Regulatory Deficiency Interest Deferral Event definition

Regulatory Deficiency Interest Deferral Event means any event (including, without limitation, any event which causes any Solvency Capital Requirement or Minimum Capital Requirement applicable to the Issuer or all or any part of the Regulated Group (which part includes the Issuer and at least one other Subsidiary of the Regulated Group) to be breached) which, under the Relevant Rules, means that the Issuer must defer payment of interest (or, if applicable, Arrears of Interest) in respect of the Notes (in order that the Notes qualify, and/or on the basis that the Notes are intended to qualify, as Tier 2 Capital of the Issuer and the Regulated Group under the Relevant Rules);

Regulatory Deficiency Interest Deferral Event means the Solvency Capital Requirement applicable to the Issuer, the Group or any insurance undertaking within the Group is breached and such breach is an event which under Solvency II and/or under the Relevant Rules would require the Issuer to defer payment of interest in respect of the Notes (on the basis that the Notes are intended to qualify as Tier 2 Capital under Solvency II without the operation of any grandfathering provisions) and the Relevant Regulator has not waived the requirement to defer payment of interest under the Notes;

Regulatory Deficiency Interest Deferral Event means any event (including, without limitation, any event which causes any Solvency Capital Requirement or Minimum Capital Requirement applicable to the Issuer, the Insurance Group or any member of the Insurance Group to be breached and such breach is an event) which under the Relevant Rules would require the Issuer to defer payment of interest in respect of the Notes (on the basis that the Notes are intended to qualify as Tier 2 Capital under the Relevant Rules);

Examples of Regulatory Deficiency Interest Deferral Event in a sentence

• Events which constitute a Regulatory Deficiency Interest Deferral Event could include, without limitation, any event which causes any Minimum Capital Requirement applicable to the Issuer, the Group or any insurance undertaking within the Group to be breached, where such event is an event which under the Relevant Rules means that the Issuer must defer payments on the Notes on the basis that the Notes are intended to qualify, as Tier 3 Capital under the Relevant Rules.

• Events which constitute a Regulatory Deficiency Interest Deferral Event could include, without limitation, any event which causes any Solvency Capital Requirement or Minimum Capital Requirement applicable to the Issuer, the Group or any insurance undertaking within the Group to be breached, where such event is an event which under the Relevant Rules means that the Issuer must defer payments on the Notes on the basis that the Notes are intended to qualify, as Tier 2 Capital under the Relevant Rules.

• Events which constitute a Regulatory Deficiency Interest Deferral Event are, any of the Issuer or the Group is failing to meet any Solvency Capital Requirement or Minimum Capital Requirement then applicable to it and, under the Relevant Rules then applicable to the Issuer, such failure requires the Issuer to defer payment of interest (or, if applicable, Arrears of Interest) in respect of the Notes in order that the Notes qualify as Tier 2 Capital of the Issuer and the Group under the Relevant Rules.

• The obligations of the Issuer to make payments under and in respect of the Notes are conditional upon (a) there being no breach of the Solvency Condition (as described in Condition 5 (Deferral of Interest)) at the time of such payment and no such breach occurring as a result of such payment and (b) there being no Regulatory Deficiency Interest Deferral Event atthe time of such payment and no such event occurring as a result of such payment.

• A certificate signed by two Authorised Signatories and delivered to the Commissioner (copies thereof will be available at the Commissioner's specified office during its normal business hours) confirming that a Regulatory Deficiency Interest Deferral Event has occurred and is continuing, or would occur if payment of interest on the Notes were made shall be treated and accepted by the Commissioner, the Holders and all other interested parties as correct and sufficient evidence thereof.

