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.

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

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

Examples of Automatic Conversion in a sentence

• The Borrower shall reserve and keep available out of its authorized but unissued Common Shares, solely for the purpose of effecting the Automatic Conversion, such number of Common Shares as shall from time to time be sufficient to issue the Common Shares, upon the Automatic Conversion of the then outstanding Unpaid Principal Balance of the Loan.

• Notwithstanding anything herein contained, Common Shares may only be issued pursuant to the Automatic Conversion in compliance with applicable securities Laws.

• If necessary, the Borrower will from time to time withhold and promptly pay or make provision for the payment of any and all taxes which may be imposed by Laws with respect to the issuance or delivery of the Common Shares to the Lender upon Automatic Conversion.

• Any Common Shares issued to the Lender pursuant to the Automatic Conversion will bear the following legend or notation: provided that at any time subsequent to the date that is four (4) months from the distribution date any certificate representing such Common Shares may be exchanged for a certificate or certificates bearing no such legends or the notation on such Common Shares shall be removed, as the case may be.

More Definitions of Automatic Conversion

Automatic Conversion means the irrevocable and automatic release of all of the Company’s obligations under the Additional Tier 1 Securities in consideration of the Company’s issuance and delivery of the Settlement Shares at the Conversion Price on the Conversion Date to the Settlement Share Depository (on behalf of the Holders and Beneficial Owners of the Additional Tier 1 Securities) in accordance with the terms of the Additional Tier 1 Securities.

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

Automatic Conversion means the irrevocable and automatic release of all of the Company’s obligations under the Contingent Capital Notes in consideration of the Company’s issuance and delivery of the Settlement Shares at the Conversion Price on the Conversion Date to the Settlement Share Depository (on behalf of the Holders and Beneficial Owners) in accordance with the terms of the Contingent Capital Notes or the Indenture.

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 set forth in Section 3(i) of this Note.

Automatic Conversion means, in respect of a particular series of contingent capital securities, the irrevocable and automatic release of all of the Issuer’s obligations under such series of contingent capital securities (other than the CSO Obligations, if any) in consideration of the Issuer’s issuance of the Conversion Shares in accordance with the terms of such contingent capital securities.