Maximum Retractions and Deferral of Retractions. Notwithstanding anything to the contrary contained herein, in the sole discretion of the Corporation (and, in all cases, without the requirement to seek or obtain the approval of Debentureholders):
(a) the aggregate Retraction Price payable by the Corporation during any calendar month to all Debentureholders who have exercised retraction rights under this Article 4 ("Retracting Debentureholders") shall not exceed an amount equal to 1% of the principal amount of Debentures outstanding as of the first Business Day of such calendar month (the "Retraction Cap Amount"), and any Retraction Price in excess of the Retraction Cap Amount (the "Excess Retraction Price") shall be paid by the Corporation to Debentureholders who have exercised retraction rights in the order in which Notices of Retraction were received by the Corporation (and not on a pro rata basis) as and when payment of the Excess Retraction Price would be permissible under this Section 4.9, and any Debentures that have not been fully retracted will continue to remain outstanding to the extent of the principal not retracted; and (b) irrespective of whether the aggregate Retraction Price exceeds the Retraction Cap Amount, if the Corporation determines that payment of the Retraction Price on a Retraction Date, or at the time of receipt by the Corporation of a Notice of Retraction, would impair, or reasonably be expected to impair, the business, operations, financial condition, financial performance, profitability, debt or equity funding prospects, or investment capabilities of the Corporation (including the ability of the Corporation to fund potential investments), or would result in non-compliance by the Corporation with applicable laws or the rules and policies of any stock exchange on which any securities of the Corporation may then be listed, the Corporation may elect to defer the Retraction Date to the one year anniversary of the then-effective applicable Retraction Date. If the Corporation elects to defer a Retraction Date, it will, no later than 10 days following the originally scheduled Retraction Date, deliver to each applicable Debentureholder and the Trustee a written notice setting out the new Retraction Date.
