Common use of Conversion and Redemption Clause in Contracts

Conversion and Redemption. In case any Series B Share is called for redemption, the right to convert such Series B Share shall terminate with respect to all Series B Shares for which a Notice of Conversion (as defined in Paragraph 4.F below) shall not have previously been delivered to the Transfer Agent (as hereafter defined) pursuant to the procedures described in Paragraph 5.2 below at the close of business on the date which is three (3) business days preceding the Redemption Date (as defined in Paragraph 5.1 below); provided that no default by the Corporation in the payment of the applicable Redemption Price (as defined in Paragraph 5.1) shall have occurred and be continuing.

Conversion and Redemption. In case any Series B A Share is called for redemption, the right to convert such Series B A Share shall terminate with respect to all Series B A Shares for which a Notice of Conversion (as defined in Paragraph 4.F below) shall not have previously been delivered to the Transfer Agent (as hereafter defined) pursuant to the procedures described in Paragraph 5.2 below at the close of business on the date which is three (3) business days preceding the Redemption Date (as defined in Paragraph 5.1 below); provided that no default by the Corporation in the payment of the applicable Redemption Price (as defined in Paragraph 5.1) shall have occurred and be continuing.