Adjusted Distributable Reserves definition

Adjusted Distributable Reserves means, in respect of each financial year of the Guarantor, the aggregate amount, as calculated as of the end of the immediately preceding financial year, of accumulated retained earnings and any other reserves and surpluses of each member of the Group capable of being available for distribution in accordance with the Companies Acts; but before deduction of the amount of any distributions declared or payable even without declaration in respect of such prior financial year;
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Adjusted Distributable Reserves. ’ means, at any time, the lawful distributable reserves of HBOS at such time less the cumulative amount since the Closing Date of all redemptions of and payments on (a) any preference shares or other obligations of HBOS that are accounted for under the then generally accepted accounting practice in the U.K. as shareholders’ funds in HBOS’s accounts and (b) all securities or other obligations of an undertaking which are accounted for under the then generally accepted accounting practice in the U.K. as minority interest capital of, and with recourse (whether by way of guarantee, support agreement or otherwise) to, HBOS that are similar in material respects to the Preferred Securities and the Guarantee, taken together, whether or not Parity Securities, except in each case for such amounts as have been either charged to the lawful distributable reserves of HBOS or funded at that time by an issue of Replacement Capital as described in item (ii)(b) of the definition of ‘‘Redemption Conditions’’;
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Adjusted Distributable Reserves. ’ means at any time the lawful distributable reserves of Bank of Scotland at such time less the cumulative amount since the Issue Date of all redemptions of and payments on (a) any preference stock or other obligations of Bank of Scotland that are accounted for under then generally accepted accounting practice in the United Kingdom as proprietors’ funds in Bank of Scotland’s accounts and (b) all securities or other obligations of an undertaking which are accounted for under then generally accepted accounting practice in the United Kingdom as minority interest capital of, and with recourse (whether by way of guarantee, support agreement or otherwise) to, Bank of Scotland that are similar in material respects to the Preferred Securities and the Guarantee, taken together, whether or not Parity Obligations, except in each case for such amounts as have been either charged to the lawful distributable reserves of Bank of Scotland or funded at that time by an issue of Replacement Capital as described in item (ii)(b) of the definition of ‘‘Redemption Conditions’’;
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Examples of Adjusted Distributable Reserves in a sentence

  • On each Distribution Determination Date, the Guarantor will determine whether sufficient Adjusted Distributable Reserves exist to allow a payment of some or all of the relevant Distribution.

  • On each Distribution Determination Date, HBOS will determine whether sufficient Adjusted Distributable Reserves exist to allow a payment of some or all of the relevant Distribution.

  • Respondent and Petitioner corresponded with one another through U.S. counsel on April 17, 2017, May 19, 2017, May 30, 2017, May 31, 2017, June 9,2017, June 16, 2017, and June 23, 2017.

  • To the extent that the payment of the Relevant Proportion of a Distribution on the Preferred Securities or of the distribution or dividend on any Parity Security would otherwise exceed the amount of Adjusted Distributable Reserves actually available immediately before such payment, such Relevant Proportion shall not be payable.

  • Moreover, while projecting the requirement for LLTRs, Air HQ had emphasised that the requirement of LLTR would continue to exist in spite of the acquisition of Airborne Warning and Control System (AWACS) and Aerostat.

  • However, determinations in respect of amounts of Adjusted Distributable Reserves shall be construed with regard to HBOS (where applicable) in accordance with Scots law and with regard to Halifax Group plc (where applicable) in accordance with English law.Description of the Business of HBOS and the HBOS Group IntroductionOn 10 September 2001, Bank of Scotland and Halifax Group merged under HBOS.

  • Bank of Scotland will determine whether as of each Distribution Determination Date sufficient Adjusted Distributable Reserves exist (after deduction of the aggregate amount of the dividend to be paid on the Existing Preference Stock on the next following Distribution Date) to allow a payment of some or all of the relevant Distribution.

  • On the day falling 10 Business Days in London and Dublin prior to each Distribution Payment Date, the Guarantor will determine whether su⁄cient Adjusted Distributable Reserves exist to allow a payment of some or all of the relevant Distribution.


