Common use of Limitation on Exercise of Remedies Clause in Contracts

Limitation on Exercise of Remedies. Each holder of all or any part of the Notes shall not exercise any right or remedy available to it on account of any Default or Event of Default unless (a) payment on any Senior Debt shall have been accelerated or (b) at least six months have elapsed from the date the holder of such Notes otherwise would have had the right to exercise any such right or remedy. If the acceleration of any Senior Debt is subsequently rescinded, then each holder of Notes shall also rescind its exercise of any right or remedy available to it only if the Default or Event of Default giving rise to such right is cured within six months of the occurrence of such Default or Event of Default.