Common use of Forced Conversion Right Clause in Contracts

Forced Conversion Right. (1) Subject to the terms and conditions otherwise set forth herein, the Corporation shall have the right (the "Forced Conversion Right"), at its option, at any time, and from time to time, prior to the Maturity Date, to give notice to all Holders of Debentures of the forced conversion of all then outstanding Principal Sums, into fully paid and non-assessable Common Shares at the Conversion Price in effect on the Forced Conversion Date. (2) The Forced Conversion Right may only be exercised by the Corporation if, during any consecutive twenty (20) Trading Day period ending on the day immediately prior to the giving of the notice required by Section 5.1(3), the closing price of the Common Shares on the TSE, for each such Trading Day, shall have been no less than the Forced Conversion Price. (3) Subject to fulfilling the requirement set forth in Section 5.2(2), the Corporation may exercise the Forced Conversion Right by giving to all Holders of Debentures, at any time after the condition set forth in Section 5.2(2) shall have been satisfied, and prior to the Maturity Date, written notice specifying the following: (a) that the Corporation is exercising its Forced Conversion Right in respect of the Principal Sum then outstanding under all Debentures; (b) the twenty (20) consecutive Trading Days during which the closing price of Common Shares on each such day was no less than the Forced Conversion Price; (c) the number of Common Shares to be issued to each Holder upon exercise of the Forced Conversion Right; (d) the Forced Conversion Date for the Debentures being converted, being a date not less than ten (10) days nor more than thirty (30) days after the date that the notice is deemed by Section 15.3 to have been effectively given and received; and (e) the address to which the Debenture must be delivered by the Holder to the Corporation for cancellation.