Common use of Rescission of Acceleration Clause in Contracts

Rescission of Acceleration. The provisions of subsection 8.3 are subject to the condition that if the principal of and accrued interest on the 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, and paragraph (l), of subsection 8.1, 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and annul such declaration and the consequences thereof, provided that at the time such declaration is annulled and rescinded: (a) no judgment or decree has been entered for the payment of any monies due pursuant to the Notes or this Agreement; (b) all arrears of interest upon all the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 or 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 subsection 8.3) 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 subsection 9.1; 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.

Appears in 1 contract

Samples: Note Purchase Agreement (Outlook Group Corp)

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Rescission of Acceleration. The provisions of subsection 8.3 Section 6.2 are subject to the condition that if the principal of and accrued interest on the 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, and paragraph (l), of subsection 8.1Section 6.1, the holders of at least 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and annul such declaration and the consequences thereof, provided that at the time such declaration is annulled and rescinded: (a) no judgment or decree has been entered for the payment of any monies due pursuant to the Notes or this Agreement; (b) all arrears of interest upon all the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 or 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 subsection 8.3Section 6.2) 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 subsection 9.1Section 7.1; and provided further 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.

Appears in 1 contract

Samples: Note Agreement (AbitibiBowater Inc.)

Rescission of Acceleration. The provisions of subsection 8.3 Section 6.2 are -------------------------- subject to the condition that if the principal of and accrued interest on the 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, and paragraph (l), of subsection 8.1Default, the holders of 66-2/3% a majority in aggregate principal amount of the Notes then outstanding maymay within 90 days of the Notes becoming due and payable, 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 or and all other sums payable under the Notes and under this Agreement (except any principal, principal or interest or premium on the Notes which has become due and payable solely by reason of such declaration under subsection 8.3Section 6.2) 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 subsection 9.1Section 7.1; and provided further 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.

Appears in 1 contract

Samples: Purchase Agreement (Worldcorp Inc)

Rescission of Acceleration. The provisions of subsection 8.3 Section 6.3 are subject to the condition that if the principal of and accrued interest on the all or any outstanding Notes have been declared or have become immediately due and payable by reason of the occurrence of any Event of Default described in paragraphs (a) through (ie), inclusive, and of Section 6.1, then (i) for any such declaration by a holder as the result of an Event of Default described in paragraph (l)a) of Section 6.1, such holder or (ii) for any such declaration as the result of subsection 8.1the Event of Default described in paragraphs (b) through (e) of Section 6.1, the holders of 66-2/3at least 51% in aggregate of the unpaid principal amount of the all Notes then outstanding may(other than any Notes held by the Company or any Subsidiary or Affiliate), 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 or 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 subsection 8.3Section 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 subsection 9.1Section 7.1 and the Company shall have paid all of Purchaser's costs and expenses as provided for in Section 9.4; and provided further 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.

Appears in 1 contract

Samples: Note Purchase Agreement (Kmart Corp)

Rescission of Acceleration. The provisions of subsection 8.3 Section 6.3 are subject to the condition that if the principal of and accrued interest on the 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 (io), inclusive, and paragraph (l), of subsection 8.1Section 6.1, the holders of 66-2/351% in aggregate principal amount of the Notes then outstanding may, by written instrument filed with the CompanyObligors, rescind and annul such declaration and the consequences thereof, provided 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 or 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 subsection 8.3Section 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 subsection 9.1Section 7.1; and provided further 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.

Appears in 1 contract

Samples: Note Agreement (Middleby Corp)

Rescission of Acceleration. The provisions of subsection 8.3 Section 7.2 are subject to the condition that if the principal of and accrued but unpaid interest on the all or any outstanding Notes have been declared or have become immediately due and payable by reason of the occurrence of any Event of Default described in paragraphs (a) through Section 7.1, (i) with respect to an Event of Default under Section 7.1(a), inclusivethe holder of such Note or Notes who declared such Note or Notes to be due and payable, and paragraph (lii) with respect to an Event of Default other than under Section 7.1(a), of subsection 8.1, the holders of 66-2/3% at least a majority in aggregate the then outstanding principal amount of all the Senior Subordinated Notes then outstanding or Deferred Additional Interest Notes, as the case may be, may, in each case by written instrument filed with the Company, rescind and annul such declaration and the consequences thereofthereof with respect to such Note or Notes; provided, 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 applicable Notes or this Agreement; (b) all arrears of interest upon all the applicable Notes or and all other sums payable under the applicable Notes and under this Agreement (except any principal, principal or interest or premium on the Notes which has become due and payable solely by reason of such declaration under subsection 8.3Section 7.2) 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 subsection 9.1Section 10.1; and provided further 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 theretoDefault.

