Conversion Right

Conversion Right. Pursuant to Section 4.11 of the Indenture, as a result of the Merger, from and after the Effective Time, each $1,000 principal amount of Notes outstanding shall be convertible, during any period in which such Notes shall be convertible as specified in the Indenture, into the number of shares of Guarantor Common Shares that a Holder would have received upon consummation of the Merger if such Holder had converted the Notes into Valeant Common Stock immediately before the Effective Time. For the... avoidance of doubt, the Conversion Rate as of the opening of business on September 28, 2010 and taking into account (i) the adjustment in connection with the dividend of $16.77 per share of Valeant Common Stock declared by Valeant's Board of Directors on September 27, 2010 with a record date of September 27, 2010 and (ii) the adjustment in connection with the Merger, will be 76.0948 Guarantor Common Shares per $1,000 principal amount of Notes View More