Common use of Conversion; Conversion Price; Valuation Event Clause in Contracts

Conversion; Conversion Price; Valuation Event. At the option of ---------------------------------------------- the Holder, this Debenture may be converted, either in whole or in part, up to the full Principal Amount hereof (in increments of $1,000 in Principal Amount) into Common Shares (calculated as to each such conversion to the nearest 1/100th of a share), at any time and from time to time on any Business Day, subject to compliance with Section 3.2. The number of Common Shares into which this Debenture may be converted is equal to: (i) the Principal Amount of the Debenture and all accrued interest being converted on the Conversion Date, divided by (ii) the Conversion Price. The "Conversion Price" shall be equal to seventy five percent (75%) of the average of the Market Prices during the ten (10) Trading Days prior to Holder's election to convert.