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
Arrears of Interest: Arrears of Interest, and any other amount, payment of which is optionally or mandatorily deferred may be paid in whole or in part at any time, provided that no Mandatory Deferral Event has occurred and is continuing and any notifications to the Regulator have been made or consent from the Regulator has been obtained, as the case may be, in either case if required under the Capital Adequacy Regulations.
In the case of deferral of interest due to a Mandatory Deferral Event, such junior or pari passu ranking securities can only be issued up to a nominal amount of 25 per cent.
In the case of deferral of interest due to a Mandatory Deferral Event, such junior or pari passu ranking securities can only be issued up to a nominal amount of 15 per cent.
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.
These two ratios are as follows:• Leverage Ratio—calculated as Relevant Gross Debt (divided by 2) to Normalised EBITDA; and• Interest Cover Ratio—calculated as Normalised EBITDA to Relevant Net Interest Paid.The Leverage Ratio and Interest Cover Ratio will be tested on a six monthly basis to assist in determining whether or not a Mandatory Deferral Event exists.
More Definitions of Mandatory Deferral Event
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 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 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,
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, subject to the proviso below, (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,provided that following implementation of the Future Regulations, the Issuer shall nonetheless defer payment of interest on the Notes if and to the extent that any such non-deferral as a result of the failure to satisfy the condition set out in sub-(A)(ii) will result in the Notes not qualifying as at least Tier 2 own funds (or whatever the terminology employed by the Future Regulations), in which case the condition set out in sub-(A)(ii) shall be disapplied.
Mandatory Deferral Event means, in relation to an Interest Payment Date, any one of the following events:
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.