Rescission of Election Sample Clauses

Rescission of Election. Notwithstanding anything herein to the contrary, the Company may rescind any election by it to adjust to or, in the case of a Term Interest Rate Period, continue a Rate Period pursuant to Section 2.02(b), Section 2.02(c), Section 2.02(d) or Section 2.02(e) hereof prior to the effective date of such adjustment or continuation by giving written notice thereof to the Issuer, the Trustee, the Paying Agent and the Remarketing Agent prior to such effective date. At the time that the Company gives notice of rescission, it may also elect in such notice to continue the Rate Period then in effect; provided however, that if the Rate Period then in effect is a Term Interest Rate Period, the subsequent Term Interest Rate Period shall not be of a different duration than the Term Interest Rate Period then in effect unless the Company provides to the Trustee a Favorable Opinion of Bond Counsel prior to the expiration of the then-current Term Interest Rate Period. If the Trustee receives notice of such rescission prior to the time the Trustee has given notice to the Owners of the Bonds of the change in or continuation of Rate Periods pursuant to Section 2.02(b), Section 2.02(c), Section 2.02(d) or Section 2.02(e) hereof then such notice of change in or continuation of Rate Periods shall be of no force and effect and shall not be given to the Owners. If the Trustee receives notice of such rescission after the Trustee has given notice to the Owners of the Bonds pursuant to Section 2.02(b), Section 2.02(c), Section 2.02(d) or Section 2.02(e) hereof of an adjustment from any Rate Period other than a Term Interest Rate Period in excess of one year or an attempted adjustment from one Rate Period (other than a Term Interest Rate Period in excess of one-year) to another Rate Period that does not become effective for any other reason, and if the Company does not elect to continue the Rate Period then in effect, then the Rate Period for the Bonds shall automatically adjust to or continue in a Daily Interest Rate Period and the Trustee shall promptly give notice thereof to the Owners of the Bonds. If the Trustee receives notice of such rescission after the Trustee has given notice to the Owners of the Bonds pursuant to Section 2.02(b), Section 2.02(c), Section 2.02(d) or Section 2.02(e) hereof of an adjustment from a Term Interest Rate Period in excess of one year to another Rate Period (including a Term Interest Rate Period of a different duration), or if an attempted adjustment fro...
Sample 1See All (4)
AutoNDA by SimpleDocs
Rescission of Election. That acceleration of maturity, once made by Mortgagee, may, at the option of Mortgagee, be rescinded, and any proceedings brought to enforce any rights or remedies hereunder may, at Mortgagee's option, be discontinued or dismissed, whereupon, in either of such events, Mortgagor and Mortgagee shall be restored to their former positions, and the rights, remedies and power of Mortgagee shall continue as if such acceleration had not been made or such proceedings had not been commenced, as the case may be.
Sample 1Sample 2
Rescission of Election. Any Event of Default for which Mortgagee has not exercised any remedies, may, at the option of Mortgagee be waived on such conditions as Mortgagee specifies, any acceleration of maturity, by reason of an Event of Default, once made by Mortgagee, may at the option of Mortgagee be rescinded, and any proceedings brought to enforce any rights or remedies hereunder may, at Mortgagee's option, be discontinued or dismissed, whereupon, in any such event, Borrower and Mortgagee shall be restored to their former positions, and the rights, remedies and power of Mortgagee shall continue as if such Event of Default had not occurred, such acceleration had not been made or such proceedings had not been commenced, as the case may be.
Sample 1
Rescission of Election. Notwithstanding anything herein to the contrary, the Borrower may rescind any election by it to adjust to or
Sample 1
Rescission of Election. Notwithstanding anything herein to the contrary, the Borrower may rescind any election by it to adjust the Bonds of a subseries to, or in the case of a Term Rate Mode continue, a New Mode or the Fixed Rate Mode prior to the proposed Mode Change Date by giving written notice thereof to the Notice Parties prior to such proposed Mode Change Date. If the notice of such rescission is given before the Owners of the Bonds have been notified of the mandatory purchase to occur on the Mode Change Date pursuant to Section 3.03 hereof, then the Mode Change Notice shall be deemed rescinded and of no force or effect. If the notice of such rescission is given after the Owners of the Bonds have been notified of the mandatory purchase pursuant to Section 3.03 hereof or if the notice of rescission does not become effective for any reason, then the Bonds of such subseries shall be in such Mode and bear such interest as provided immediately above in subsection (c).
Sample 1
Rescission of Election. Notwithstanding anything in Section 202 or 204(k) or this Section 203, in connection with any Conversion of the Interest Rate Period for the Series 2014A Certificates, the School Board shall have the right to deliver to the Trustee, the Remarketing Agent (if any), the Tender Agent (if any), the Liquidity Provider (if any), the Auction Agent (if any) and the Broker-Dealers (if any) on or prior to 10:00 a.m., New York City time, on the second Business Day preceding the effective date of any such Conversion a notice to the effect that the School Board elects to rescind its election to make such Conversion. If the School Board rescinds its election to make such Conversion, then Series 2014A Interest shall continue to accrue in accordance with the Interest Rate Period in effect immediately prior to such proposed Conversion commencing on the date which would have been the effective date of the Conversion. In any event, if notice of a Conversion has been mailed to the holders of Series 2014A Certificates as provided in Section 202 or 204(l) and the School Board rescinds its election to make such Conversion, then the Series 2014A Certificates (except ARS) which would have been subject to such Conversion shall continue to be subject to mandatory tender for purchase on the date which would have been the effective date of the Conversion as provided in Section 307(b).
Sample 1

Related to Rescission of Election

  • Notification of Election When the Notification of Election was filed with the Commission, it (A) contained all statements required to be stated therein in accordance with, and complied in all material respects with the requirements of, the 1940 Act and (B) did not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

  • Rescission At any time after any Notes have been declared due and payable pursuant to clause (b) or (c) of Section 12.1, the holders of not less than 51% in principal amount of the Notes then outstanding, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all overdue interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to Section 17, and (c) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon.

  • Effect of Election A Deferral Election pursuant to Section 3.1 shall apply only to the Plan Year for which it is made and shall be irrevocable except to the extent otherwise provided in Section 3.4.

  • Notice of Election To make the election set forth in Section 7.03(A), the Company must send to the Holders, the Trustee and the Paying Agent, before the date on which each Reporting Event of Default first occurs, a notice that (i) briefly describes the report(s) that the Company failed to file with the SEC; (ii) states that the Company is electing that the sole remedy for such Reporting Event of Default consist of the accrual of Special Interest; and (iii) briefly describes the periods during which and rate at which Special Interest will accrue and the circumstances under which the Notes will be subject to acceleration on account of such Reporting Event of Default.

  • Continuation of Elections Effective as of the Distribution Date, SpinCo (acting directly or through one or more members of the SpinCo Group) shall cause the SpinCo Sales Executives Plan to recognize and maintain all existing elections, including, but not limited to, investment and payment form elections, beneficiary designations, and the rights of alternate payees under qualified domestic relations orders with respect to SpinCo Sales Executives Plan Participants under the RemainCo Sales Executives Plan, to the extent such election or designation is available under the SpinCo Sales Executives Plan.

  • Form of Election 2.1(f) GAAP..........................................................3.4

  • Rescission and Withdrawal Right Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights.

Time is Money Join Law Insider Premium to draft better contracts faster.