More Definitions of Adjusted Distributable Reserves

Adjusted Distributable Reserves means, at any time, the lawful distributable reserves of HBOS at such time less the cumulative amount in relation to Halifax Group plc for the period from 9 December 1999 until 10 September 2001 and in relation to HBOS since 10 September 2001 of all redemptions of and payments on (a) any preference shares or other obligations of Halifax Group plc or HBOS (as the case may be) that are accounted for under the then generally accepted accounting practice in the U.K. as shareholders’ funds in the accounts of Halifax Group plc or HBOS (as the case may be) and (b) all securities or other obligations of an undertaking which are accounted for under the then generally accepted accounting practice in the U.K. as minority interest capital of, and with recourse (whether by way of guarantee, support agreement or otherwise) to, Halifax Group plc or HBOS (as the case may be) that are similar in material respects to the Preferred Securities and the Guarantee, taken together, whether or not Parity Securities, except in each case for such amounts as have been either charged to the lawful distributable reserves of Halifax Group plc or HBOS (as the case may be) or funded at that time by an issue of Replacement Capital made for the purposes of funding a redemption;
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Adjusted Distributable Reserves. ’ means, at any time, the aggregate amount of accumulated retained earnings and any other reserves and surpluses of each member of the Group capable of being available for distribution as cash dividends to holders of the share capital of the Guarantor under the Companies Act;
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Adjusted Distributable Reserves. ’ means, in respect of each fiscal year of the Guarantor, the aggregate amount, as calculated as of the end of the immediately preceding fiscal year, of accumulated retained earnings and any other reserves and surpluses of each member of the Group capable of being available for distribution as cash dividends to holders of the ordinary share capital of the Guarantor under the companies laws of Ireland; but before deduction of the amount of any dividend or other distribution declared on the Guarantor’s ordinary share capital in respect of such prior fiscal year;
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Adjusted Distributable Reserves means, at any time, the lawful distributable reserves of HBOS at such time less the cumulative amount since the Closing Date of all redemptions of and payments on
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Adjusted Distributable Reserves means, at any time, the aggregate amount of accumulated retained earnings and any other reserves and surpluses of the EBS Group and described as such in the latest audited financial statements of the EBS Group;
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Adjusted Distributable Reserves means, at any time, (1) the lawful distributable reserves of HBOS at such time less (2) the cumulative amount since the Closing Date of all redemptions of and payments on (a) any preference shares or other obligations of HBOS that are accounted for in accordance with IFRS at the Closing Date as shareholders’ funds in HBOS’ accounts and (b) all securities or other obligations of an undertaking which are accounted for in accordance with IFRS at the Closing Date as minority interest capital of, and with recourse (whether by way of guarantee, support agreement or otherwise) to, HBOS that are similar in material respects to the Preferred Securities and the Guarantee, taken together, whether or not Parity Securities, except where in the case of (2)(a) or (b) any amounts in respect of such redemptions and/or payments (as the case may be) since the Closing Date have been either charged to the lawful distributable reserves of HBOS or funded at that time by an issue of Qualifying Tier 1 Instruments;
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Related to Adjusted Distributable Reserves

  • Class X Distributable Amount On any Distribution Date, (i) as a distribution in respect of interest, the amount of interest that has accrued on the Class X Interest and not applied as an Extra Principal Distribution Amount on such Distribution Date, plus any such accrued interest remaining undistributed from prior Distribution Dates, plus, without duplication, (ii) as a distribution in respect of principal, any portion of the principal balance of the Class X Interest which is distributable as an Overcollateralization Reduction Amount, minus (iii) any amounts paid as a Basis Risk Payment.

  • Class B Adjusted Invested Amount means, with respect to any date of determination, an amount equal to the Class B Invested Amount less the positive difference, if any, between the Principal Funding Account Balance and the Class A Invested Amount on such date.

  • Adjusted Invested Amount means, with respect to any date of determination, an amount equal to the Invested Amount less the Principal Funding Account Balance on such date of determination.

  • Class A Adjusted Invested Amount means, with respect to any date of determination, an amount equal to the Class A Invested Amount less the Principal Funding Account Balance (but not in excess of the Class A Invested Amount) on such date.

  • Interest Distributable Amount With respect to any Distribution Date and each Class of Certificates, the sum of (i) the Monthly Interest Distributable Amount for that Class and (ii) the Unpaid Interest Shortfall Amount for that Class.

  • Class A Principal Distributable Amount means, for any Distribution Date: (A) during the Revolving Period, zero; and (B) during the Amortization Period, an amount equal to the lesser of: (i) Available Funds remaining after payment of the amounts set forth in clauses (i) through (iv) of Section 5.08(a) hereto and (ii) the Class A Note Balance; provided, however, on the Class A Stated Final Maturity Date, the Class A Principal Distributable Amount will equal the Class A Note Balance.

