Common use of Rounding Down and Notice of Adjustment to the Conversion Price Clause in Contracts

Rounding Down and Notice of Adjustment to the Conversion Price. (a) On any adjustment to the Conversion Price as provided under this Article III, if the resultant Conversion Price is a number with more decimal places than the initial Conversion Price, that number shall be rounded to the same number of decimal places as the initial Conversion Price. No adjustment shall be made to the Conversion Price where such adjustment (rounded down if applicable) would be less than 1% of the Conversion Price then in effect. Any adjustment not required to be made, and/or any amount by which the Conversion Price has been rounded down, shall be carried forward and taken into account in any subsequent adjustment, and such subsequent adjustment shall be made on the basis that the adjustment not required to be made had been made at the relevant time and/or, as the case may be, that the relevant rounding down had not been made. (b) Notice of any adjustments to the Conversion Price shall be given by the Company to Holders via each Clearing System (or, if the Securities are definitive Securities, via the Trustee) promptly after the determination thereof. (c) The Conversion Price shall not in any event be reduced to below the nominal value of the Ordinary Shares.

Appears in 2 contracts

Samples: Eleventh Supplemental Indenture (Barclays PLC), Third Supplemental Indenture (Barclays PLC)

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Rounding Down and Notice of Adjustment to the Conversion Price. (a) On any adjustment to the Conversion Price as provided under this Article IIIadjustment, if the resultant Conversion Price is a number with more decimal places than the initial Conversion Price, that number if not an integral multiple of US$0.01, shall be rounded down to the same number nearest whole multiple of decimal places as the initial Conversion PriceUS$0.01. No adjustment shall be made to the Conversion Price where such adjustment (rounded down if applicable) would be less than 1% one per cent. of the Conversion Price then in effect. Any adjustment not required to be made, and/or any amount by which the Conversion Price has been rounded down, shall be carried forward and taken into account in any subsequent adjustment, and such subsequent adjustment shall be made on the basis that the adjustment not required to be made had been made at the relevant time and/or, as the case may be, that the relevant rounding down had not been made. (b) time. Notice of any adjustments to the Conversion Price shall be given by the Company Issuer to Holders via each Clearing System (or, if Noteholders in accordance with Condition 16 and the Securities are definitive Securities, via the Trustee) Trustee promptly after the determination thereof. (c) . The Conversion Price shall not in any event be reduced to below the nominal value of the Ordinary SharesCommon Shares and the Issuer undertakes that it shall not take any action, and shall procure that no action is taken, that would otherwise result in an adjustment to the Conversion Price to below such nominal value.

Appears in 1 contract

Samples: Trust Deed (Acergy S.A.)

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Rounding Down and Notice of Adjustment to the Conversion Price. (a) On any adjustment to the Conversion Price as provided under this Article IIIIV, if the resultant Conversion Price is a number with more decimal places than the initial Conversion Price, that number shall be rounded to the same number of decimal places as the initial Conversion Price. No adjustment shall be made to the Conversion Price where such adjustment (rounded down if applicable) would be less than 1% of the Conversion Price then in effect. Any adjustment not required to be made, and/or any amount by which the Conversion Price has been rounded down, shall be carried forward and taken into account in any subsequent adjustment, and such subsequent adjustment shall be made on the basis that the adjustment not required to be made had been made at the relevant time and/or, as the case may be, that the relevant rounding down had not been made. (b) Notice of any adjustments to the Conversion Price shall be given by the Company to Holders via each Clearing System (or, if the Securities are definitive Securities, via the Trustee) promptly after the determination thereof. (c) The Conversion Price shall not in any event be reduced to below the nominal value of the Ordinary Shares.

Appears in 1 contract

Samples: Eighth Supplemental Indenture (Barclays PLC)

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