Appears in 1 contract

Samples: Note Purchase Agreement (National Auto Finance Co Inc)

Rescission of Acceleration. The provisions of subsection 8.3 Section 6.3 are subject to the condition that if the principal of and accrued interest on the 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 clause (a) through (i), inclusive, and paragraph (lb), (c), (d), (e), (f), (g), (h), (m), (n) or (o) of subsection 8.1Section 6.1, the holders of 66-at least 66 2/3% in aggregate principal amount of the Notes of all Series, taken as a single class, then outstanding may, by written instrument filed with the Company, may 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 or 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 subsection 8.3Section 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 subsection 9.1Section 7.1; and provided further 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. Such annulment and rescission shall be by written instrument filed with the Parent.

Appears in 1 contract

Samples: Note Agreement (Intertape Polymer Group Inc)

Rescission of Acceleration. The provisions of subsection 8.3 Section 6.3 are subject to the condition that if the principal of and accrued interest on the all or any outstanding Notes have been declared or have become immediately due and payable by reason of the occurrence of any Event of Default described in paragraphs Sections 6.1 (a) through (ie), inclusive, and paragraph then (li) for any such declaration by a holder as the result of an Event of Default described in Section 6.1(a), such holder or (ii) for any such declaration as the result of subsection 8.1the Event of Default described in Sections 6.1 (b) through (e), the holders of 66-2/3at least 51% in aggregate of the unpaid principal amount of the all Notes then outstanding may(other than any Notes held by the Company or any Subsidiary or Affiliate), 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 or and all other sums payable under the Notes Note 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 subsection 8.3Section 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 subsection 9.1Section 7.1 and the Company shall have paid all of Purchaser's costs and expenses as provided for in Section 9.4; and provided further 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.

Appears in 1 contract

Samples: Note Purchase Agreement (Kmart Corp)

Rescission of Acceleration. The provisions of subsection 8.3 Section 7.3 are subject to the condition that if the principal of and accrued interest on the 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 (ih), inclusive, and paragraph (l), of subsection 8.1Section 7.1, the holders of 66-2/3% a majority 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 or 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 or and all other sums payable under the Notes and under this Agreement (except any principal, interest or premium premium, if any, on the Notes which that has become due and payable solely by reason of such declaration under subsection 8.3Section 7.3) 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 subsection 9.1Section 7.1; and provided further further, that no such rescission and annulment shall extend to or affect any subsequent Default or Event of Default or impair any right consequent theretothereto or the right of any holder to elect to convert any Note.

Appears in 1 contract

Samples: Purchase Agreement (Dental Medical Diagnostic Systems Inc)

Rescission of Acceleration. The provisions of subsection 8.3 Section 7.3 are subject to the condition that if the principal of and accrued interest on the Notes have or either of them has been declared immediately due and payable by reason of the occurrence of any Event of Default described in paragraphs (a) through (ih), inclusive, and paragraph (l), of subsection 8.1Section 7.1, the holders of 66-2/3% in aggregate principal amount of the Notes then outstanding Lender may, by written instrument filed with the CompanyBorrower, 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 or Note and all other sums payable under the Notes Note and under this Agreement (except any principal, interest or premium on the Notes which Note or either of them that has become due and payable solely by reason of such declaration under subsection 8.3Section 7.3) 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 subsection 9.1Section 7; and provided further 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.

Appears in 1 contract

Samples: Credit and Security Agreement (Computer Outsourcing Services Inc)

Rescission of Acceleration. The provisions of subsection 8.3 Section 6.3 are subject to the condition that if the principal of and accrued interest on the 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 (in), inclusive, and paragraph (l), of subsection 8.1Section 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 or 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 subsection 8.3Section 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 subsection 9.1Section 7.1; and provided further 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.

