Common use of Common Share Limitation Clause in Contracts

Common Share Limitation. (1) The Corporation shall maintain a record of the number of Common Shares issued to Holders of Debentures in the aggregate (i) upon the exercise of the Conversion Right set forth in this Article 4, (ii) as a result of the exercise by the Corporation of its Forced Conversion Right set forth in Article 5, and (iii) as a result of the redemption or purchase for cancellation of any or all Debentures. (2) Subject to Sections 4.9(3) and 4.9(4), the Corporation shall be limited to issuing, in the aggregate under the Debentures, only 3,000,000 Common Shares upon the exercise of the Conversion Right, the Forced Conversion Right, or upon the redemption of any or all Debentures, which limitation the Holder hereby acknowledges. (3) In the event that the due exercise of the Conversion Right would result in the Corporation having issued more than 3,000,000 Common Shares in the aggregate to Holders of the Debentures, the Corporation shall take all action necessary (including the calling and holding of a meeting of Shareholders), to permit it to duly and lawfully issue more than 3,000,000 Common Shares. The costs of complying with this section shall be borne entirely by the Corporation. (4) In the event that the proposed exercise of the Forced Conversion Right by the Corporation, or the proposed redemption of any or all Debentures would result in the Corporation having issued more than 3,000,000 Common Shares in the aggregate hereunder, such proposed action shall only be permitted to the extent no more than 3,000,000 Common Shares are issued less the number of Common Shares into which the Debentures which remain outstanding after such Forced Conversion Right or redemption are convertible in accordance with the Conversion Right. (5) In the event the Conversion Price is adjusted pursuant to Article 7, the aggregate number of Common Shares issuable by the Corporation hereunder, being 3,000,000 on the date hereof, shall also be rateably and equitably adjusted.