exception 'ReflectionException' with message 'Function rules_data_list_info_alter() does not exist'[error]

Hey there
I have been upgrading a very old D7 site from v7.10 to v7.39 and I am constantly getting these errors:

On the CLI through Drush:

exception 'ReflectionException' with message 'Function rules_data_list_info_alter() does not exist'[error]
in sites/all/modules/rules/includes/rules.core.inc:1808
Stack trace:
#0
sites/all/modules/rules/includes/rules.core.inc(1808):
ReflectionFunction->__construct('rules_data_list...')
#1 
sites/all/modules/rules/includes/rules.core.inc(1726):
RulesAbstractPlugin->getFileName('rules_data_list...', Array)
#2
sites/all/modules/rules/rules.module(433):
RulesAbstractPlugin->rebuildCache(Array, Array)
#3
sites/all/modules/rules/rules.module(392):
_rules_rebuild_cache(Array)
#4
sites/all/modules/rules/rules.module(673):
rules_get_cache()
#5
sites/all/modules/rules/rules.module(137):
rules_plugin_factory('reaction rule')
#6
sites/all/modules/scheduler/scheduler.rules_defaults.inc(20):
rules_reaction_rule()
#7 [internal function]: scheduler_default_rules_configuration()
#8 includes/module.inc(866):
call_user_func_array('scheduler_defau...', Array)
#9
sites/all/modules/entity/entity.module(875):
module_invoke('scheduler', 'default_rules_c...')
#10
sites/all/modules/entity/entity.module(853):
_entity_defaults_rebuild('rules_config')
#11 
sites/all/modules/entity/entity.module(1080):
entity_defaults_rebuild()
#12 [internal function]: entity_flush_caches()
#13 includes/module.inc(895):
call_user_func_array('entity_flush_ca...', Array)
#14 includes/common.inc(7600):
module_invoke_all('flush_caches')
#15 /home/developer/drush7/commands/core/drupal/cache.inc(90): drupal_flush_all_caches()
#16 /home/developer/drush7/includes/drush.inc(700): drush_cache_clear_both()
#17 /home/developer/drush7/includes/drush.inc(687):
drush_call_user_func_array('drush_cache_cle...', Array)
#18 /home/developer/drush7/commands/core/cache.drush.inc(143): drush_op('drush_cache_cle...')
#19 [internal function]: drush_cache_command_clear('all')
#20 /home/developer/drush7/includes/command.inc(368): call_user_func_array('drush_cache_com...',
Array)
#21 /home/developer/drush7/includes/command.inc(219): _drush_invoke_hooks(Array, Array)
#22 [internal function]: drush_command('all')
#23 /home/developer/drush7/includes/command.inc(187): call_user_func_array('drush_command', Array)
#24 /home/developer/drush7/lib/Drush/Boot/BaseBoot.php(62): drush_dispatch(Array)
#25 /home/developer/drush7/drush.php(70): Drush\Boot\BaseBoot->bootstrap_and_dispatch()
#26 /home/developer/drush7/drush.php(11): drush_main()
#27 {main}

What is going on here?

This seems to be a major problem and is putting the Drupal Update to a complete halt.