Common use of Effect of Exercise of Special Warrants Clause in Contracts

Effect of Exercise of Special Warrants. (a) Upon compliance by the holder of any Special Warrant Certificate or Uncertificated Special Warrant with the provisions of Section 3.1 or upon the deemed exercise pursuant to Section 3.7, and subject to Section 3.3, the Units to be issued upon the exercise of the Special Warrants will be deemed to have been issued and the person or persons to whom such Units are to be issued will be deemed to have become the holder or holders of record of such Units on the Exercise Date, unless the registers of the Company will be closed on such date, in which case the Units to be issued upon the exercise of the Special Warrants will be deemed to have been issued and such person or persons deemed to have become the holder or holders of record of such Units on the date on which such transfer registers are reopened. It is hereby understood that in order for persons to whom Units are to be issued, to become holders of Units on record on the Exercise Date, Beneficial Owners must commence the exercise process sufficiently in advance so that the Special Warrant Agent is in receipt of all items of exercise at least one Business Day prior to such Exercise Date.

Effect of Exercise of Special Warrants. (a) Upon compliance by the holder of any Special Warrant Certificate or Uncertificated Special Warrant with the provisions of Section 3.1 or upon the deemed automatic exercise pursuant to Section 3.7, and subject to Section 3.3, the Units to be issued upon the exercise of the Special Warrants will be deemed to have been issued and the person or persons to whom such Units are to be issued will be deemed to have become the holder or holders of record of such Units Unit Shares and Unit Warrants on the Exercise Date, unless the registers of the Company will be closed on such date, in which case the Units Unit Shares and Unit Warrants to be issued upon the exercise of the Special Warrants will be deemed to have been issued and such person or persons deemed to have become the holder or holders of record of such Units Unit Shares and Unit Warrants on the date on which such transfer registers are reopened. It is hereby understood that in order for persons to whom Units are to be issued, to become holders of Units Unit Shares and Unit Warrants on record on the Exercise Date, Beneficial Owners must commence the exercise process sufficiently in advance so that the Special Warrant Agent is in receipt of all items of exercise at least one Business Day prior to such Exercise Date.