Rescission of Acceleration Sample Clauses
The "Rescission of Acceleration" clause allows a lender or creditor to reverse a previously declared acceleration of a debt, meaning the requirement for immediate repayment of the full outstanding balance can be withdrawn. In practice, this clause typically applies when a borrower has defaulted, triggering acceleration, but then remedies the default or negotiates a resolution with the lender. By enabling the lender to rescind acceleration, the clause provides flexibility to restore the original payment schedule, thereby offering a practical solution for both parties to avoid the harsh consequences of immediate full repayment and to facilitate continued performance under the contract.
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Rescission of Acceleration. Notwithstanding anything to the contrary in this Indenture or the Notes, the Holders of a majority in aggregate principal amount of the Notes then outstanding, by notice to the Company and the Trustee, may, on behalf of all Holders, rescind any acceleration of the Notes and its consequences if (i) such rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and (ii) all existing Events of Default (except the non-payment of principal of, or interest on, the Notes that has become due solely because of such acceleration) have been cured or waived. No such rescission will affect any subsequent Default or impair any right consequent thereto.
Rescission of Acceleration. At any time after any or all of the Notes of any Series shall have been declared immediately due and payable pursuant to paragraph 7A, the Required Holder(s) of the Notes of such Series may, by notice in writing to the Company, rescind and annul such declaration and its consequences if (i) the Company shall have paid all overdue interest on the Notes of such Series, the principal of and Yield-Maintenance Amount, if any, payable with respect to any Notes of such Series which have become due otherwise than by reason of such declaration, and interest on such overdue interest and overdue principal and Yield-Maintenance Amount at the rate specified in the Notes of such Series, (ii) the Company shall not have paid any amounts which have become due solely by reason of such declaration, (iii) all Events of Default and Defaults, other than non-payment of amounts which have become due solely by reason of such declaration, shall have been cured or waived pursuant to paragraph 11C, and (iv) no judgment or decree shall have been entered for the payment of any amounts due pursuant to the Notes of such Series or this Agreement. No such rescission or annulment shall extend to or affect any subsequent Event of Default or Default or impair any right arising therefrom.
Rescission of Acceleration. The Noteholders of a majority of the Note Balance of the Controlling Class, by notifying the Issuer and the Indenture Trustee, may rescind a declaration of acceleration before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee as stated in this Article V if:
(i) the Issuer has paid or deposited with the Indenture Trustee an amount sufficient to (A) pay the due and unpaid principal of and interest on the Notes and all other amounts that would then be due under this Indenture or on the Notes if the Event of Default giving rise to the acceleration had not occurred, (B) pay all amounts owed to the Indenture Trustee under Section 6.7 and (C) pay all other outstanding fees and expenses of the Issuer; and
(ii) all Events of Default, other than the non-payment of the principal of the Notes that has become due solely by acceleration, have been corrected or waived under Section 5.14.
Rescission of Acceleration. The Noteholders of a majority of the Note Balance of the Controlling Class, by notifying the Trust and the Indenture Trustee (who will notify the Master Collateral Agent), may rescind any declaration of acceleration of the Notes if:
(i) notice of the rescission is given before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee or the Master Collateral Agent as stated in this Article V;
(ii) the Trust has deposited with the Indenture Trustee an amount sufficient to (A) pay the due and unpaid principal of and interest on the Notes and all other amounts that would then be due under this Indenture or on the Notes if the Event of Default with respect to Group [_] giving rise to the acceleration had not occurred, (B) pay all amounts owed to the Indenture Trustee under Section 6.7 and (C) pay all other outstanding fees and expenses of the Trust in respect of Series [_]-[_]; and
(iii) all Events of Default with respect to Group [_], other than the non-payment of amounts due solely because of acceleration, have been cured or waived by Noteholders of the majority of the Note Balance of the Controlling Class, pursuant to and subject to the terms of Section 5.14.
Rescission of Acceleration. At any time after all of the Notes shall have been declared immediately due and payable pursuant to paragraph 7A(c) hereof by any holder or holders of Notes, then and in every such case, the Required Holders may, by written instrument filed with the Company and such holder or holders, rescind and annul such declaration, and the consequences thereof, provided that at the time such declaration is annulled and rescinded:
(a) no judgment or decree shall have been entered for the payment of any moneys due on or pursuant to the Notes or this Agreement;
(b) all arrears of interest upon all the Notes and all other sums payable under the Notes and under this Agreement (except any principal of, or interest or Yield-Maintenance Amount on, the Notes that shall have become due and payable by reason of such declaration under paragraph 7A) shall have been duly paid; and
(c) each and every other Default and Event of Default shall have been waived pursuant to paragraph 11C hereof or otherwise made good or cured. No such rescission and annulment shall extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon.
