Regulatory Deficiency Redemption Deferral Event means any event (including, without limitation, where an Insolvent Insurer Winding-up has occurred and is continuing and any event which causes any Solvency Capital Requirement or Minimum Capital Requirement to be breached and the continuation of such Insolvent Insurer Winding- up is, or as the case may be, such breach is, an event) which under Solvency II and/or under the Relevant Rules requires the Issuer to defer or suspend repayment or redemption of the Notes (on the basis that the Notes qualify (or are intended to qualify) as Tier 3 Capital under Solvency II and any other Relevant Rules);
Regulatory Deficiency Redemption 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 or suspend repayment or redemption 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 Redemption Deferral Event means any event which under Solvency II and/or under the Relevant Rules requires the Issuer to defer or suspend repayment or redemption 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);
Examples of Regulatory Deficiency Redemption Deferral Event in a sentence
As more fully described in the Indenture, if, following the giving of a notice of redemption with respect to a Redemption Date on which any payments are due to be satisfied, a Regulatory Deficiency Redemption Deferral Event occurs and is continuing or would result if payment of the Redemption Price was made or the Solvency Condition would not be satisfied or the Financial Services Authority fails to approve such redemption, the Company will be required to postpone the Redemption Date.
More Definitions of Regulatory Deficiency Redemption Deferral Event
Regulatory Deficiency Redemption 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 or suspend a scheduled repayment or redemption of the Subordinated Notes;
Regulatory Deficiency Redemption 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 the Relevant Rules would require the Issuer to defer repayment or redemption 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 repayment or redemption of the Notes;
Regulatory Deficiency Redemption Deferral Event means any event which (including, without limitation, any event which causes the 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 Solvency II and/or under the Relevant Rules would require the Issuer to defer or suspend repayment or redemption 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 Redemption Deferral Event means any event (including, without limitation, where an Insolvent Insurer winding-up has occurred and is continuing and any event which causes any Solvency Capital Requirement or Minimum 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 the continuation of such Insolvent Insurer winding-up is, or as the case may be, such breach is an event) which under the Relevant Rules means that the Issuer must defer or suspend repayment or redemption of the Notes (on the basis that the Notes are intended to qualify as Tier 2 Capital under the Relevant Rules). Early Redemption at the Option of the IssuerThe Issuer may, subject to certain conditions and upon notice to Noteholders, at any time elect to redeem the Notes at their principal amount together with Arrears of Interest (if any) and any other accrued and unpaid interest to (but excluding) the date of redemption, if a Tax Event or Capital Disqualification Event has occurred and is continuing. A "Tax Event" will occur if:
Regulatory Deficiency Redemption Deferral Event means any event (including, without limitation, where an Insolvent Insurer Winding-up has occurred and is continuing and any event which causes any Solvency Capital Requirement or Minimum 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 Solvency II and/or under the Relevant Rules means that the Issuer must defer or suspend repayment or redemption 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 under Solvency II without the operation of any grandfathering provisions);
Regulatory Deficiency Redemption Deferral Event means (i) any event (including, without limitation, where an Insolvent Insurer Winding-up has occurred and is continuing and any event which causes any Solvency Capital Requirement or Minimum Capital Requirement applicable to the Guarantor, the Insurance Group or any member of the Insurance Group to be breached and where the continuation of such Insolvent Insurer Winding-up is, or as the case may be, such breach is, an event) which under the Relevant Rules requires the Issuer or the Guarantor to defer or suspend repayment or redemption of (or payment of any Guaranteed Amounts in respect of repayment or redemption of) the Notes (on the basis that the Notes are intended to qualify as Tier 2 Capital of the Guarantor and the Insurance Group) or (ii) the PRA having notified the Issuer or the Guarantor in writing that it has determined in accordance with the Relevant Rules at such time that the Issuer must defer making a payment of principal under the Notes and/or the Guarantor must defer making a payment under the Guarantee of Guaranteed Amounts in respect of a scheduled repayment or redemption of the Notes and not having revoked such notification;
Regulatory Deficiency Redemption Deferral Event means (i) (a) any breach of any Regulatory Solvency Capital Requirement or 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) or(b) an Insolvent Insurer Winding-up; where and to the extent that such breach or winding-up or liquidation is an event which under Solvency II and/or under the Relevant Rules means that the Issuer must defer or suspend repayment or redemption 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 of the Issuer or the Group 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 principal 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;