Common use of Deferral of Purchase by Corporation Clause in Contracts

Deferral of Purchase by Corporation. In the event that any payment by the Corporation under Section 7(a) or 8(a) for such shares would constitute a default or an event of default or result in a mandatory prepayment requirement under the terms of any agreement for indebtedness or other agreement to which the Corporation or any of its subsidiaries is a party as of the date for such purchase, the Corporation shall have the right, by delivery of written notice to the Employee, to defer exercise of its call and purchase right until such payment by the Corporation would no longer have such an effect; provided that the Corporation's exercise of its purchase right may not be deferred for more than six (6) months. The Corporation shall give Employee prompt written notice of when it is no longer restricted from making such purchase, and the procedures set forth in Section 7(a) or 8(a) hereof, as the case may be, shall apply as though the date giving rise to the purchase right occurred on the date such notice is given.