Common use of Contingent Noteholder Put Option Clause in Contracts

Contingent Noteholder Put Option. If an Event of Default occurs and the Trustee has not declared the Notes due and payable in accordance with Base Condition 7.1 by the date falling three Business Days following the occurrence of such Event of Default, the Issuer shall, upon valid exercise of a Contingent Noteholder Put Option by a 100% Noteholder, redeem all the Notes at their Physical Redemption Amount on the Contingent Noteholder Put Redemption Date in accordance with the relevant Exercise Notice. To exercise such option the 100% Noteholder must deposit each Exercised Note at the specified office of a Paying Agent or Transfer Agent, together with an Exercise Notice. An Exercised Note may not be withdrawn without the Issuer’s prior consent.