Common use of Notice of Write-Down and Cancellation Clause in Contracts

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.