Common use of Acceleration of Maturity; Recision and Annulment Clause in Contracts

Acceleration of Maturity; Recision and Annulment. If an Event of Default occurs and is continuing, then and in every such case the Trustee or the Holders of not less than a majority in principal amount of the Bonds Outstanding may declare the principal amount of all the Bonds to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Bondholders), and upon any such declaration such entire principal amount and all interest shall become immediately due and payable. Collection actions or judicial proceedings may be commenced as set forth in Section 503. At any time after such a declaration has been made and before a judgment or decree for payment has been obtained by the Trustee as hereinafter in this Article provided, the Trustee or the Holders of a majority in principal amount of the Bonds Outstanding, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if:

Acceleration of Maturity; Recision and Annulment. If an Event of Default occurs and is continuing, then and in every such case the Trustee or the Holders of not less than a majority 25% in principal amount of the Bonds Debentures Outstanding may declare the principal amount of all the Bonds Debentures to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by BondholdersDebentureholders), and upon any such declaration such entire principal amount and all interest shall become immediately due and payable. Collection actions or judicial proceedings may be commenced as set forth in Section 5035.3. At any time after such a declaration of acceleration has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Trustee or the Holders of a majority in principal amount of the Bonds Debentures Outstanding, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: