Common use of Rescission Clause in Contracts

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified herein) and all Defaults (other than non-payment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant Section 11.02, then upon the written consent of the Required Lenders and written notice to the Designated Company, the termination of the Commitments or the acceleration and their consequences may be rescinded and annulled; but such action shall not affect any subsequent Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that may be made at the election of the Required Lenders, and such provisions are not intended to benefit any Loan Party and do not give any Loan Party the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 8 contracts

Samples: Credit Agreement (Novelis Inc.), Credit Agreement (Novelis Inc.), Short Term Credit Agreement (Novelis Inc.)

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Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified hereinin this Agreement) and all Defaults Events of Default and Unmatured Events of Default (other than non-payment nonpayment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0212.05, then upon the written consent of the Required Lenders and by written notice to Borrower, Requisite Lenders may elect, in the Designated Company, the termination sole discretion of the Commitments or Requisite Lenders to rescind and annul the acceleration and their consequences may be rescinded and annulledits consequences; but such action shall not affect any subsequent Event of Default or Unmatured Event of Default or impair any right or remedy consequent thereonin connection therewith. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that which may be made at the election of the Required Requisite Lenders, and such provisions ; they are not intended to benefit any Loan Party Borrower and do not give any Loan Party Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 5 contracts

Samples: Credit Agreement (Manufactured Home Communities Inc), Credit Agreement (Manufactured Home Communities Inc), Credit Agreement (Manufactured Home Communities Inc)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified hereinin this Agreement) and all Defaults Events of Default and Unmatured Events of Default (other than non-payment nonpayment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant Section 11.02to SECTION 12.4, then upon the written consent of the Required Lenders and by written notice to the Designated CompanyBorrower, the termination of the Commitments or Requisite Lenders may elect, in their sole discretion, to rescind and annul the acceleration and their consequences may be rescinded and annulledits consequences; but such action shall not affect any subsequent Event of Default or Unmatured Event of Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that which may be made at the election of the Required Requisite Lenders, and such provisions ; they are not intended to benefit any Loan Party Borrower and do not give any Loan Party Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 4 contracts

Samples: Credit Agreement (Chelsea Gca Realty Inc), Credit Agreement (Chelsea Gca Realty Inc), Term Loan Agreement (Chelsea Gca Realty Inc)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties Borrowers shall pay all arrears of interest and all payments on account of principal of the Loans owing by them it that shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified herein) and all Defaults (other than non-payment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0210.02, then upon the written consent of the Required Lenders and written notice to the Designated CompanyHoldings, the termination of the Commitments or the acceleration and their consequences may be rescinded and annulled; but such action shall not affect any subsequent Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that may be made at the election of the Required Lenders, and such provisions are not intended to benefit any Loan Party Borrowers and do not give any Loan Party Borrowers the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 4 contracts

Samples: Credit Agreement (TiVo Corp), Credit Agreement (Rovi Corp), Credit Agreement (Rovi Corp)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified hereinin this Agreement) and all Defaults Events of Default and Unmatured Events of Default (other than non-payment nonpayment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0212.4, then upon the written consent of the Required Lenders and by written notice to the Designated CompanyBorrower, the termination of the Commitments or Requisite Lenders may elect, in their sole discretion, to rescind and annul the acceleration and their consequences may be rescinded and annulledits consequences; but such action shall not affect any subsequent Event of Default or Unmatured Event of Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that which may be made at the election of the Required Requisite Lenders, and such provisions ; they are not intended to benefit any Loan Party Borrower and do not give any Loan Party Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 4 contracts

Samples: Term Loan Agreement (Chelsea Property Group Inc), Credit Agreement (CPG Partners Lp), Credit Agreement (Chelsea Property Group Inc)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified herein) and all Defaults (other than non-payment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant Section 11.02, then upon the written consent of the Required Lenders and written notice to the Designated CompanyBorrower, the termination of the Commitments or the acceleration and their consequences may be rescinded and annulled; but such action shall not affect any subsequent Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that may be made at the election of the Required Lenders, and such provisions are not intended to benefit any Loan Party and do not give any Loan Party the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 4 contracts

Samples: Credit Agreement (Novelis Inc.), Credit Agreement (Novelis Inc.), Credit Agreement (Novelis Inc.)

