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Term Definition Legal instruments

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01/01/2016

THIS DEFINITION ONLY APPLIES TO THE INSURANCE COMPANY - CAPITAL RESOURCES PART

means (in relation to any item of capital) any change in the coupon rate on that item that results in an increase in the amount payable at any time, including a change already provided in the original terms governing those payments:

(1) including (in the case of a fixed rate) an increase in that coupon rate;

(2) including (in the case of a floating rate calculated by adding a fixed amount to a fluctuating amount) an increase in that fixed amount;

(3) including (in the case of a floating rate) a change to the benchmark by reference to which the fluctuating element of the coupon is calculated; and

(4) not including (in the case of a floating rate) an increase in the absolute amount of the coupon caused by fluctuations in the benchmark by reference to which the absolute amount of the coupon floats.