Early Conversion at the Option of the Holder. (a) Other than during a Fundamental Change Conversion Period, the Holders shall have the right to convert their Mandatory Convertible Preferred Stock, in whole or in part (but in no event less than one share of the Mandatory Convertible Preferred Stock), at any time prior to the Mandatory Conversion Date (“Early Conversion”), into shares of Common Stock at the Minimum Conversion Rate, subject to adjustment as described in Section 13 and to satisfaction of the conversion procedures set forth in Section 10. (b) If, as of any Early Conversion Date, the Corporation has not declared all or any portion of the accumulated and unpaid dividends for all full Dividend Periods ending on a Dividend Payment Date prior to such Early Conversion Date, the Minimum Conversion Rate shall be adjusted, with respect to the relevant Early Conversion, so that the Holders converting their Mandatory Convertible Preferred Stock at such time receive an additional number of shares of Common Stock (the “Early Conversion Additional Share Number”) equal to the amount of undeclared, accumulated and unpaid dividends for such prior Dividend Periods (such amount of undeclared, accumulated and unpaid dividends, the “Early Conversion Additional Conversion Amount”), divided by the greater of the Floor Price and the Average VWAP per share of the Common Stock over the 20 consecutive Trading Day period (the “Early Conversion Settlement Period”) commencing on, and including, the 22nd Scheduled Trading Day immediately preceding the Early Conversion Date (such average being referred to as the “Early Conversion Average Price”). Notwithstanding anything to the contrary in this Certificate of Designations, to the extent that the Early Conversion Additional Conversion Amount exceeds the value of the product of the Early Conversion Additional Share Number and the Early Conversion Average Price, the Corporation shall not have any obligation to pay the shortfall in cash. Except as described in the first sentence of this Section 8(b), upon any Early Conversion of any shares of the Mandatory Convertible Preferred Stock, the Corporation shall make no payment or allowance for unpaid dividends on such shares of the Mandatory Convertible Preferred Stock, unless such Early Conversion Date occurs after the Record Date for a declared dividend and on or prior to the immediately succeeding Dividend Payment Date, in which case the Corporation shall pay such dividend on such Dividend Payment Date to the Record Holder of the converted shares of the Mandatory Convertible Preferred Stock as of such Record Date, in accordance with Section 3.
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Early Conversion at the Option of the Holder. (a) Other than during a Fundamental Change Conversion Period, the Holders shall have the right to convert their shares of Mandatory Convertible Preferred Stock, in whole or in part (but in no event less than one share of the Mandatory Convertible Preferred Stock), at any time prior to the Mandatory Conversion Date (“Early Conversion”), into shares of Common Stock Shares at the Minimum Conversion Rate, subject to adjustment as described in Section 13 and to satisfaction of the conversion procedures set forth in Section 10.
(b) If, If as of any Early Conversion Date, Date the Corporation has not declared all or any portion of the accumulated and unpaid dividends for all full Dividend Periods ending on a Dividend Payment Date prior to such Early Conversion Date, the Minimum Conversion Rate shall be adjusted, with respect to the relevant Early Conversion, so that the Holders converting their Mandatory Convertible Preferred Stock at such time receive Holder receives an additional number of shares of Common Stock (the “Early Conversion Additional Share Number”) Shares equal to the amount of undeclared, accumulated and unpaid dividends that have not been declared for such prior full Dividend Periods (such amount of undeclared, accumulated and unpaid dividends, the “Early Conversion Additional Conversion Amount”), divided by the greater of the Floor Price and the Average VWAP per share of the Common Stock Share over the 20 consecutive Trading Day period (the “Early Conversion Settlement Period”) commencing on, and including, the 22nd Scheduled Trading Day immediately preceding the Early Conversion Date (such average being referred to as the “Early Conversion Average Price”). Notwithstanding anything to the contrary in this Certificate of Designations, to To the extent that the Early Conversion Additional Conversion Amount exceeds the value of the product of the Early Conversion Additional Share Number number of additional shares of Common Stock and the Early Conversion Average Price, the Corporation shall not have any obligation to pay the shortfall in cash. Except as described in the first sentence of this Section 8(b), upon any Early Conversion of any shares of the Mandatory Convertible Preferred Stock, the Corporation shall make no payment or allowance for unpaid undeclared dividends on such shares of the Mandatory Convertible Preferred Stock, unless such Early Conversion Date occurs after the Record Date for a declared dividend and on or prior to the immediately succeeding Dividend Payment Date, in which case the Corporation shall pay such dividend on such Dividend Payment Date to the Record Holder of the converted shares of the Mandatory Convertible Preferred Stock as of such Record Date, in accordance with Section 3.