Rescission. If If, at any time after termination of the Commitments or acceleration of the maturity of the LoansAdvances, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that Advances which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified hereinin this Agreement) and all Defaults Events of Default and Unmatured Events of Default (other than non-payment nonpayment of principal of and accrued interest on the Loans Advances due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0211.4, then upon the written consent of the Required Lenders and by written notice to the Designated CompanyBorrower, the termination of the Commitments or Requisite Lenders may elect, in their sole discretion, to rescind and annul the acceleration and their consequences may be rescinded and annulledits consequences; but such action shall not affect any subsequent Event of Default or Unmatured Event of Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that which may be made at the election of the Required Requisite Lenders, and such provisions ; they are not intended to benefit any Loan Party Borrower and do not give any Loan Party Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met. Borrower shall have no right to enforce this Section 9.3, or to make any claim hereunder, directly, or as a third party beneficiary, or otherwise.

Appears in 3 contracts

Samples: Credit Agreement (Arden Realty Inc), Credit Agreement (Arden Realty Inc), Revolving Credit Agreement (Arden Realty Limited Partnership)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them it that shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified herein) and all Defaults Events of Default (other than non-payment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0210.02, then upon the written consent of the Required Lenders and written notice to the Designated CompanyBorrower, the termination of the Commitments or the acceleration and their consequences may be rescinded and annulled; but such action shall not affect any subsequent Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that may be made at the election of the Required Lenders, and such provisions are not intended to benefit any Loan Party Borrower and do not give any Loan Party Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 3 contracts

Samples: Senior Secured Credit Agreement (Lifetime Brands, Inc), Senior Secured Credit Agreement (Lifetime Brands, Inc), Credit Agreement (Lifetime Brands, Inc)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Term Loans, the Loan Parties Borrowers shall pay all arrears of interest and all payments on account of principal of the Term Loans owing by them that shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified herein) and all Events of Default and Defaults (other than non-payment of principal of and accrued interest on the Term Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0210.1, then upon the written consent of the Required Requisite Lenders and written notice to the Designated CompanyAdministrative Borrower, the termination of the Commitments or the acceleration and their its consequences may be rescinded and annulled; but provided, however, that such action shall not affect any subsequent Event of Default or Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that may be made at the election of the Required Requisite Lenders, ; and such provisions are not intended to benefit any Loan Party the Borrowers and do not give any Loan Party the Borrowers the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 2 contracts

Samples: Term Loan Credit Agreement (Tousa Inc), First Lien Term Loan Credit Agreement (Tousa Inc)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them it that shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified herein) and all Defaults (other than non-payment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant Section 11.0210.02, then upon the written consent of the Required Lenders and written notice to the Designated CompanyBorrower, the termination of the Commitments or the acceleration and their consequences may be rescinded and annulled; but such action shall not affect any subsequent Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that may be made at the election of the Required Lenders, and such provisions are not intended to benefit any Loan Party Borrower and do not give any Loan Party Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 2 contracts

Samples: Second Lien Credit Agreement (Regency Energy Partners LP), Second Lien Credit Agreement (Regency Energy Partners LP)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified herein) and all Defaults (other than non-payment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant Section 11.02, then upon the written consent of the Required Lenders and written notice to the Designated Company, the termination of the Commitments or the acceleration and their consequences may be rescinded and annulled; but such action shall not affect any subsequent Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that may be made at the election of the Required Lenders, and such provisions are not intended to benefit any Loan Party and do not give any Loan Party the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.. Section 8.03

Appears in 2 contracts

Samples: Credit Agreement (Novelis Inc.), Term Credit Agreement (Novelis Inc.)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified herein) and all Defaults (other than non-payment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant Section 11.02, then upon the written consent of the Required Lenders and written notice to the Designated CompanyAdministrative Borrower, the termination of the Commitments or the acceleration and their consequences may be rescinded and annulled; but such action shall not affect any subsequent Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that may be made at the election of the Required Lenders, and such provisions are not intended to benefit any Loan Party and do not give any Loan Party the right to require the 141 Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 2 contracts

Samples: Security Agreement (Novelis South America Holdings LLC), Credit Agreement (Novelis Inc.)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified herein) and all Events of Default and Defaults (other than non-payment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0210.5, then upon the written consent of the Required Requisite Lenders and written notice to the Designated CompanyBorrower, the termination of the Commitments or the acceleration and their consequences may be rescinded and annulled; but provided, however, that such action shall not affect any subsequent Event of Default or Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that may be made at the election of the Required Requisite Lenders, and such provisions are not intended to benefit any Loan Party the Borrower and do not give any Loan Party the Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 2 contracts

Samples: Term Loan Agreement (Source Interlink Companies Inc), Senior Subordinated Bridge Loan Agreement (Source Interlink Companies Inc)

Rescission. If If, at any time after termination of the Commitments or acceleration of the maturity of the LoansLoan, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that Loan which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified hereinin this Agreement) and all Defaults Events of Default and Unmatured Events of Default (other than non-payment nonpayment of principal of and accrued interest on the Loans Loan due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0211.4, then upon the written consent of the Required Lenders and by written notice to the Designated CompanyBorrower, the termination of the Commitments or Requisite Lenders may elect, in their sole discretion, to rescind and annul the acceleration and their consequences may be rescinded and annulledits consequences; but such action shall not affect any subsequent Event of Default or Unmatured Event of Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that which may be made at the election of the Required Requisite Lenders, and such provisions ; they are not intended to benefit any Loan Party Borrower and do not give any Loan Party Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met. Borrower shall have no right to enforce this Section 9.3, or to make any claim hereunder, directly, or as a third party beneficiary, or otherwise.

Appears in 2 contracts

Samples: Term Loan Agreement (Arden Realty Limited Partnership), Term Loan Agreement (Arden Realty Limited Partnership)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them it that shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified herein) and all Defaults (other than non-payment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0210.02, then upon the written consent of the Required Lenders and written notice to the Designated CompanyHoldings, the termination of the Commitments or the acceleration and their consequences may be rescinded and annulled; annulled; but such action shall not affect any subsequent Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that may be made at the election of the Required Lenders, and such provisions are not intended to benefit any Loan Party Borrower and do not give any Loan Party Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 2 contracts

Samples: First Lien Credit Agreement (Global Geophysical Services Inc), Second Lien Credit Agreement (Global Geophysical Services Inc)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the LoansLoan, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that Loan which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified hereinin this Agreement) and all Defaults Events of Default and Unmatured Events of Default (other than non-payment nonpayment of principal of and accrued interest on the Loans Loan due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0211.05, then upon the written consent of the Required Lenders and by written notice to Borrower, Requisite Lenders may elect, in the Designated Company, the termination sole discretion of the Commitments or Requisite Lenders to rescind and annul the acceleration and their consequences may be rescinded and annulledits consequences; but such action shall not affect any subsequent Event of Default or Unmatured Event of Default or impair any right or remedy consequent thereonin connection therewith. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that which may be made at the election of the Required Requisite Lenders, and such provisions ; they are not intended to benefit any Loan Party Borrower and do not give any Loan Party Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 2 contracts

Samples: Credit Agreement (Manufactured Home Communities Inc), Credit Agreement (Manufactured Home Communities Inc)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them it that shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified herein) and all Defaults (other than non-payment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0210.02, then upon the written consent of the Required Lenders and written notice to the Designated CompanyBorrower, the termination of the Commitments or the acceleration and their consequences may be rescinded and annulled; but such action shall not affect any subsequent Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that may be made at the election of the Required Lenders, and such provisions are not intended to benefit any Loan Party Borrower and do not give any Loan Party Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 1 contract

Samples: Credit Agreement (Revel Entertainment Group, LLC)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties Borrowers shall pay all arrears of interest and all payments on account of principal of the Loans owing by them it that shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified herein) and all Defaults (other than non-payment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0210.02, then upon the written consent of the Required Lenders and written notice to the Designated CompanyHoldings, the termination of the Commitments or the acceleration and their consequences may be rescinded and annulled; but such action shall not affect any subsequent Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that may be made at the election of the Required Lenders, and such provisions are not intended to benefit any Loan Party the Borrowers and do not give any Loan Party the Borrowers the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 1 contract

Samples: Credit Agreement (NDS Group Holdings, LTD)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified herein) and all Defaults (other than non-payment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant Section 11.02, then upon the written consent of the Required Lenders and written notice to the Designated Company, the termination of the Commitments or the acceleration and their consequences may be rescinded and annulled; but such action shall not affect any subsequent Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that may be made 207 1066931.03C-CHISR01A - MSW at the election of the Required Lenders, and such provisions are not intended to benefit any Loan Party and do not give any Loan Party the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 1 contract

Samples: Term Credit Agreement (Novelis Inc.)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them it that shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified herein) and all Defaults (other than non-payment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0214.6, then upon the written consent of the Required Lenders and written notice to the Designated CompanyBorrower, the termination of the Commitments or the acceleration and their consequences may be rescinded and annulled; but such action shall not affect any subsequent Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that may be made at the election of the Required Lenders, and such provisions are not intended to benefit any Loan Party Borrower and do not give any Loan Party Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 1 contract

Samples: Term Loan Credit Agreement (Nacco Industries Inc)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified hereinin this Agreement) and all Defaults Events of Default and Unmatured Events of Default (other than non-payment nonpayment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0212.04, then upon the written consent of the Required Lenders and by written notice to the Designated CompanyBorrower, the termination of the Commitments or Requisite Lenders may elect, in their sole discretion, to rescind and annul the acceleration and their consequences may be rescinded and annulledits consequences; but such action shall not affect any subsequent Event of Default or Unmatured Event of Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that which may be made at the election of the Required Requisite Lenders, and such provisions ; they are not intended to benefit any Loan Party Borrower and do not give any Loan Party Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 1 contract

Samples: Credit Agreement (Prudential Bache Equitec Real Estate Partnership)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified hereinin this Agreement) and all Defaults Events of Default and Potential Events of Default (other than non-payment nonpayment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0211.08, then upon the written consent of the Required Lenders and by written notice to the Designated CompanyBorrower, the termination Requisite Lenders may elect, in the sole discretion of the Commitments or such Requisite Lenders, to rescind and annul the acceleration and their consequences may be rescinded and annulledits consequences; but such action shall not affect any subsequent Event of Default or Potential Event of Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that which may be made at the election of the Required 77 84 Requisite Lenders, and such provisions ; they are not intended to benefit any Loan Party Borrower and do not give any Loan Party Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 1 contract

Samples: Credit Agreement (American Classic Voyages Co)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the LoansLoan, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that Loan which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified hereinin this Agreement) and all Defaults Events of Default and Unmatured Events of Default (other than non-payment nonpayment of principal of and accrued interest on the Loans Loan due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0212.05, then upon the written consent of the Required Lenders and by written notice to Borrower, Requisite Lenders may elect, in the Designated Company, the termination sole discretion of the Commitments or Requisite Lenders to rescind and annul the acceleration and their consequences may be rescinded and annulledits consequences; but such action shall not affect any subsequent Event of Default or Unmatured Event of Default or impair any right or remedy consequent thereonin connection therewith. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that which may be made at the election of the Required Requisite Lenders, and such provisions ; they are not intended to benefit any Loan Party Borrower and do not give any Loan Party Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 1 contract

Samples: Term Loan Agreement (Manufactured Home Communities Inc)

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Rescission. If at any time after termination of the Commitments or acceleration of the ---------- maturity of the LoansAdvances, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that Advances which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified herein) and all Events of Default and Defaults (other than non-payment of principal of and accrued interest on the Loans Advances due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0211.1, then upon the written consent of the Required Requisite Lenders and written notice to the Designated CompanyBorrower, the termination of the Commitments or the acceleration and their its consequences may be rescinded and annulled; but such action shall not affect any subsequent Event of Default or Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that which may be made at the election of the Required Requisite Lenders, and such provisions ; they are not intended to benefit any Loan Party the Borrower and do not give any Loan Party the Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 1 contract

Samples: Credit Agreement (Terra Industries Inc)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified hereinin this Agreement) and all Defaults Events of Default and Unmatured Events of Default (other than non-payment nonpayment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0212.4, then upon the written consent of the Required Lenders and by ------------ written notice to the Designated CompanyBorrower, the termination of the Commitments or Requisite Lenders may elect, in their sole discretion, to rescind and annul the acceleration and their consequences may be rescinded and annulledits consequences; but such action shall not affect any subsequent Event of Default or Unmatured Event of Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that which may be made at the election of the Required Requisite Lenders, and such provisions ; they are not intended to benefit any Loan Party Borrower and do not give any Loan Party Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 1 contract

