Common use of De-listing Clause in Contracts

De-listing. Although no assurance is made as to the liquidity of the Securities as a result of their listing on the Official List of the Luxembourg Stock Exchange or Borsa Italiana S.p.A., as the case may be, delisting the Securities from the Luxembourg Stock Exchange or Borsa Italiana S.p.A., as the case may be, may have a material adverse effect on a purchaser's ability to resell its Securities in the secondary market.