) in relation to regulatory capital requirements to Asahi Life and such order remains in effect.

Examples of Capital Deficiency Event in a sentence

• In the event that during any Interest Period, on or at any time prior to the fifth Business Day prior to an Optional Interest Payment Date, a Capital Deficiency Event has occurred or would occur upon payment of the interest due on the next Optional Interest Payment Date: (x) the accrual of interest, if any, in respect of the Notes shall automatically be suspended.

• In addition, the amount of Broken Interest may be reduced to absorb losses in accordance with Condition 5.1; and (y) no interest on the Notes shall accrue nor be payable by the Issuer with respect to the remaining period in such Interest Period or any other Interest Period during the period starting on the date of the Capital Deficiency Event and ending on the date of the End of Capital Deficiency Event.

• Broken Interest is only applicable with respect to an Interest Period whose Interest Payment Date is an Optional Interest Payment Date and means, with respect to the period from (and including) the immediately preceding Interest Payment Date (or in the case of the first Interest Payment Date, the Issue Date) to (but excluding) the date of the occurrence of a Capital Deficiency Event, the amount of interest accrued on the Notes during such period as calculated by the Calculation Agent.

• To the extent that the Guarantor at any time suffers losses (also considering profits and losses relating to previous financial years) which would result in a Capital Deficiency Event, the obligations of the Issuer relating to the principal amount of the Notes will be suspended to the extent necessary to enable the Guarantor to continue to carry on its activities in accordance with applicable regulatory requirements.

• To the extent that the Issuer at any time suffers losses (taking into account, inter alia, profits and losses relating to previous financial years) which would result in a Capital Deficiency Event, the obligations of the Issuer relating to the principal amount of the Notes will be suspended to the extent necessary to enable the Issuer to continue to carry on its activities in accordance with applicable regulatory requirements.

More Definitions of Capital Deficiency Event

Capital Deficiency Event means (A) as a result of losses incurred by the Issuer, on a consolidated or non-consolidated basis, the total risk-based capital ratio (coefficiente patrimoniale complessivo) of the Issuer, on a consolidated or non- consolidated basis as calculated in accordance with applicableItalian banking laws and regulations, and either (1) reported in the Issuer’s reporting to the Lead Regulator (currently Matrice dei Conti) or (2) determined by the Lead Regulator and communicated to the Issuer, in either case, falls below the then minimum requirements of the Lead Regulator specified in applicable regulations (currently equal to five per cent. pursuant to the Nuove Disposizioni di Vigilanza Prudenziale per le Banche, set out in the Bank of Italy’s Circolare n. 263, dated 27 December 2006); or (B) the Lead Regulator, in its sole discretion, notifies the Issuer that it has determined that the Issuer’s financial condition is deteriorating such that an event specified in (A) above is likely to occur in the short term.Where the Issuer is prohibited from paying interest pursuant to Condition 5(b) (Interest suspension - Mandatory suspension of interest) it shall not have any obligation to make such interest payment on the relevant Interest Payment Date, and the failure to pay such interest shall not constitute a default of the Issuer or any other breach of obligations under the Conditions or for any purpose.Interest on the Notes will not be cumulative and interest that the Issuer is prohibited from paying pursuant to Condition 5(b) (Interest suspension - Mandatory suspension of interest) will not accumulate or compound and all rights and claims in respect of any such amounts shall be fully and irrevocably cancelled and forfeited.Mandatory payment of interest: The Issuer is required to pay interest (including, withoutlimitation, in the event of a Capital Deficiency Event) on any Interest Payment Date (A) in part, pari passu and pro rata, if and to the extent that during the 12-month (or 6-month or 3-month for securities (other than shares) where remuneration is paid, respectively, every 6 or 3 months) period prior to such Interest Payment Date the Issuer or any Subsidiary has declared, made, approved or set aside for payment a partial distribution in respect of any Parity Securities; and/or (A) in full if and to the extent that during the 12-month (or 6-month or 3-month for securities (other than shares) where remuneration is paid, respectively, every 6 or 3 months) period ...

Capital Deficiency Event means, as at the relevant date,

Capital Deficiency Event means the occurrence of (i) the Issuer giving notice to the Holders that the relevant Capital Ratio is below the Trigger Ratio, or (ii) the Competent Authority notifying the Issuer that it has determined, in its absolute discretion, that the Group‟s financial and solvency condition is deteriorating in such a way that the relevant Capital Ratio is likely to be below the Trigger Ratio in the short term;

Capital Deficiency Event means (A) as a result of losses incurred by the Issuer, on a consolidated or non- consolidated basis, the total risk-based capital ratio (coefficiente patrimoniale complessivo) of the Issuer, on a consolidated or non-consolidated basis as calculated in accordance with applicable Italian banking laws and regulations, and either (1) reported in the Issuer's reporting to the Lead Regulator (currently Matrice dei Conti) or (2) determined by the Lead Regulator and communicated to the Issuer, in either case, falls below the then minimum requirements of the Lead Regulator specified in applicable regulations (currently equal to five per cent. pursuant to the Nuove Disposizioni di Vigilanza Prudenziale per le Banche, set out in the Bank of Italy's Circolare n. 263, dated 27 December 2006); or (B) the Lead Regulator, in its sole discretion, notifies the Issuer that it has determined that the Issuer's financial condition is deteriorating such that an event specified in (A) above is likely to occur in the short term.

Capital Deficiency Event means a decline in the total risk-based capital ratio of the Issuer, calculated in accordance with the Applicable Banking Regulations, to below the minimum percentage required by the Applicable Banking Regulations, calculated on a non-consolidated basis (as well as, if and when the Issuer prepares consolidated accounts, on a consolidated basis, as the case may be).

Capital Deficiency Event means either:

Capital Deficiency Event means, as at the relevant date, (x) the Issuer being designated as an “insolvent financial institution” under subparagraph 2 of Article 2 of the Act on the Structural Improvement of the Financial Industry, as amended or modified from time to time, or (y) either a “management improvement recommendation,” a “management improvement requirement” or a “management improvement order” has been issued by the Financial Services Commission of Korea (the “FSC”) under the Articles 7-17, 7-18 and 7-19, respectively, or an “emergency measure” is imposed by the FSC under the Article 7-43, of the Regulation on Supervision of Insurance Business (as amended or modified from time to time, the “RSIB”).