Common use of Rescission of Event of Default Clause in Contracts

Rescission of Event of Default. If an Event of Default occurs hereunder and such Event of Default would not have occurred but for the default by a Subpartnership (for purposes of this Section, the "Defaulting Subpartnership") under Section 8.1.4 hereof, (such Events of Default being described in this Section as "Specified Events of Default") then the Lender shall be required to rescind and annul the Event of Default if and only if, within twenty (20) Business Days following such Specified Event of Default: (a) all Defaults and Events of Default, other than the Specified Events of Default, are remedied or waived to the Lender's sole satisfaction; and (b) the Partnership's partners have approved of a revised business plan with respect to the Project owned by the Defaulting Subpartnership, the Borrower, on the basis of such revised business plan, has submitted to the Lender a revised Annual Business Plan and the Lender, in its reasonable discretion, has Approved such Annual Business Plan. No action taken by the Lender pursuant to this provision shall affect any subsequent Default or Event of Default with respect to the Borrower or impair any right or remedy consequent thereon.

Rescission of Event of Default. If an Event of Default occurs hereunder and such Event of Default would not have occurred but for the default by a Subpartnership (for purposes of this Section, the "Defaulting Subpartnership") under Section 8.1.4 hereof, (such Events of Default being described in this Section as "Specified Events of Default") then the Lender shall be required to rescind and annul the Event of Default if and only if, within twenty (20) Business Days following such Specified Event of Default: (a) all Defaults and Events of Default, other than the Specified Events of Default, are remedied or waived to the Lender's sole satisfaction; and (b) the Partnership's partners of Partnership have approved of a revised business plan with respect to the Project owned by the Defaulting Subpartnership, the BorrowerBorrower shall, on the basis of such revised business plan, has submitted submit to the Lender a revised Annual Business Plan and the LenderLender shall, in its reasonable discretion, has Approved Approve such Annual Business Plan. No action taken by the Lender pursuant to this provision shall affect any subsequent Default or Event of Default with respect to the Borrower or impair any right or remedy consequent thereon.

Rescission of Event of Default. If an Event of Default occurs hereunder and such Event of Default would not have occurred but for the default by a Subpartnership (for purposes of this Section, the "Defaulting Subpartnership") under Section 8.1.4 hereof, (such Events of Default being described in this Section as "Specified Events of Default") then the Lender shall be required to rescind and annul the Event of Default if and only if, within twenty (20) Business Days following such Specified Event of Default: (a) all Defaults and Events of Default, other than the Specified Events of Default, are remedied or waived to the Lender's sole satisfaction; and (b) partners of the Partnership's partners Partnership which owns an interest in the Subpartnership have approved of a revised business plan with respect to the Project owned by the Defaulting Subpartnership, the Borrower, on the basis of such revised business plan, has submitted to the Lender a revised Annual Business Plan and the Lender, in its reasonable discretion, has Approved such Annual Business Plan. No action taken by the Lender pursuant to this provision shall affect any subsequent Default or Event of Default with respect to the Borrower or impair any right or remedy consequent thereon.

Rescission of Event of Default. If an Event of Default occurs hereunder and such Event of Default would not have occurred but for the default by a Subpartnership (for purposes of this Section, the "Defaulting Subpartnership") under Section 8.1.4 hereof, (such Events of Default being described in this Section as "Specified Events of Default") then the Lender shall be required to rescind and annul the Event of Default if and only if, within twenty (20) Business Days following such Specified Event of Default: (a) all Defaults and Events of Default, other than the Specified Events of Default, are remedied or waived to the Lender's sole satisfaction; and (b) the Partnership's partners of Partnership have approved of a revised business plan with respect to the Project owned by the Defaulting Subpartnership, the Borrower, on the basis of such revised business plan, has submitted to the Lender a revised Annual Business Plan and the Lender, in its reasonable discretion, has Approved such Annual Business Plan. No action taken by the Lender pursuant to this provision shall affect any subsequent Default or Event of Default with respect to the Borrower or impair any right or remedy consequent thereon."