Common use of Conversion of Merger Sub Common Shares Clause in Contracts

Conversion of Merger Sub Common Shares. Each Merger Sub Common Share issued and outstanding immediately prior to the Effective Time shall be converted into one fully paid and nonassessable common share, par value $0.01 per share, of the Surviving Company with the same rights, powers and privileges as the shares so converted and, together with the 8½% Preference Shares issued and outstanding immediately prior to the Effective Time, shall constitute the only issued and outstanding share capital of the Surviving Company.

Conversion of Merger Sub Common Shares. Each Merger Sub Common Share issued and outstanding immediately prior to the Effective Time shall automatically be converted into one (1) validly issued, fully paid and nonassessable common share, par value $0.01 1.00 per share, of the Surviving Company Company, with the same rights, powers and privileges as the shares so converted andconverted, together with the 8½% Preference Shares issued and outstanding immediately prior to the Effective Time, shall constitute the only issued and outstanding share capital of the Surviving Company.

Conversion of Merger Sub Common Shares. Each At the Effective Time and as a result of the Merger, each common share of Merger Sub Common Share that is issued and outstanding immediately prior to the Effective Time shall will be converted into one validly issued, fully paid and nonassessable common share, par value $0.01 per share, share of the Surviving Company with the same rights, powers and privileges Corporation (as the defined below in Section 1.4). Each certificate evidencing ownership of common shares so converted and, together with the 8½% Preference Shares issued and outstanding immediately prior to the Effective Time, shall constitute the only issued and outstanding share capital of the Merger Sub will evidence ownership of common shares of Surviving CompanyCorporation.