Samples: Credit Agreement (Smith Charles E Residential Realty Inc)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified hereinin this Agreement) and all Defaults Events of Default and Potential Events of Default (other than non-payment nonpayment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0211.08, then upon the written consent of the Required Lenders and by written notice to the Designated CompanyBorrower, the termination Requisite Lenders may elect, in the sole discretion of the Commitments or such Requisite Lenders, to rescind and annul the acceleration and their consequences may be rescinded and annulledits consequences; but such action shall not affect any subsequent Event of Default or Potential Event of Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that which may be made at the election of the Required Requisite Lenders, and such provisions ; they are not intended to benefit any Loan Party Borrower and do not give any Loan Party Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 1 contract

Samples: Credit Agreement (American Classic Voyages Co)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified herein) and all Defaults (other than non-payment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant Section 11.02, then upon the written consent of the Required Lenders and written notice to the Designated Company, the termination of the Commitments or the acceleration and their consequences may be rescinded and annulled; but such action shall not affect any subsequent Default or impair any right or remedy consequent thereon. The provisions 1117312.02-CHISR02A - MSW 252 of the preceding sentence are intended merely to bind the Lenders to a decision that may be made at the election of the Required Lenders, and such provisions are not intended to benefit any Loan Party and do not give any Loan Party the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 1 contract

Samples: Credit Agreement (Novelis Inc.)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified hereinin this Agreement) and all Defaults Events of Default and Potential Events of Default (other than non-payment nonpayment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0215.7, then upon the written consent of the Required Requisite Lenders and written notice to the Designated CompanyBorrower, the termination of the Commitments or the acceleration and their the consequences thereof may be rescinded and annulled; but such action shall not affect any subsequent Event of Default or Potential Event of Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that which may be made at the election of the Required Requisite Lenders, and such provisions ; they are not intended to benefit any Loan Party the Borrower and do not give any Loan Party the Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 1 contract

Samples: Term Credit Agreement (General Growth Properties Inc)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them it that shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified herein) and all Defaults (other than non-payment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant Section 11.029.02, then upon the written consent of the Required Lenders and written notice to the Designated CompanyBorrower, the termination of the Commitments or the acceleration and their consequences may be rescinded and annulled; but such action shall not affect any subsequent Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that may be made at the election of the Required Lenders, and such provisions are not intended to benefit any Loan Party Borrower and do not give any Loan Party Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 1 contract

Samples: Revolving Credit Agreement (Regency Energy Partners LP)

Rescission. If If, at any time after termination of the Commitments or acceleration of the maturity of the LoansAdvances, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that Advances which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified hereinin this Agreement) and all Defaults Events of Default and Unmatured Events of Default (other than non-payment nonpayment of principal of and accrued interest on the Loans Advances due and payable solely by virtue of acceleration) shall be remedied or waived pursuant Section 11.02to SECTION 12.4, then upon the written consent of the Required Lenders and by written notice to the Designated CompanyBorrower, the termination of the Commitments or Requisite Lenders may elect, in their sole discretion, to rescind and annul the acceleration and their consequences may be rescinded and annulledits consequences; but such action shall not affect any subsequent Event of Default or Unmatured Event of Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that which may be made at the election of the Required Requisite Lenders, and such provisions ; they are not intended to benefit any Loan Party Borrower and do not give any Loan Party Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 1 contract

Samples: Credit Agreement (Arden Realty Inc)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Bridge Loans, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Bridge Loans owing by them that shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified herein) and all Events of Default and Defaults (other than non-payment of principal of and accrued interest on the Bridge Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0210.1, then upon the written consent of the Required Requisite Lenders and written notice to the Designated CompanyBorrower, the termination of the Commitments or the acceleration and their its consequences may be rescinded and annulled; but provided, however, that such action shall not affect any subsequent Event of Default or Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that may be made at the election of the Required Requisite Lenders, and such provisions are not intended to benefit any Loan Party the Borrower and do not give any Loan Party the Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 1 contract

Samples: Bridge Loan Agreement (Concentra Operating Corp)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties Borrowers shall pay all arrears of interest and all payments on account of principal of the Loans owing by them it that shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified herein) and all Defaults (other than non-payment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0210.02, then upon the written consent of the Required Lenders and written notice to the Designated CompanyParent Borrower, the termination of the Commitments or the acceleration and their consequences may be rescinded and annulled; but such action shall not affect any subsequent Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that may be made at the election of the Required Lenders, and such provisions are not intended to benefit any Loan Party Borrowers and do not give any Loan Party Borrowers the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 1 contract

