Common use of Holder Conversion Option Clause in Contracts

Holder Conversion Option. Subject to and upon compliance with the provisions of this Article, the Holder at its option, at any time prior to 5:00 p.m. (Toronto time) on the Business Day immediately preceding the Maturity, or, in the case of a redemption, any time prior to 5:00 p.m. ((Toronto time) on the Business Day immediately preceding the Redemption Date, may convert the Debenture (or any portion of the principal amount thereof that is an integral multiple of US$1,000), into that number of fully paid and nonassessable Common Shares as calculated by such quotient where the numerator is the principal amount of the Debenture to be converted and the denominator is the Conversion Price, as defined below (the "Holder Conversion Option"). The price at which Common Shares shall be delivered upon a conversion by a Holder (herein called the "Conversion Price") shall be Seventeen Canadian Dollars (Cdn $17) per Common Share, as adjusted in certain instances as provided in this Article Twelve.