Is Kled's Courage An On-Attack Effect or an On-Hit Effect?

I'm seriously debating if post-remount changes it is worth buying on the guy.

I always liked Kled but his remount time (a whole 1.25 seconds) has always runed him for me. Them reducing it to 0.5 seconds at the cost of some damage from his W is A-OK with me so I want to ask some questions while I can.