Notice of Write-Down and Cancellation Sample Clauses
The Notice of Write-Down and Cancellation clause requires that parties be formally notified when a financial instrument, such as a bond or loan, is subject to a reduction in value (write-down) or is being cancelled. Typically, this clause outlines the process and timing for delivering such notices, specifying who must be informed and how the communication should occur, for example, via written notice to affected holders. Its core function is to ensure transparency and provide affected parties with timely information about significant changes to their financial interests, thereby reducing confusion and potential disputes.
Notice of Write-Down and Cancellation. (a) The Company shall endeavor, as soon as practicable after the occurrence of a Non-Viability Event or a Bankruptcy Event, to deliver a written notice (a “Write-Down and Cancellation Notice”) to Holders and to the Trustee and the Agents substantially in the form attached hereto as Exhibit C confirming, among other things, the occurrence of such Non-Viability Event or Bankruptcy Event and the Write-Down and Cancellation Date or the date of occurrence of the Bankruptcy Event, as applicable.
(b) Any failure or delay by the Company to provide a Write-Down and Cancellation Notice upon the occurrence of a Non-Viability Event or Bankruptcy Event shall not change or delay the effect of the occurrence of such Non-Viability Event or Bankruptcy Event on the Write-Down and Cancellation taking place on the Write-Down and Cancellation Date or upon the occurrence of the Bankruptcy Event, as applicable, under the Securities, nor give Holders of the Securities any rights as a result of such failure or delay.
Notice of Write-Down and Cancellation. (a) The Issuer shall, on the date of or as soon as practicable after the occurrence of the Non-Viability Event or Bankruptcy Event, deliver a written notice to Holders and beneficial owners of a Security through DTC and to the Trustee and the Agents substantially in the form attached hereto as Exhibit B (a “Write-Down and Cancellation Notice”) confirming the occurrence of such Non-Viability Event or Bankruptcy Event and specifying the Write-Down and Cancellation Date.
(b) Any failure or delay by the Issuer to deliver a Write-Down and Cancellation Notice pursuant to this Section 13.06 will not change or delay the effect of the occurrence of a Non-Viability Event or Bankruptcy Event on the Issuer’s payment and other obligations under the Securities, nor give Holders or beneficial owners of a Security any rights as a result of such failure or delay.
Notice of Write-Down and Cancellation. As soon as practicable following the occurrence of a Viability Event or Bankruptcy Event, the Company shall give notice to DTC and the holders of the Securities via DTC (and send a copy to the Trustee for informational purposes), in the form attached as Exhibit C hereto (the “Write-Down and Cancellation Notice”) (a) stating that a Viability Event or Bankruptcy Event, as applicable, has occurred and a Write-Down and Cancellation will therefore take place or has therefore taken place, as applicable, on the Discharge and Cancellation Date, and (b) specifying the Discharge and Cancellation Date. Any failure or delay by the Company to provide a Write-Down and Cancellation Notice shall not change or delay the effect of the Viability Event or Bankruptcy Event on its payment obligations on the Securities.