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Samples: Deposit Agreement (Alcoa Inc)
Early Conversion at the Option of the Holder. (a) Other than during a Fundamental Change Conversion Period, subject to satisfaction of the conversion procedures set forth in Section 11, the Holders shall have the right option to convert their Mandatory Convertible Preferred Stock, in whole or in part (but in no event less than one share of the Mandatory Convertible Preferred Stock), at any time prior to the Mandatory Conversion Date May 15, 2022 (an “Early Conversion”), into shares of Common Stock at the Minimum Conversion Rate, subject to adjustment as described in accordance with Section 13 and to satisfaction of the conversion procedures set forth in Section 109(b).
(b) If, as of any Early Conversion Date, the Corporation has not declared all or any portion of the accumulated and unpaid dividends for all full Dividend Periods ending on a Dividend Payment Date prior to such Early Conversion Date, the Minimum Conversion Rate shall be adjusted, with respect to the relevant Early Conversion, so that the Holders converting their Mandatory Convertible Preferred Stock at such time receive an additional number of shares of Common Stock equal to:
(the “Early Conversion Additional Share Number”i) equal to the such amount of undeclared, accumulated and unpaid dividends per share of Mandatory Convertible Preferred Stock for such prior full Dividend Periods (such amount of undeclared, accumulated and unpaid dividends, the “Early Conversion Additional Conversion Amount”), divided by by
(ii) the greater of (x) the Floor Price and (y) the Average VWAP per share of the Common Stock over the 20 consecutive Trading Day period (the “Early Conversion Settlement Period”) commencing on, and including, the 22nd 21st Scheduled Trading Day immediately preceding the Early Conversion Date (such average being referred to as the “Early Conversion Average Price”). Notwithstanding anything to the contrary in this Certificate of Designations, to To the extent that the Early Conversion Additional Conversion Amount exceeds the value of the product of the Early Conversion Additional Share Number such number of additional shares and the Early Conversion Average Price, the Corporation shall not have any obligation to pay the shortfall in cashcash or deliver shares of Common Stock in respect of such shortfall. Except as described set forth in the first sentence of this Section 8(b9(b), upon any Early Conversion of any shares of the Mandatory Convertible Preferred Stock, the Corporation shall make no payment or allowance for unpaid dividends on such shares of the Mandatory Convertible Preferred Stock, unless such Early Conversion Date occurs after the Regular Record Date for a declared dividend and on or prior to the immediately succeeding Dividend Payment Date, in which case the Corporation shall pay such dividend on such Dividend Payment Date to the Record Holder of the converted shares of the Mandatory Convertible Preferred Stock as of such Regular Record Date, in accordance with Section 34.
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Early Conversion at the Option of the Holder. (a) Other than during a Fundamental Change Conversion Period, Holders of the Holders Bonds shall have the right to convert their Mandatory Convertible Preferred StockBonds, in whole or in part (but in no event less than one share of the Mandatory Convertible Preferred Stock)part, at any time prior to from the Mandatory Optional Conversion Commencement Date until the 25th Scheduled Trading Day immediately preceding September 15, 2013 at the Minimum Conversion Rate (“Optional Early Conversion”), into shares of Common Stock at the Minimum Conversion Rate, subject to adjustment as described in under Section 13 3 hereof and to satisfaction of the conversion procedures automatic cash settlement provisions set forth in Section 105.1 hereof and the cash true-up provisions set forth in Section 5.2 hereof.
