Common use of Exercise of Forced Conversion Right Clause in Contracts

Exercise of Forced Conversion Right. (1) The Holder may, at any time prior to 5:00 p.m. (Toronto time) on the day immediately prior to the Forced Conversion Date, whether notice of the exercise of the Forced Conversion Right having been received or deemed to have been received, or not, exercise the Conversion Right set forth in Article 4, in full in which case the conversion of all the then outstanding Principal Sum under such Debenture shall be governed by Article 4, and this Article 5 shall have no effect on such conversion. (2) Upon the exercise of the Forced Conversion Right on the Forced Conversion Date, if a Holder shall have not exercised its Conversion Right, the Holder shall be deemed to have become the holder or holders of record of such Common Shares on the Forced Conversion Date, as set out in the notice required by Section 5.1(3) unless the transfer registers of the Corporation shall be closed on such date (including by application of any Applicable Law), in which case the Common Shares acquired shall be deemed to have been issued and such Person or Persons deemed to have become the holder or holders of record of such Common Shares, on the date on which such transfer registers are reopened. At such time, the Holder shall cease to have any rights or to receive any benefits whatsoever under the Debenture, except (i) the right to receive a certificate representing the Common Shares converted under this Article, and (ii) the right to receive accrued and unpaid Interest on the Principal Sum so converted to the Forced Conversion Date. (3) Within five (5) Business Days after the Forced Conversion Date, the Corporation shall cause to be delivered to the Holder, or its designated agent, a share certificate or certificates for the appropriate number of Common Shares acquired. (4) Within five (5) Business Days after the Forced Conversion Date, the Holder shall cause to be delivered to the Corporation for cancellation, at the address specified in the notice, this Debenture. (5) The Corporation shall concurrently with the delivery of the share certificate described in Section 5.2(3) pay in cash to the Holder all Interest accrued on the Principal Sum so converted to the Forced Conversion Date. For greater certainty, any Interest owing under the Debenture may not be paid in Common Shares.