More Definitions of Regulatory Deficiency Interest Deferral Event

Regulatory Deficiency Interest Deferral Event means any event which causes the Enhanced Capital Requirement applicable to the Issuer to be breached and such breach is an event which, under the Relevant Rules, would require the Issuer to defer a payment of interest in respect of the Subordinated Notes;

Regulatory Deficiency Interest Deferral Event means any event which under Solvency II and/or under the Relevant Rules requires the Issuer to defer payment of interest in respect of the Notes (on the basis that the Notes are intended to qualify as Tier 2 Capital under Solvency II without the operation of any grandfathering provisions);

Regulatory Deficiency Interest Deferral Event means any event (including, without limitation, any event which causes any Minimum Capital Requirement (including any minimum consolidated group Solvency Capital Requirement) applicable to the Issuer, all or part of the Group (which part includes the Issuer and at least one other member of the Group) or any insurance undertaking within the Group to be breached and such breach is an event) which under the Relevant Rules means that the Issuer must defer payment of interest (or, if applicable, Arrears of Interest) in respect of the Notes (in order that the Notes qualify, and/or on the basis that the Notes are intended to qualify, as Tier 3 Capital under the Relevant Rules). See Condition 5(a).Arrears of Interest Any interest in respect of the Notes not paid on an Interest PaymentDate as a result of (i) the occurrence of a Regulatory Deficiency Interest Deferral Event, or (ii) the operation of the Solvency Condition, together with any other interest in respect of the Notes not paid on an earlier Interest Payment Date, will, so long as the same remains unpaid, constitute “Arrears of Interest”. No interest will accrue on Arrears of Interest. See Condition 5(c). Arrears of Interest may be paid, in whole but not in part, at any time at the election of the Issuer (subject to regulatory consent (if then required) and to the Solvency Condition and provided that a Regulatory Deficiency Interest Deferral Event is not subsisting and would not occur upon payment of the same) upon notice to the Noteholders, the Trustee, the Registrar and the Principal Paying Agent, and in any event all Arrears of Interest will (subject, in the case of paragraph (i) and (iii) below, to regulatory consent (if then required) and to the Solvency Condition) become due and payable upon the earliest of the following dates:

Regulatory Deficiency Interest Deferral Event means any event which (i) (including, without limitation, any event which causes the Solvency Capital Requirement or the Minimum Capital Requirement to be breached and such breach is an event which) under Solvency II and/or the Relevant Rules would require the Issuer to defer or suspend payment of interest (or, if applicable, Arrears of Interest) in respect of the Notes and/or (ii) where the Issuer Supervisor has directly notified the Issuer in writing that such deferral or suspension of payment of interest (or, if applicable, Arrears of Interest) in respect of the Notes is required and the Issuer Supervisor has not revoked such notification.

Regulatory Deficiency Interest Deferral Event means any event (including, without limitation, any event which causes any Minimum Capital Requirement to be breached and such breach is an event) which under the Relevant Rules requires the Issuer to defer payment of interest (or, if applicable, Arrears of Interest) in respect of the Notes (on the basis that the Notes qualify (or are intended to qualify) as Tier 3 Capital under the Relevant Rules);

Regulatory Deficiency Interest Deferral Event means any event (including, without limitation, any event which causes any Minimum Capital Requirement to be breached and such breach is an event) which under Solvency II and/or under the Relevant Rules requires the Issuer to defer payment of interest (or, if applicable, Arrears of Interest) in respect

Regulatory Deficiency Interest Deferral Event means (i) any breach of any Regulatory Minimum Capital Requirement applicable to the Issuer or all or part of the Group (which part includes the Issuer and at least one other member of the Group) and such breach is an event which under Solvency II and/or under the Relevant Rules means that the Issuer must defer payment of interest (or, if applicable, Arrears of Interest) in respect of the Notes (in order that the Notes qualify, and/or on the basis that the Notes are intended to qualify, as Tier 3 Capital under Solvency II and any other Relevant Rules); or (ii) the Relevant Regulator has prohibited the Issuer, in view of the financial condition of the Issuer or the Group, from making payments of interest (or, if applicable, Arrears of Interest) under the Notes in accordance with the Relevant Rules; or (iii) the Issuer is unable to meet regularly its due and payable liabilities as provided for in Article 2 of the Insolvency Law;