CCo and GCo will agree to amend the terms of the "Tier 2 Debt" owing to CCo to accord it with the right to convert the Tier 2 Debt into common shares of GCo with an aggregate fair market value at the time of conversion equal to the principal amount of the Tier 2 Debt. This amendment will not, pursuant to the governing law result in novation of Tier 2 Debt the creation of a new obligation in its place. CCo will then exercise the conversion right.
Rulings inter alia respecting the addition of the conversion right not giving rise to a disposition and respecting the application of s. 51(1) to the conversion