Applicability of Right of Redemption Clause Samples
The Applicability of Right of Redemption clause defines whether and under what circumstances a party retains the right to reclaim property after it has been foreclosed or sold, typically due to default on a loan. In practice, this clause outlines the specific conditions, timeframes, and procedures under which the original owner can exercise this right, such as paying the outstanding debt or fulfilling other obligations. Its core function is to clarify the availability and limitations of the right of redemption, thereby providing certainty to both lenders and borrowers regarding post-foreclosure rights and preventing disputes over property recovery.
Applicability of Right of Redemption. Redemption of Securities (other than pursuant to a sinking fund, amortization or analogous provision) permitted by the terms of any series of Securities shall be made (except as otherwise specified pursuant to Section 3.01 for Securities of any series) in accordance with this Article; provided, however, that if any such terms of a series of Securities shall conflict with any provision of this Article, the terms of such series shall govern.
Applicability of Right of Redemption. 15 SECTION 3.
Applicability of Right of Redemption. Redemption of Securities (other than pursuant to a sinking fund or analogous provision, if applicable) permitted by the terms of any series of Securities shall be made in accordance with such terms and Section 4.02, Section 4.03, Section 4.04 and (with respect to any redemptions for which Section 4.02, Section 4.03 and Section 4.04 are not applicable) Section 4.06; provided, however, that, notwithstanding anything to the contrary in this Article IV, if any such terms of a series of Securities shall conflict with any provisions of this Article IV, the terms of such series shall govern.