Common use of PETITION FOR ADMINISTRATION Clause in Contracts

PETITION FOR ADMINISTRATION. Upon receipt of notice of a petition to a court of competent jurisdiction for an administration order in relation to the Current Issuer or other order having substantially the same effect to be made on application by a creditor or creditors of the Current Issuer, the Note Trustee shall, subject to it being indemnified to its satisfaction, as soon as practicable appoint a Receiver in accordance with this Current Issuer Deed of Charge (who shall, to the extent permitted by law, be an "administrative receiver" under Section 29 (2) of the Insolvency Act 1986) of the whole of the Current Issuer Charged Property and the Note Trustee shall instruct the Receiver to attend at the hearing of the petition and take such steps as are necessary to prevent the appointment of an administrator. The Current Issuer Secured Creditors shall co-operate and do all acts and enter into such further documents, deeds or agreements as the Note Trustee may deem necessary or desirable to ensure that an administration order is not made and that an administrative receiver is appointed.