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PRVT » Topics » Section 4.2 Notification of Certain Events

This excerpt taken from the PRVT 8-K filed Nov 3, 2009.

Section 4.2 Notification of Certain Events

In order to assist PMG and Callco to comply with their respective rights and obligations hereunder, Corporation will give each of PMG and Callco notice of each of the following events at the time set forth below (it being agreed, however, that the failure to give such notices shall not relieve PMG or Callco of any of its obligations hereunder):

 

  (a)

any determination by the Board of Directors to institute voluntary liquidation, dissolution or winding-up proceedings with respect to Corporation or to effect any other distribution of the assets of Corporation among its shareholders for the purpose of winding-up its affairs, at least 15 days prior to the proposed effective date of such liquidation, dissolution, winding-up or other distribution; it being understood that Corporation hereby confirms that

 

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it will not institute such voluntary proceedings or otherwise make such distribution before the Automatic Redemption Date;

 

  (b) promptly, upon the earlier of (i) receipt by Corporation of notice of, and (ii) Corporation otherwise becoming aware of, any threatened or instituted claim, suit, petition or other proceedings with respect to the involuntary liquidation, dissolution or winding-up of Corporation or to effect any other distribution of the assets of Corporation among its shareholders for the purpose of winding-up its affairs or of the occurrence of any Insolvency Event;

 

  (c) promptly, upon receipt by Corporation of a Retraction Request;

 

  (d) on the same date on which notice of redemption is given to the Holders in accordance with the Exchangeable Share Provisions;

 

  (e) at least ten (10) days prior to any accelerated Automatic Redemption Date determined by the Board of Directors in accordance with the Exchangeable Share Provisions; and

 

  (f) promptly in the event of any determination by the Board of Directors to take any action which would require a vote of the Holders of Exchangeable Shares.
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