Common use of When Issuance or Payment May Be Deferred Clause in Contracts

When Issuance or Payment May Be Deferred. In any case in which this SECTION 10 shall require that an adjustment in the Exercise Rate be made effective as of a record date for a specified event, Holdings may elect to defer until the occurrence of such event issuing to the holder of any Warrant exercised after such record date the Warrant Shares and other Capital Stock of Holdings, if any, issuable upon such exercise over and above the Warrant Shares and other Capital Stock of Holdings, if any, issuable upon such exercise on the basis of the Exercise Rate; PROVIDED, HOWEVER, that Holdings shall deliver to such holder a due bill ▇▇ other appropriate instrument evidencing such holder's right to receive such additional Warrant Shares and other Capital Stock of Holdings upon the occurrence of the event requiring such adjustment.