Automatic Conversion definition

Automatic Conversion means the irrevocable and automatic release of all of the Company’s obligations under the Securities (other than the CSO Obligations, if any) in consideration of the Company’s issuance of the Conversion Shares at the Conversion Price to the Conversion Shares Depository (on behalf of the Holders and Beneficial Owners of the Securities) or to the relevant recipient of such Conversion Shares, all in accordance with the terms of the Securities.

Automatic Conversion means the irrevocable and automatic release of all of the Company’s obligations under the Securities in consideration of the Company’s issuance of the Conversion Shares to the Conversion Shares Depository (or to the relevant recipient pursuant to Section 2.15) (on behalf of the Holders and Beneficial Owners), all in accordance with the terms of the Securities and the Indenture.

Automatic Conversion has the meaning ascribed to such term in Section 4.1;

Examples of Automatic Conversion in a sentence

• An Automatic Conversion will occur without delay upon the occurrence of a Capital Adequacy Trigger Event.

• Following an Automatic Conversion, the principal amount of this Security shall equal zero, but the Tradable Amount of the book-entry interests in this Security shall remain unchanged as a result of the Automatic Conversion.

• Fractions of Conversion Shares shall not be issued following an Automatic Conversion and no cash payment shall be made in lieu thereof.

• Prior to an Automatic Conversion, the aggregate Tradable Amount of the interests in this Security shall equal this Security’s outstanding principal amount.

• The Company may, in its sole and absolute discretion, following the occurrence of an Automatic Conversion and no later than 10 (ten) Business Days following the Conversion Date, elect that the Conversion Shares Depository make an offer of all or some of the Conversion Shares to all or some of the Company’s ordinary shareholders at a cash price per Conversion Share equal to the Conversion Price, as set forth in and subject to the provisions of Section 2.10 of the Eleventh Supplemental Indenture.

More Definitions of Automatic Conversion

Automatic Conversion shall have the meaning specified in Section 15.12(a).

Automatic Conversion has the meaning set forth in Section 3(i) of this Note.

Automatic Conversion means the irrevocable and automatic (without the need for the consent of Noteholders or the Trustee) release by the Noteholders of all of the Issuer’s obligations under the Notes with effect immediately following the determination that a Trigger Event has occurred (unless the PRA has waived such Automatic Conversion in the circumstances set out in Condition 6(a)) as specified in the relevant Trigger Event Notice including, without limitation, the release of the full principal amount of each Note on a permanent basis in consideration of the Issuer's issuance of the Conversion Shares to the Conversion Shares Depositary (or to such other relevant recipient as contemplated in Condition 6) (on behalf of the Noteholders) at the then prevailing Conversion Price and the cancellation of all accrued and unpaid interest and any other amounts (if any) arising under or in connection with the Notes and/or the Trust Deed;

Automatic Conversion means the automatic conversion of the Notes into the Conversion Shares at the Conversion Price, in accordance with Condition 5 (Loss Absorption Mechanism);

Automatic Conversion means the conversion of Depositary Shares into shares of Common Stock as described in Section 2.11 hereof.

Automatic Conversion has the meaning ascribed to such term in Section 4.1.

Automatic Conversion means the irrevocable and automatic release of all of the Issuer's obligations under the Notes in consideration of the Issuer's issuance of the Conversion Shares at the Conversion Price to the Conversion Shares Depositary (on behalf of the Holders) or to the relevant recipient, in accordance with these Conditions and "convert" and "converted" shall be construed accordingly.