Conversion Trigger definition

Conversion Trigger means, any time following the third (3rd) anniversary date of the Issue Date, a date on which the VWAP of the Common Stock equals or exceeds two and one-half (2.5) times the Conversion Price for a period of twenty (20) consecutive Trading Days ending on such date.

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Conversion Trigger shall occur if at any time, as disclosed in the latest published annual or semi-annual consolidated financial statements of LBG or as otherwise publicly disclosed by LBG at any time, LBG's Consolidated Core Tier 1 Ratio is less than 5 per cent. As used herein, “Consolidated Core Tier 1 Ratio” means the ratio of the Core Tier 1 Capital of LBG to the risk weighted assets of LBG, in each case, calculated on a consolidated basis. As soon as reasonably practicable following the occurrence of the Conversion Trigger, the Issuer shall give notice thereof to holders of the ECNs (the “Conversion Trigger Notice”) in accordance with Condition 17. The Conversion Trigger Notice shall specify the Consolidated Core Tier 1 Ratio, the prevailing Conversion Price and the Conversion Date, which shall be not earlier than 20 London business days nor later than 30 London business days following the giving of the Conversion Trigger Notice.

Conversion Trigger is defined in Section 2.1.2(e).

Examples of Conversion Trigger in a sentence

• For the avoidance of doubt, the potential conversion of the Contingent Capital Notes into ordinary shares, other securities or other obligations in connection with the exercise of any U.K. bail-in power by the relevant U.K. authority is separate and distinct from the Automatic Conversion following a Conversion Trigger Event.

• The Conversion Trigger Event shall occur if at any time the CET1 Ratio is less than 7.00 per cent.

• Unless and until an Exchange occurs (or payment in full of all Obligations is made in cash), the Holder shall have all of its rights and remedies hereunder (including without limitation its right to convert this Note if the Conversion Trigger Event has occurred) through the Exchange Date (or the date on which payment in full is made).

• The Trust Deed provides that if the Trustee, in the exercise of its functions, requires to be satisfied as to any fact (including, without limitation, as to whether a Conversion Trigger Event has occurred), it may call for and accept as sufficient evidence of that fact a certificate signed by two Authorised Signatories of the Company as to that fact.

• Any date on which the Automatic Alternative Currency Conversion Trigger shall have occurred.

More Definitions of Conversion Trigger

Conversion Trigger has the meaning ascribed thereto in subsection 2.3(9)(a);

Conversion Trigger has the meaning ascribed to it in Condition 7(a);

Conversion Trigger has the meaning ascribed thereto in Condition 8.1; "Converted" has the meaning ascribed thereto in Condition 8.1;

Conversion Trigger means the consummation of an equity investment in the Company’s capital stock, with proceeds of at least US $10,000,000.00 (including the amount covered by a conversion of any outstanding convertible notes and debts into shares of capital stock of the Company under the aforesaid equity investment transaction or series of transactions).

Conversion Trigger shall occur if the Issuer determines that the CET1 Ratio as at any Quarterly Financial Period End Date or Extraordinary Calculation Date, as the case may be, is less than 7.00 per cent. on such date. Following the occurrence of the Conversion Trigger, the Issuer shall give notice thereof to the Holders of the AT1 Securities (the “Conversion Trigger Notice”) in accordance with Condition 17 and to the Trustee and the Principal Paying and Conversion Agent (i) in the case of a Conversion Trigger that has occurred as at any Quarterly Financial Period End Date, on or within five London business days (or such shorter period as the Relevant Regulator may require) after the relevant Ordinary Reporting Date and (ii) in the case of a Conversion Trigger that has occurred as at any Extraordinary Calculation Date, on or as soon as practicable after such Extraordinary Calculation Date (and, in any event, within such period as the Relevant Regulator may require). The Conversion Trigger Notice shall specify the CET1 Ratio as at the relevant Quarterly Financial Period End Date or Extraordinary Calculation Date (as applicable), the Conversion Price then prevailing (which Conversion Price shall remain subject to any subsequent adjustment pursuant to Condition 7(e) up to the Conversion Date), the Conversion Date and details of the Settlement Shares Depositary, the Notice Cut-Off Date and the Long-Stop Date.

Conversion Trigger means the earlier of October 31, 2020 or the occurrence of a Preferred Default (as defined in Section 3.1 herein).

Conversion Trigger means, a period of five (5) consecutive Trading Days during which the Closing Bid Price exceeds: (i) in the case of an A Conversion Trigger, $1.50; and (ii) in the case of a B Conversion Trigger, $2.50.