(b) If, as of any Early Conversion Date, the Corporation has not declared all or any portion of the accumulated and unpaid dividends for all full Dividend Periods ending on a Dividend Payment Date prior to such Early Conversion Date, the Minimum Conversion Rate shall be adjusted, with respect to the relevant Upon Optional Early Conversion, so that a Holder will not receive any separate cash payment for accrued and unpaid interest, except as set forth below. In addition to the Holders converting their Mandatory Convertible Preferred Stock at such time number of ADSs issuable upon conversion, a Holder who elects to convert Bonds early pursuant to Section 2.4(a) shall have the right to receive an additional number amount equal to any Deferred Interest to, but excluding, the Interest Payment Date preceding the date of shares conversion. The Company’s settlement of Common Stock (its obligation to convert the “Bonds into ADSs upon Optional Early Conversion Additional Share Number”in accordance with this Section 2.4 shall be deemed to satisfy its obligation to pay the principal amount of the Bonds that are converted and accrued and unpaid interest, if any, from the Interest Payment Date preceding the date of conversion in respect of such Bonds. As a result, accrued and unpaid interest from the Interest Payment Date preceding the date of conversion to, but excluding, the date of conversion shall be deemed to be paid in full rather than canceled, extinguished or forfeited. Notwithstanding the preceding sentence, if Bonds are converted pursuant to Section 2.4(a) equal after the close of business on a Regular Record Date but prior to the amount open of undeclaredbusiness on the corresponding Interest Payment Date, accumulated and unpaid dividends for Holders of such prior Dividend Periods (such amount of undeclared, accumulated and unpaid dividends, the “Early Conversion Additional Conversion Amount”), divided by the greater Bonds as of the Floor Price and the Average VWAP per share close of the Common Stock over the 20 consecutive Trading Day period business on such Regular Record Date will receive payment of interest (the “Early Conversion Settlement Period”) commencing on, and including, the 22nd Scheduled Trading Day immediately preceding the Early Conversion Date (such average being referred to as the “Early Conversion Average Price”). Notwithstanding anything to the contrary in this Certificate of Designationsincluding Deferred Interest, to the extent that such Interest Payment Date is also the end of a Deferral Period) accrued to, but excluding, such Interest Payment Date. Bonds surrendered for Optional Early Conversion Additional Conversion Amount exceeds during the value period from the close of business on a Regular Record Date to the product open of business on the Early Conversion Additional Share Number and corresponding Interest Payment Date must be accompanied by payment of an amount equal to the Early Conversion Average Priceinterest (including Deferred Interest, if applicable) payable on the Corporation shall not have any obligation to pay the shortfall in cashconverted Bonds on such Interest Payment Date. Except as described in the first sentence of this Section 8(b)provided above, upon any Early Conversion of any shares of the Mandatory Convertible Preferred Stock, the Corporation shall make no payment or allowance adjustment will be made for accrued but unpaid dividends on such shares of interest from the Mandatory Convertible Preferred Stock, unless such Early Conversion Date occurs after the Record Date for a declared dividend and on or prior to the immediately succeeding Dividend Payment Date, in which case the Corporation shall pay such dividend on such Dividend Interest Payment Date to preceding the Record Holder date of conversion to, but excluding, the converted shares date of conversion on Bonds that are the Mandatory Convertible Preferred Stock as subject of such Record Date, in accordance with Section 3an Optional Early Conversion.
