Daily Conversion Rate definition
Examples of Daily Conversion Rate in a sentence
In the event of a distribution contemplated by clause (4) or (5) of Section 4.01(a), Holders may not convert the Securities if the Holders will otherwise participate in such distribution on an as converted basis (assuming for this purpose that the Securities were convertible solely into a number of shares of Common Stock equal to the then applicable Daily Conversion Rate).
Any such increase in the Applicable Conversion Rate will be effected by adding to each of the Daily Conversion Rate Fractions 1/20th of the applicable number of Additional Shares set forth in the tables in clause (b) below with respect to such Make-Whole Fundamental Change.
At such time, the Company shall instruct the Trustee to determine the Trading Price of the Securities beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Securities is greater than 98% of the product of the Closing Sale Price of the Common Stock and the then applicable Daily Conversion Rate.
For the avoidance of doubt, on and after September 20, 2012, the settlement of the Conversion Obligation shall not take into account any adjustment to the Daily Conversion Rate pursuant to Section 4.01(j) of the Indenture resulting from the occurrence of a Fundamental Change on August 8, 2012.
The Base Conversion Rate, Incremental Share Factor and the Daily Conversion Rate Fraction for the Notes prior to the occurrence of a Make-Whole Adjustment Event were 60.4961, 30.2481 and 3.1483, respectively.
At such time, the Company shall instruct the Trustee in writing to determine the Trading Price of the Securities beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Securities is greater than 97% of the product of the Closing Sale Price of the Common Stock and the then applicable Daily Conversion Rate.
These calculations include, but are not limited to, determinations of the Closing Sale Price of the Common Stock, Applicable Price of the Common Stock, any Make-Whole Premium, any accrued interest, Additional Payment, Additional Interest or Extension Fee, if applicable, payable on the Securities, the Daily Conversion Rate Fractions and the conversion price of the Securities.
Notes may be converted during the five consecutive Business Days after any five consecutive Trading Days on which the Trading Price of $1,000 principal amount of Notes, as determined by the Trustee following a request by a Noteholder in accordance with the procedures described below in Section 7.01(c), for each Trading Day of such five Trading Days was less than 97% of the product of the Last Reported Sale Price of the Common Stock for such Trading Day and the Applicable Daily Conversion Rate on such day.
For each Note surrendered for conversion, the full number of shares that shall be issued upon conversion thereof shall be computed on the basis of the aggregate Daily Conversion Rate Fractions, the aggregate Daily Settlement Amounts or the aggregate Daily Conversion Values, as the case may be, for each of the 20 Trading Days during the relevant Conversion Period and any fractional shares remaining after such computation shall be paid in cash.
As a result of the Merger (a Make-Whole Adjustment Event), there was an adjustment to the Daily Conversion Rate Fraction of 0.6162, resulting in a Daily Conversion Rate Fraction of 3.7645 after the Make-Whole Adjustment Event.