Notice of Acceleration or Rescission Clause Samples
The Notice of Acceleration or Rescission clause defines the process by which a party formally notifies the other of either accelerating the maturity of an obligation or rescinding a previous acceleration. In practice, this means that if a borrower defaults, the lender must send a written notice to declare the entire loan amount due immediately (acceleration), or alternatively, notify the borrower if the lender decides to reverse that action (rescission). This clause ensures that both parties are clearly informed of significant changes to the status of their obligations, thereby providing transparency and a formal mechanism for managing defaults or correcting prior enforcement actions.
Notice of Acceleration or Rescission. Whenever any Note shall be declared immediately due and payable pursuant to paragraph 7A or any such declaration shall be rescinded and annulled pursuant to paragraph 7B, the Company shall forthwith give written notice thereof to the holder of each Note at the time outstanding.
Notice of Acceleration or Rescission. Whenever any Loans or other Obligations shall be declared immediately due and payable pursuant to Section 8.2 or any such declaration shall be rescinded and annulled pursuant to Section 8.3, the Borrower shall forthwith give written notice thereof to the Lenders.
Notice of Acceleration or Rescission. Whenever any Convertible Debenture shall be declared immediately due and payable pursuant to Section 9.01 or any such declaration shall be rescinded and annulled pursuant to Section 9.02, the Company shall forthwith give written notice thereof to the holder of each Convertible Debenture at the time outstanding.
Notice of Acceleration or Rescission. Whenever any Note of any Series shall be declared immediately due and payable pursuant to paragraph 7A or any such declaration shall be rescinded and annulled pursuant to paragraph 7B, the Company shall forthwith give written notice thereof to the holder of each Note of such Series at the time outstanding.
Notice of Acceleration or Rescission. Whenever any Shelf Note shall be declared immediately due and payable pursuant to paragraph 7A or any such declaration shall be rescinded and annulled pursuant to paragraph 7B, the Co-Issuers shall forthwith give written notice thereof to the holder of each Shelf Note of each Series at the time outstanding.
Notice of Acceleration or Rescission. Whenever any Note shall be declared immediately due and payable pursuant to Section 12.1 or any such declaration shall be rescinded or annulled pursuant to Section 12.3, the Obligors shall forthwith give written notice thereof to the holders of each Note at the time outstanding.”
1.10. Amendment to Section 15.1
Notice of Acceleration or Rescission. Whenever any Note shall be declared immediately due and payable pursuant to paragraph 7A or any such declaration shall be rescinded and annulled pursuant to paragraph 7B, the Partnerships shall forthwith give written notice thereof to the holder of each Note of each Series at the time outstanding.
Notice of Acceleration or Rescission. Whenever any Note shall he declared immediately due and payable pursuant to paragraph 10A hereof, or any such declaration shall be rescinded and annulled pursuant to paragraph 10B hereof, written notice shall forthwith be given thereof by the Significant Holder of the Notes to the holder of each Note at the time outstanding. In addition, whenever any Note shall be declared immediately due and payable pursuant to paragraph 10A hereof, the Significant Holder of the Notes shall give written notice thereof to the Agent (as defined in the Credit Agreement) not less than five (5) Business Days before any such Note becomes due and payable.
Notice of Acceleration or Rescission. Whenever any Note shall be declared immediately due and payable pursuant to SUBPARAGRAPH (B) or (C) of PARAGRAPH 11.1, or any such declaration under PARAGRAPH 11.1 shall be rescinded and annulled pursuant to PARAGRAPH 11.3, the Company shall forthwith give written notice thereof to each other Holder at the time outstanding, PROVIDED, the failure to give such notice shall not affect the validity of any such declaration, rescission or annulment.
Notice of Acceleration or Rescission. Whenever any Project Note shall be declared immediately due and payable pursuant to Section 9.1 hereof or any such declaration shall be rescinded and annulled pursuant to Section 9.2 hereof, the Borrower shall forthwith give written notice thereof to the Holder of each Project Note at the time outstanding.