Rescission of Acceleration. The provisions of Section 6.3 are subject to the condition that if the principal of and accrued interest on all or any outstanding Notes have been declared immediately due and payable by reason of the occurrence of any Event of Default described in paragraphs (a) through (i), inclusive, of Section 6.1, the holders of not less than 75% in aggregate principal amount of the Notes then outstanding may, by written instrument filed with the Company, rescind and annul such declaration and the consequences thereof; provided that at the time such declaration is annulled and rescinded:
(a) no judgment or decree has been entered for the payment of any monies due pursuant to the Notes or the Agreement;
(b) all arrears of interest on all the Notes and all other sums payable under the Notes and under the Agreement (except any principal, interest or premium on the Notes which has become due and payable solely by reason of such declaration under Section 6.3) shall have been duly paid; and
(c) each and every other Default and Event of Default shall have been made good, cured or waived pursuant to Section 7.1; and provided further that no such rescission and annulment shall extend to or affect any subsequent Default or Event of Default or impair any right consequent thereto.
Rescission of Acceleration. The provisions of SECTION 6.3 are subject to the condition that if the principal of and accrued interest on all or any outstanding Notes have been declared immediately due and payable by reason of the occurrence of any Event of Default described in paragraphs (a) through (i), inclusive, of SECTION 6.1, the holders of 66-2/3% in aggregate principal amount of the Notes then outstanding may, by written instrument filed with the Company, rescind and annul such declaration and the consequences thereof, provided that at the time such declaration is annulled and rescinded:
(a) no judgment or decree has been entered for the payment of any monies due pursuant to the Notes or this Agreement;
(b) all arrears of interest upon all the Notes and all other sums payable under the Notes and under this Agreement (except any principal, interest or premium on the Notes which has become due and payable solely by reason of such declaration under SECTION
Rescission of Acceleration. If at any time after the outstanding principal amount of the Lessor Notes shall have become due and payable by acceleration pursuant to Section 4.3 hereof, (a) all amounts of principal, Make-Whole Amount, if any, and interest which are then due and payable in respect of all the Lessor Notes other than pursuant to Section 4.3 hereof shall have been paid in full, together with interest on all such overdue principal and (to the extent permitted by Applicable Law) overdue interest at the rate or rates specified in the Lessor Notes, and an amount sufficient to cover all costs and expenses of collection incurred by or on behalf of the holders of the Lessor Notes (including counsel fees and expenses and all expenses and reasonable compensation of the Indenture Trustee) and (b) every other Lease Indenture Event of Default shall have been remedied, then a Majority in Interest of Noteholders may, by written notice or notices to the Owner Lessor, the Indenture Trustee and the Facility Lessee, rescind and annul such acceleration and any related declaration of default under the Facility Lease and their respective consequences, but no such rescission and annulment shall extend to or affect any subsequent Lease Indenture Event of Default or impair any right consequent thereon, and no such rescission and annulment shall require any Noteholder to repay any principal or interest actually paid as a result of such acceleration.
Rescission of Acceleration. (a) The provisions of SECTION 10.02 are subject to the condition that if the Principal of and accrued interest on the Bridge Notes have been declared immediately due and payable by reason of the occurrence of any Event of Default described in SECTION 10.01, the Required Lenders may, by written instrument filed with the Borrower, rescind and annul such declaration and the consequences thereof, provided that at the time such declaration is annulled and rescinded:
(i) no judgment or decree has been entered for the payment of any monies due pursuant to the Bridge Notes or this Agreement;
(ii) all arrears of interest and Principal upon all the Bridge Notes and all other sums payable under the Bridge Notes and under this Agreement (except any principal and interest or premium on the Bridge Notes which become due and payable solely by reason of the rescinded or annulled declaration) shall have been duly paid, unless the same specifically has been waived in writing by the Required Lenders; and
(iii) each and every other Event of Default shall have been made good, cured or waived; and PROVIDED FURTHER that no such rescission and annulment shall extend to or affect any subsequent Event of Default or impair any right consequent thereto.
(b) The provisions of SECTION 10.02 are subject to the condition that, if the Principal of and accrued interest on the Bridge Notes have been declared immediately due and payable SOLELY by reason of the occurrence of an Event of Default described in SECTION 10.01(e)(iii), such acceleration and the consequences thereof shall be automatically rescinded and annulled if the holders of the Senior Indebtedness shall have also annulled and rescinded their acceleration of the Senior Indebtedness.
Rescission of Acceleration. 15 8C. Notice of Acceleration or Rescission................................................................... 16 8D.