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;
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’’;
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’’;
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.
The Bank will determine whether as of each Distribution Determination Date sufficient Adjusted Distributable Reserves exist to allow a payment of some or all of the relevant Distribution.
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.
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;
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;
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;
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;
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
Adjusted Distributable Reserves. ’ means, in respect of each ¢nancial year of the Guarantor, the aggregate amount, as calculated as of the end of the immediately preceding ¢nancial 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
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;