Qualifying Administration definition

Qualifying Administration means that an administrator has been appointed in respect of the Issuer and has given notice that he intends to declare and distribute a dividend;

Qualifying Administration means that an administrator has been appointed in respect of the Borrower and has given notice that they intend to declare and distribute a dividend;

Qualifying Administration means that an administrator has been appointed to the Company and notice has been given that it intends to declare and distribute a dividend.

Examples of Qualifying Administration in a sentence

• If a Default occurs, the Trustee may commence a proceeding for the winding-up of the Company and/or prove in a winding-up of the Company or a Qualifying Administration, provided that the Trustee may not, upon the occurrence of a Default, declare the principal amount of any of the Outstanding Subordinated Notes to be due and payable.

• In addition, all Deferred Payments (or remaining part of any Deferred Payment part only of which has been made as aforesaid) which remain unpaid shall become due and payable in full on the commencement (as defined in the Trust Deed) of a winding up or Qualifying Administration of the Issuer.

• The rights of the holders of Subordinated Notes (and any rights in respect of the relative Receipts and Coupons) will, in the event of the Winding Up or Qualifying Administration of the Issuer, be subordinated in right of payment in the manner provided in the Trust Deed to the claims of Senior Creditors of the Issuer.

• If a Default occurs, the Trustee may commence a proceeding for the winding-up of the Company and/or prove in a winding-up of the Company or a Qualifying Administration for all due and payable amounts, provided that the Trustee may not, upon the occurrence of a Default, declare the principal amount of any of the Outstanding Subordinated Debt Securities to be due and payable.

• If a Default occurs and is continuing, the Trustee may institute proceedings in Scotland (but not elsewhere) for the winding-up of the Company and/or prove in a winding-up of the Company or a Qualifying Administration.

• Where a payment of interest is so deferred, no interest shall accrue on such Arrears of Interest but it may be paid at any time at the option of the relevant Issuer and shall, subject to the solvency condition described above, become due in full on the earlier of (i) any date fixed for redemption pursuant to Condition 5(b), (c) or (d) or (ii) the commencement of a Winding Up or a Qualifying Administration of the relevant Issuer.

• If a Default occurs and is continuing, the Trustee may institute proceedings for the winding-up of the Company and/or prove in a winding-up of the Company or a Qualifying Administration, provided that the Trustee may not, upon the occurrence of a Default, declare the principal amount of any of the Outstanding Subordinated Notes to be due and payable.

More Definitions of Qualifying Administration

Qualifying Administration means that an administrator has been appointed in respect of the Issuer and has given notice that they intend to declare and distribute a dividend.

Qualifying Administration means that an administrator has (or joint administrators have) been appointed to the relevant Issuer or the Guarantor, as the case may be, and notice has been given that he or they intend(s) to declare and distribute a dividend.

Qualifying Administration means that an administrator has been appointed in respect of the Company or the Guarantor, as the case may be, and notice has been given that it intends to declare and distribute a dividend.