N.Y. Local Finance Law § 85.50: Termination of stay

§ 85.50 Termination of stay. Any order extending a stay pursuant to

section 85.40 of this title may be vacated or modified if, upon motion

of any creditor affected thereby, the court finds, after a hearing: (a)

that the municipality has failed to comply with a material provision of

the repayment plan; or (b) that, due to a material change in

circumstances, the repayment plan no longer complies with the

requirements of section 85.40 of this title. Upon the occurrence of the

final act necessary to carry out fully all of the terms and provisions

of the repayment plan with respect to those creditors who accept the

plan or any benefits thereunder, the court, after a hearing, upon motion

of any creditor or of the municipality or its emergency financial

control board, shall enter an order vacating any stay then in effect and

permanently enjoining any creditors who accepted the plan or any

benefits thereunder from commencing or continuing any action or special

proceeding or doing any other act within the scope of section 85.30 of

this title relating to any contract, debt or obligation included in the

plan.