Mandatory Deferral Event definition

Mandatory Deferral Event means that:

Mandatory Deferral Event means, in relation to any date on which:

Mandatory Deferral Event shall be deemed to occur in respect of an Interest Payment Date if the Coverage Ratio as of the relevant Test Date is less than or equal to 1.35. The Issuer will give to the Principal Paying and Transfer Agent, the Registrar and the Trustee (in an Officer’s Certificate of the Issuer) and the Securityholders in accordance with Condition 15 notice not later than five business days prior to the relevant Interest Payment Date of the occurrence of a Mandatory Deferral Event as at the relevant Test Date. An Officer’s Certificate of the Issuer addressed to the Trustee as to the amount of Capital Expenditure, EBITDA, ESOP Cashflow, Interest Expense and Taxes Paid, as to the Coverage Ratio or as to whether a Mandatory Deferral Event has occurred or will occur or not occur at any time may, in the absence of manifest error be relied upon by the Trustee and, if so relied upon, shall be conclusive and binding on the Issuer and the Securityholders.

Examples of Mandatory Deferral Event in a sentence

• A Mandatory Deferral Event will exist if the Interest Cover Ratio8 is less than the Minimum Level (being 2.5 times) in relation to a Testing Date, or if the Leverage Ratio8 is above the Maximum Level (being 5.0 times) in relation to two consecutive Testing Dates.

• Unless the Final Terms specify otherwise, Arrears of Interest may, subject to the prior approval of the Relevant Supervisory Authority to the extent required pursuant to the Capital Adequacy Regulations in order for the Subordinated Notes to qualify as regulatory capital, at the option of Aegon paid in whole or in part at any time, provided, however, that no Mandatory Deferral Event has occurred and is continuing at the time of such payment.

• By not later than the 15th day prior to each Interest Payment Date for which interest payments on this Debenture are being deferred as a result of a Mandatory Deferral Event, the Company will give notice of such deferral by first class mail, postage prepaid, addressed to the Trustee and to the Holder of this Debenture, and the Company will file a copy of such notice on Form 8-K with the Commission, if the Company is then required to file reports under the Exchange Act.

• Notwithstanding any other provision in the Notes, the Indenture or this Supplemental Indenture, the deferral resulting from a Mandatory Deferral Event will constitute neither an Event of Default nor a default of any kind, and will not give Holders or the Trustee any right to accelerate repayment of the Notes or any other remedies pursuant to Article 5 of the Indenture or otherwise.

• A Mandatory Deferral Event will exist if the Interest Cover Ratio is less than the Minimum Level (being 2.5 times) in relation to a Testing Date, or if the Leverage Ratio is above the Maximum Level (being 5.0 times) in relation to two consecutive Testing Dates.• The Interest Cover Ratio was 8.6 times as at 30 June 2014 and 8.9 times as at 31 December 2014 (on a pro forma basis).

More Definitions of Mandatory Deferral Event

Mandatory Deferral Event has the meaning set forth in Section 3.11.

Mandatory Deferral Event means that on the relevant date on which an Interest Payment or a payment of principal would be made (a) the Company has determined that (i) the Company is not Solvent, or (ii) payment of the Interest Payment or payment of principal made on such date would result in the Company becoming not Solvent; or (b) (i) a Capital Adequacy Event has occurred and continues to exist, or (ii) an Interest payment or a payment of principal on such date would cause a Capital Adequacy Event and a deferral of Interest Payments and/or payment of principal is required under the then Applicable Capital Adequacy Regulations; provided, however, that the occurrence of (b) above shall not constitute a Mandatory deferral Event (1) in respect of Interest Payments or Arrears of Interest, if (i) the Company’s Supervisory Authority has exceptionally waived the deferral of such Interest Payment and/or payment of Arrears of Interest, (ii) paying the Interest Payment and/or Arrears of Interest does not further weaken the Company’s solvency position as determined in accordance with the then applicable Capital Adequacy Regulations, and (iii) the Minimum Capital Requirement will be complied with immediately after the Interest Payment and/or payment of Arrears of Interest is made; and (2) in respect of payments of principal, if (i) the Company’s Supervisory Authority has exceptionally waived the deferral of such principal payment, (ii) the Subordinated Notes are exchanged for or converted into another tier 1 or tier 2 basic own-fund of at least the same quality, and (iii) the Minimum Capital Requirement will be complied with immediately after the principal payment is made.

Mandatory Deferral Event shall be deemed to have occurred if the Company or the Insurance Group is in breach of the Enhanced Capital Requirement, or would breach the Enhanced Capital Requirement if payment of accrued and unpaid interest on the Notes, together with any accrued and unpaid interest on any Parity Securities outstanding, were made.

Mandatory Deferral Event shall occur if on any day which is the 20th day prior to an Interest Payment Date (each a “Calculation Date”) it is determined that:

Mandatory Deferral Event means that Standard & Poor's has assigned an Issuer Credit Rating of 'BB+' or below, where "Issuer Credit Rating" means the long-term local issuer credit rating assigned to the Issuer by Standard & Poor's.

Mandatory Deferral Event shall occur upon the occurrence of a Solvency Capital Event or an Insolvency Event, or any other event the occurrence of which would require the Issuer to defer payment of interest on the Subordinated Notes under Applicable Supervisory Regulations on the basis that the Subordinated Notes are intended to qualify as Tier 2 Capital (including, for the avoidance of doubt, if the Applicable Supervisory Regulations are Solvency II, the Issuer or the Regulatory Group, as applicable, not meeting the Solvency II Minimum Capital Requirement) unless otherwise permitted by the Applicable Supervisor. (For the avoidance of doubt, it shall not be a Mandatory Deferral Event if, in view of other facts and circumstances then subsisting, the payment of interest need not be deferred under Applicable Supervisory Regulations in order that the Subordinated Notes qualify as Tier 2 Capital, including, if the Applicable Supervisory Regulations are Solvency II, in circumstances where: (i) the Applicable Supervisor has exceptionally waived the deferral of interest payments, (ii) such interest payments do not further weaken the solvency position of the Issuer and (iii) the Solvency II Minimum Capital Requirement is complied with immediately after such interest payments are made.)

Mandatory Deferral Event means, in relation to an Interest Payment Date, any one of the following events:(A) (i) a Regulatory Intervention has occurred and such Regulatory Intervention will be continuing on such Interest Payment Date, or would be caused by the payment by the Issuer (or the Guarantor) of interest and/or arrears of interest on the relevant date; and (ii) no dividend has been declared on any ordinary shares of Assicurazioni Generali since the date on which such Regulatory Intervention occurred; or(B) payment of the relevant interest and/or arrears of interest would result in the Issuer (or the Guarantor) becoming insolvent in accordance with provisions of the relevant insolvency laws and rules and regulations thereunder (including any applicable decision of a court) applicable to the Issuer (or the Guarantor) from time to time,