Write Down and Cancellation Clause Samples

Write Down and Cancellation. Notwithstanding anything to the contrary contained herein or in the terms of the Securities, upon the occurrence of a Viability Event or Bankruptcy Event, no principal of, interest on, or other amount under the Securities of any series shall thereafter become due, and other than with respect to principal, any Additional Amounts and interest that have become due and payable prior to the Viability Event or Bankruptcy Event and remain unpaid (as identified in (ii) below), (a) the Holders or beneficial owners shall have no rights whatsoever under this Indenture or the Securities to take any action or enforce any rights or instruct the Trustee to take any action or enforce any rights whatsoever, (b) except for any indemnity and/or security provided by any Holder or beneficial owner in such direction or related to such direction, any direction previously given to the Trustee by any Holders or beneficial owners shall cease automatically and shall be null and void and of no further effect, (c) no Holder or beneficial owner may exercise, claim or plead any right of set-off, compensation or retention in respect of any amount owed to it by the Company arising under, or in connection with, the Securities and each Holder or beneficial owner of Securities shall, by virtue of its holding of any Securities, be deemed to have waived all such rights of set-off, compensation or retention, and (d) no Holder or beneficial owner will be entitled to make any claim in any bankruptcy, insolvency or liquidation proceedings involving the Company or have any ability to initiate or participate in any such proceedings or do so through a representative.

Write Down and Cancellation