Common use of Reinstatement of Rights Clause in Contracts

Reinstatement of Rights. ‌ Under law relating to a person who is Insolvent, a person may claim that a transaction (including a payment) in relation to this agreement is void or voidable. If a claim is made and upheld, conceded or compromised, then: (a) the Lending Body is immediately entitled as against the Owner to the rights in respect of the Charge Payments and the Prepayments (as applicable) to which it was entitled immediately before the transaction; and (b) the Payment Schedule as at the Charge Payment Date or the Prepayment Date (as applicable) which is deemed to be void or voidable is taken to be reinstated without the requirement that any further act, matter or thing take place.‌

Reinstatement of Rights. ‌ Under law relating to a person who is Insolvent, a person may claim that a transaction (including a payment) in relation to this agreement is void or voidable. If a claim is made and upheld, conceded or compromised, then: (a) the Lending Body is immediately entitled as against the Owner to the rights in respect of the Charge Payments and the Prepayments (as applicable) to which it was entitled immediately before the transaction; and (b) the Payment Schedule as at the Charge Payment Date or the Prepayment Date (as applicable) which is deemed to be void or voidable is taken to be reinstated without the requirement that any further act, matter or thing take place.‌place.