Samples: Credit Agreement (Macrovision Solutions CORP)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties Borrowers shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified herein) and all Defaults (other than non-payment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant Section 11.0210.02, then upon the written consent of the Required Lenders and written notice to the Designated CompanyHoldings, the termination of the Commitments or the acceleration and their consequences may be rescinded and annulled; but such action shall not affect any subsequent Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that may be made at the election of the Required Lenders, and such provisions are not intended to benefit any Loan Party Borrowers and do not give any Loan Party Borrowers the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 1 contract

Samples: Credit Agreement (USA Mobility, Inc)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified hereinin this Agreement) and all Defaults Events of Default and Potential Events of Default (other than non-payment nonpayment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0214.7, then upon the written consent of the Required Requisite Lenders and written notice to the Designated CompanyBorrower, the termination of the Commitments or the acceleration and their its consequences may be rescinded and annulled; but such action shall not affect any subsequent Event of Default or Potential Event of Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that which may be made at the election of the Required Requisite Lenders, and such provisions ; they are not intended to benefit any Loan Party the Borrower and do not give any Loan Party the Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 1 contract

Samples: 364 Day Bridge Term Loan Agreement (Washington Prime Group Inc.)

Rescission. If If, at any time after termination of the Commitments or acceleration of the maturity of the LoansAdvances, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that Advances which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified hereinin this Agreement) and all Defaults Events of Default and Unmatured Events of Default (other than non-payment nonpayment of principal of and accrued interest on the Loans Advances due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.0211.4, then upon the written consent of the Required Lenders and by written notice to the Designated CompanyBorrower, the termination of the Commitments or Requisite Lenders may elect, in its sole discretion, to rescind and annul the acceleration and their consequences may be rescinded and annulledits consequences; but such action shall not affect any subsequent Event of Default or Unmatured Event of Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that which may be made at the election of the Required Requisite Lenders, and such provisions ; they are not intended to benefit any Loan Party Borrower and do not give any Loan Party Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met. Borrower shall have no right to enforce this Section 9.3, or to make any claim hereunder, directly, or as a third party beneficiary, or otherwise.

Appears in 1 contract

Samples: Revolving Credit Agreement (Arden Realty Inc)

Rescission. If If, at any time after termination of the Commitments or acceleration of the maturity of the LoansAdvances, the Loan Parties Borrower shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that Advances which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified hereinin this Agreement) and all Defaults Events of Default and Unmatured Events of Default (other than non-payment nonpayment of principal of and accrued interest on the Loans Advances due and payable solely by virtue of acceleration) shall be remedied or waived pursuant Section 11.02to SECTION 11.4, then upon the written consent of the Required Lenders and by written notice to the Designated CompanyBorrower, the termination of the Commitments or Requisite Lenders may elect, in their sole discretion, to rescind and annul the acceleration and their consequences may be rescinded and annulledits consequences; but such action shall not affect any subsequent Event of Default or Unmatured Event of Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that which may be made at the election of the Required Requisite Lenders, and such provisions ; they are not intended to benefit any Loan Party Borrower and do not give any Loan Party Borrower the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met. Borrower shall have no right to enforce this Section 9.3, or to make any claim hereunder, directly, or as a third party beneficiary, or otherwise.

Appears in 1 contract

Samples: Revolving Credit Agreement (Arden Realty Inc)

Rescission. If at any time after termination of the Commitments or acceleration of the maturity of the Loans, the Loan Parties shall pay all arrears of interest and all payments on account of principal of the Loans owing by them that shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified herein) and all Defaults (other than non-payment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant Section 11.02, then upon the written consent of the Required Lenders and written notice to the Designated Company, the termination of the Commitments or the 232 acceleration and their consequences may be rescinded and annulled; but such action shall not affect any subsequent Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders to a decision that may be made at the election of the Required Lenders, and such provisions are not intended to benefit any Loan Party and do not give any Loan Party the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are met.

Appears in 1 contract

Samples: Credit Agreement (Novelis Inc.)

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