Appears in 1 contract

Samples: Note Agreement (Connecticut Water Service Inc / Ct)

Rescission of Acceleration. The provisions of subsection 8.3 Section 6.3 are subject to the condition that if the principal of and accrued interest on the all or any outstanding Notes have been declared or have become immediately due and payable by reason of the occurrence of any Event of Default described in paragraphs Sections 6.1 (a) through (ie), inclusive, and paragraph then (li) for any such declaration by a holder as the result of an Event of Default described in Section 6.1(a), such holder or (ii) for any such declaration as the result of subsection 8.1the Event of Default described in Sections 6.1 (b) through (e), the holders of 66-2/3at least 75% in aggregate of the unpaid principal amount of the all Notes then outstanding may(other than any Notes held by the Company or any Subsidiary or Affiliate), 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 or and all other sums payable under the Notes Note 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 subsection 8.3Section 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 subsection 9.1Section 7.1 and the Company shall have paid all of Purchaser's costs and expenses as provided for in Section 9.4; and provided further 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.

Appears in 1 contract

Samples: Note Purchase Agreement (Kmart Corp)

Rescission of Acceleration. The provisions of subsection 8.3 Section 6.3 are subject to the condition that if the principal of and accrued interest on the 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 (ad) through (il), inclusive, and paragraph (l), of subsection 8.1Section 6.1, the holders of Holders holding 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 or 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 subsection 8.3Section 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 subsection 9.1Section 7.1; and provided further 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.

Appears in 1 contract

Samples: Note Agreement (Cherry Corp)

Rescission of Acceleration. The provisions of subsection 8.3 Section 6.3 are subject to the condition that if the principal of and accrued interest on the 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 (g) inclusive, (i) or (l), inclusive, and paragraph (l), of subsection 8.1Section 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 or and all other sums payable under the Notes and under this Agreement (except any principal, interest or premium Make‑Whole Amount on the Notes which has become due and payable solely by reason of such declaration under subsection 8.3Section 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 subsection 9.1Section 7.1; and provided further 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.

Appears in 1 contract

Samples: Note Agreement (SJW Corp)

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Rescission of Acceleration. The provisions of subsection 8.3 paragraph 7(b) are subject to the condition that if the principal of and accrued interest on the 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 clauses (i), inclusive, and paragraph (lii), (v), (vi), (vii) or (viii) of subsection 8.1paragraph 7(a), the holders of 66-2/368% 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: (ai) no judgment or decree has been entered for the payment of any monies due pursuant to the Notes or this Agreement; (bii) all arrears of interest upon all the Notes or 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 subsection 8.3paragraph 7(b)) shall have been duly paid; and (ciii) each and every other Default and Event of Default shall have been made good, cured or waived pursuant to subsection 9.1paragraph 13(c); and provided further 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.

Appears in 1 contract

Samples: Note Purchase Agreement (Sheldahl Inc)

Rescission of Acceleration. The provisions of subsection 8.3 §6.3 are subject to the condition that if the principal of and accrued interest on the 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, and paragraph (l), of subsection 8.1§6.1, the holders of 66-2/3% in aggregate principal amount of the Notes then outstanding (without regard to the Series of such Notes) (on the U.S. Dollar Conversion Basis) 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 or and all other sums payable under the Notes and under this Agreement (except any principal, interest or premium Premium, if any, on the Notes which has become due and payable solely by reason of such declaration under subsection 8.3§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 subsection 9.1§7.1; and provided further further, that no such rescission and annulment under this §6.5 shall extend to or affect any subsequent Default or Event of Default or impair any right consequent thereto.

Appears in 1 contract

Samples: Note Agreement (Allied Capital Corp)

Rescission of Acceleration. The provisions of subsection 8.3 Section 6.3 are subject to the condition that if the principal of and accrued interest on the 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, and paragraph (l), of subsection 8.1Section 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 or and all other sums payable under the Notes and under this Agreement (except any principal, interest or premium Make-Whole Amount on the Notes which has become due and payable solely by reason of such declaration under subsection 8.3Section 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 subsection 9.1Section 7.1; and provided further 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.

Appears in 1 contract

Samples: Note Agreement (Wolverine World Wide Inc /De/)

Rescission of Acceleration. The provisions of subsection 8.3 Section 6.3 are subject to the condition that if the principal of and accrued interest on the 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 clause (a) through (i), inclusive, and paragraph (lb), (c), (d), (e), (f), (g), (h), (m), (n) or (o) of subsection 8.1Section 6.1, the holders of 66-at least 66 2/3% in aggregate principal amount of the Notes then outstanding may, by written instrument filed with the Company, may 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 or 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 subsection 8.3Section 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 subsection 9.1Section 7.1; and provided further 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. Such annulment and rescission shall be by written instrument filed with the Parent.