  • Class B Principal Distributable Amount means, for any Distribution Date: (A) during the Revolving Period, zero; and (B) during the Amortization Period, an amount equal to the lesser of: (i) the positive difference of (x) Available Funds remaining after payment of the amounts set forth in clauses (i) through (iv) of Section 5.08(a) hereto minus (y) the Class A Principal Distributable Amount and (ii) the Class B Note Balance; provided, however, on the Class B Stated Final Maturity Date, the Class B Principal Distributable Amount will equal the Class B Note Balance.

  • Class A Interest Distributable Amount means, with respect to any Distribution Date and each class of Class A Notes, an amount equal to the sum of: (i) the aggregate amount of interest accrued on the Class A Notes at the related Note Rate from and including the preceding Distribution Date (or, in the case of the initial Distribution Date, from and including the Closing Date) to but excluding the current Distribution Date plus (ii) the related Class A Interest Carryover Shortfall for the current Distribution Date.

  • REMIC I Available Distribution Amount For each Loan Group for any Distribution Date, the sum of the following amounts with respect to the Mortgage Loans in such Loan Group:

  • Class B Interest Distributable Amount means the amount of interest accrued during the related Interest Period (calculated on the basis of a 360 day year consisting of twelve 30 day months) on the Class B Principal Balance as of the immediately preceding Payment Date (after giving effect to payments of principal made on such immediately preceding Payment Date) at the Class B Rate or, in the case of the first Payment Date, on the Class B Initial Principal Balance.

  • Class C Distributable Amount As defined in the Preliminary Statement.

  • Accrual Distribution Amount As to any Distribution Date prior to the applicable Accretion Termination Date and any Class of Accrual Certificates, an amount equal to the sum of (i) the Class A Interest Percentage of such Class of Accrual Certificates of the Current Class A Interest Distribution Amount and (ii) the Class A Interest Shortfall Percentage of such Class of Accrual Certificates of the amount distributed in respect of the Classes of Class A Certificates pursuant to Paragraph second of Section 4.01(a)(i) on such Distribution Date. As to any Distribution Date on or after the applicable Accretion Termination Date, zero.

  • Principal Distributable Amount means, with respect to any Distribution Date, the amount equal to the excess, if any, of (x) the sum of (i) the principal portion of all Collected Funds received during the immediately preceding Collection Period (other than Liquidated Receivables and Purchased Receivables), (ii) the Principal Balance of all Receivables that became Liquidated Receivables during the related Collection Period (other than Purchased Receivables), (iii) the principal portion of the Purchase Amounts received with respect to all Receivables that became Purchased Receivables during the related Collection Period, (iv) the aggregate amount of Cram Down Losses that shall have occurred during the related Collection Period; and (v) following the acceleration of the Notes pursuant to Section 5.2 of the Indenture, the amount of money or property collected pursuant to Section 5.4 of the Indenture since the preceding Determination Date by the Trust Collateral Agent for distribution pursuant to Section 5.7 hereof over (y) the Step-Down Amount, if any, for such Distribution Date.

  • Total Distribution Amount With respect to any Distribution Date, the sum of (i) the aggregate of the Interest Remittance Amounts for such date; (ii) the aggregate of the Principal Remittance Amounts for such date; and (iii) all Prepayment Premiums collected during the related Prepayment Period.

  • REMIC II Available Distribution Amount For any Distribution Date, the amount distributed from REMIC I to REMIC II on such Distribution Date in respect of the REMIC I Regular Interests.

  • Maximum Distributable Amount means any maximum distributable amount relating to the Issuer and/or the Group (if any) which is determined pursuant to Article 141 of the CRD IV Directive (or, as the case may be, any provision of Danish law transposing or implementing Article 141 of the CRD IV Directive), or any successor provision thereto;

  • Aggregate Class A Interest Distributable Amount With respect to any Distribution Date, the sum of (i) the aggregate of the Note Class Interest Distributable Amount for each class of the Class A Notes as of such Distribution Date and (ii) the Class A Interest Carryover Shortfall as of the close of the preceding Distribution Date.

  • REMIC III Available Distribution Amount For any Distribution Date, the amount distributed from REMIC II to REMIC III on such Distribution Date in respect of the REMIC II Regular Interests.

  • Adjusted Investor Interest means, with respect to any date of determination, an amount equal to the sum of (a) the Class A Adjusted Investor Interest and (b) the Class B Adjusted Investor Interest and (c) the Collateral Interest Adjusted Amount.

  • Aggregate Class B Interest Distributable Amount With respect to any Distribution Date, the sum of (i) the Note Class Interest Distributable Amount for the Class B Notes as of such Distribution Date and (ii) the Class B Interest Carryover Shortfall as of the close of the preceding Distribution Date.