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Samples: Second Supplemental Indenture (AngloGold Ashanti Holdings PLC)
Early Conversion at the Option of the Holder. (ai) Other than during a Fundamental Change Conversion Period, the Holders shall have the right to convert their Mandatory Convertible Shares of 7.50% Preferred Stockare convertible, in whole or in part (but in no event less than one share part, at the option of the Mandatory Convertible Preferred StockHolders thereof (“Optional Conversion”), at any time prior to the Mandatory Conversion Date (“Early Conversion”)Date, into shares of Common Stock at a rate of 6.4440 shares of Common Stock for each share of 7.50% Preferred (the Minimum “Optional Conversion Rate”), subject to adjustment as described in Section 13 and to satisfaction of the conversion procedures set forth in Section 1010(ii) below (as though references in Section 10(ii) to the Conversion Rate were replaced with references to the Optional Conversion Rate).
(bii) IfOptional Conversion of shares of 7.50% Preferred may be effected by delivering certificates evidencing such shares (if such shares are held in certificated form), as together with written notice of any Early Conversion Date, conversion and a proper assignment of such certificates to the Corporation has not declared all or any portion in blank (and, if applicable, payment of an amount equal to the dividend payable on such shares pursuant to the second sentence of Section 8(iii), to the Corporate Trust Office of the accumulated Transfer Agent for 7.50% Preferred or to any other office or agency maintained by the Corporation for that purpose and unpaid dividends for all full Dividend Periods ending otherwise in accordance with Optional Conversion procedures established by the Corporation. Each Optional Conversion shall be deemed to have been effected immediately prior to the close of business on the date on which the foregoing requirements shall have been satisfied.
(iii) Holders of shares of 7.50% Preferred at the close of business on a Dividend Record Date shall be entitled to receive the dividend payable on such shares on the corresponding Dividend Payment Date notwithstanding the Optional Conversion of such shares following such Dividend Record Rate and prior to such Early Dividend Payment Date. However, shares of 7.50% Preferred surrendered for Optional Conversion Date, after the Minimum Conversion Rate shall close of business on a Dividend Record Date and before the opening of business on the next succeeding Dividend Payment Date must be adjusted, with respect accompanied by payment in cash of an amount equal to the relevant Early Conversiondividend payable on such shares on such Dividend Payment Date. Except as provided above, so that the Holders converting their Mandatory Convertible Preferred Stock at such time receive an additional number upon any Optional Conversion of shares of Common Stock (the “Early Conversion Additional Share Number”) equal to the amount of undeclared, accumulated and unpaid dividends for such prior Dividend Periods (such amount of undeclared, accumulated and unpaid dividends, the “Early Conversion Additional Conversion Amount”), divided by the greater of the Floor Price and the Average VWAP per share of the Common Stock over the 20 consecutive Trading Day period (the “Early Conversion Settlement Period”) commencing on, and including, the 22nd Scheduled Trading Day immediately preceding the Early Conversion Date (such average being referred to as the “Early Conversion Average Price”). Notwithstanding anything to the contrary in this Certificate of Designations, to the extent that the Early Conversion Additional Conversion Amount exceeds the value of the product of the Early Conversion Additional Share Number and the Early Conversion Average Price, the Corporation shall not have any obligation to pay the shortfall in cash. Except as described in the first sentence of this Section 8(b), upon any Early Conversion of any shares of the Mandatory Convertible Preferred Stock7.50% Preferred, the Corporation shall make no payment or allowance for unpaid dividends preferred dividends, whether or not in arrears, on such shares of the Mandatory Convertible 7.50% Preferred Stock, unless as to which Optional Conversion has been effected or for dividends or distributions on Common Stock issued upon such Early Conversion Date occurs after the Record Date for a declared dividend and on or prior to the immediately succeeding Dividend Payment Date, in which case the Corporation shall pay such dividend on such Dividend Payment Date to the Record Holder of the converted shares of the Mandatory Convertible Preferred Stock as of such Record Date, in accordance with Section 3Optional Conversion.
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Samples: Merger Agreement (Imc Global Inc)