Appears in 1 contract

Samples: Note Agreement (Intertape Polymer Group Inc)

Rescission of Acceleration. The provisions of subsection 8.3 Section 6.3 are subject to the condition that if the principal of and accrued interest on the any outstanding Notes have been declared or have become immediately due and payable by reason of the occurrence of any Event of Default described in paragraphs (a) through (if), inclusive, and paragraph of Section 6.1, or an Event of Default described in paragraphs (lh) through (o), inclusive, of subsection 8.1Section 6.1, then the holders of 66-2/3% in aggregate Notes representing a majority of the principal amount of the Notes then outstanding excluding in each case any Notes held by the Company or any Subsidiary or Affiliate of the Company, may, by written instrument filed with the Company, rescind and annul such declaration and the consequences thereof, provided ; 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 or 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 subsection 8.3Section 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 subsection 9.1Section 7.1 and the Company shall have paid all of Purchaser's costs and expenses as provided for in Section 9.4; and provided further 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.

Appears in 1 contract

Samples: Note Purchase Agreement (Health Care Reit Inc /De/)

Rescission of Acceleration. The provisions of subsection 8.3 Section 6.3 are subject to the condition that if the principal of and accrued interest on the 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 (ig), inclusive, and paragraph (l), of subsection 8.1Section 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 or and all other sums payable under the Notes and under this Agreement (except any principal, interest or premium Make-Whole Amount on the Notes which has become due and payable solely by reason of such declaration under subsection 8.3Section 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 subsection 9.1Section 7.1; and provided further 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.

Appears in 1 contract

Samples: Note Agreement (Cleveland Cliffs Inc)

Rescission of Acceleration. The provisions of subsection 8.3 Section 7.3 are subject to the condition that if the principal of and accrued interest on the 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 (ih), inclusive, and paragraph (l), of subsection 8.1Section 7.1, the holders of 66-2/3% a majority 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 or 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 or and all other sums payable under the Notes and under this Agreement (except any principal, interest or premium premium, if any, on the Notes which that has become due and payable solely by reason of such declaration under subsection 8.3Section 7.3) shall have been duly paid; and and (c) each and every other Default and Event of Default shall have been made good, cured or waived pursuant to subsection 9.1Section 7.1; and provided further further, that no such rescission and annulment shall extend to or affect any subsequent Default or Event of Default or impair any right consequent theretothereto or the right of any holder to elect to convert any Note. SECTION 8.

Appears in 1 contract

Samples: Purchase Agreement (Dental Medical Diagnostic Systems Inc)

Rescission of Acceleration. The provisions of subsection 8.3 Section 14.3 are subject to the condition that if the principal of of, and accrued interest on the on, all or any outstanding Senior Notes have been declared immediately due and payable by the Required Holders by reason of the occurrence of any Event of Default described in paragraphs (a) through (i), inclusive, and paragraph (l), ) or (m) of subsection 8.1Section 14.1, the holders of 66-66 2/3% in aggregate principal amount of the Senior 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 Senior Notes or this Agreement; (b) all arrears of interest upon all the Senior Notes or and all other sums payable under the Senior Notes and under this Agreement (except any principal, interest or premium Make-Whole Amount, if any, on the Notes Senior Notes) which has become due and payable solely by reason of such declaration under subsection 8.3Section 14.3) 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 subsection 9.1Section 17.1; and provided further further, that no such rescission and annulment under this Section 14.4 shall extend to or affect any subsequent Default or Event of Default or impair any right consequent thereto.

Appears in 1 contract

Samples: Note Agreement (Allied Capital Corp)

Rescission of Acceleration. The provisions of subsection 8.3 Section 6.3 are subject to the condition that if the principal of of, premium, if any, and accrued interest on the 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 (il), inclusive, and paragraph (l), of subsection 8.1Section 6.1, the holders of Holders holding 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 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 or 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 subsection 8.3Section 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 subsection 9.1Section 7.1; and provided further 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.

Appears in 1 contract

Samples: Note Purchase Agreement (Crown Pacific Partners L P)

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