Consequences of a Termination Event. (a) If a Backup Servicer Event of Default (as defined in Section 4.1 above) shall occur and be continuing, the Servicer may, by notice given in writing to the Backup Servicer, terminate all of the rights and obligations of the Backup Servicer under this Agreement, except as set forth in Sections 3.1(b), (c), (d), (e) and (f). On or after the receipt by the Backup Servicer of such written notice, all authority, power, obligations and responsibilities of the Backup Servicer under this Agreement shall be terminated (other than Section 3.1(b), (c), (d), (e) and (f)). The terminated Backup Servicer agrees to cooperate with the Servicer in effecting the termination of the responsibilities and rights of the terminated Backup Servicer under this Agreement.
Consequences of a Termination Event. 7.5 Following the occurrence with respect to a Party of a Termination Event (the “Defaulting Party”) which is continuing, the non-defaulting Party may by notice to the Defaulting Party terminate this Agreement, in which event (and without prejudice to any accrued rights of the Parties hereunder in the event of breach of the terms hereof), this Agreement shall immediately cease to be valid and binding.
Consequences of a Termination Event. If a Termination Event occurs the Agent may by notice to the Borrower:
Consequences of a Termination Event. (a) If a Backup Servicer Event of Default (as defined in Section 4.1 above) shall occur and be continuing, the Controlling Party may (or shall, at the direction of Holders evidencing not less than 25% of the outstanding principal amount of the Notes, if the Indenture Trustee is the Controlling Party), by notice given in writing to the Backup Servicer with a copy of such writing to the other parties hereto and the Rating Agencies, terminate all of the rights and obligations of the Backup Servicer under this Agreement. On or after the receipt by the Backup Servicer of such written notice, all authority, power, obligations and responsibilities of the Backup Servicer under this Agreement shall be terminated. The terminated Backup Servicer agrees to cooperate with the other parties hereto in effecting the termination of the responsibilities and rights of the terminated Backup Servicer under this Agreement.
Consequences of a Termination Event. 6.4 On the occurrence of a Termination Event:
Consequences of a Termination Event. (a) Upon the occurrence and continuance of any Termination Event, the Administrative Agent may, or at the direction of the Required Facility Agents shall, by written notice to the Xxxxxxxx Parties, determine to commence the wind-down period during or after which no Reinvestment Purchases shall be made; provided, that, upon the occurrence of the Termination Event specified in Section 8.01(f) above, the wind-down period shall be deemed to commence automatically. In addition, (i) upon the occurrence and continuance of any Termination Event, (A) the Percentage Interest shall be increased to 100% and all Collections will be applied to repay the Facility, (B) pricing on the Facility will be at the Default Rate, (C) the Administrative Agent may, or at the direction of the Required Facility Agents shall, deliver the notices of exclusive control to the Depositary Banks under the Blocked Account Agreements, and (D) the Administrative Agent may, or at the direction of the Required Facility Agent shall, replace the Servicer and (ii) upon the occurrence of the Termination Date, (X) the Maximum Net Investment shall be reduced as of each calendar date thereafter equal to the Aggregate Exposure Amount as of such date (and each Purchase Group’s Exposure Amount will be reduced ratably) and (Y) the Seller shall deposit into the XX Xxxx Collateral Account the amount necessary to cause the amount therein to be equal to the Required XX Xxxx Collateral Amount.
Consequences of a Termination Event. (a) If a Termination Event specified in Section 7.01 hereof shall occur and be continuing, the Administrative Agent may in consultation with the Facility Agents, and shall at the direction of the Majority Facility Agents, by notice to the Borrower (a “Notice of Termination”), declare an Early Termination Date to have occurred hereunder; provided that, in the case of a Termination Event under Section 7.01(j) hereof, an Early Termination Date shall occur automatically and immediately without any action on the part of the Administrative Agent or any Facility Agent. On and after the Early Termination Date, the Lenders shall make no further Advances.
Consequences of a Termination Event. (a) If a Termination Event specified in Section 10.01 hereof shall occur and be continuing, the Buyer may, by notice to the Seller, terminate its obligation to purchase the Participation Interest or make Reinvestments hereunder; provided, that in the case of a Termination Event under Section -------- 10.01(k), such obligation of the Buyer hereunder shall be automatically terminated without any action on the part of the Buyer. Any such termination shall reduce the Maximum Net Investment in effect from time to time thereafter to the amount of the aggregate Net Investment at such time.
Consequences of a Termination Event. (a) If a Termination Event specified in Section 7.01 hereof shall occur and be continuing, the Administrative Agent shall, at the request, or may with the consent of the Majority Owners, by notice to the Seller (a "Notice of Termination"), terminate the obligation of the Owners to purchase any --------------------- interest in any Receivables (including by reinvestment) hereunder and declare all outstanding Tranche Periods to be ended; provided that, in the case of a -------- Termination Event under Section 7.01(j) hereof, such obligation of the Owners hereunder shall be automatically terminated without any action on the part of the Administrative Agent and all outstanding Tranche Periods shall be ended. Any such termination shall reduce the Maximum Net Investment in effect from time to time thereafter to the amount of the aggregate Net Investment at such time and the Administrative Agent, after consultation with each of the Owners may, pursuant to Section 2.06(c) hereof and in any case other than a termination due to a Termination Event described in Section 7.01(l) hereof, declare the Tranche Rates applicable to the Net Investment to be the Base Rate plus 1% per annum. The Administrative Agent shall give S&P, Xxxxx'x and each Owner prompt notice of the Administrative Agent's delivery of a Notice of Termination to the Seller; provided, however, that failure to give such notice shall not affect the -------- ------- effectiveness of, or the rights of the Owners resulting from the delivery of, such Notice of Termination.
Consequences of a Termination Event. On the Client becoming Insolvent, ceasing to trade, failing to repay the entire Repurchase price required to be paid on the Termination Date, the Bank cancelling the Client’s agency or on or following a Termination Event, the Bank may immediately: debit the Memorandum Discounting Statement with an additional Administration Fee of five per cent of the Notified Value of the Debts then Outstanding or Notified to the Bank thereafter to cover the Bank’s additional administrative work. increase the Discounting Charge by two per cent and continue to debit daily to the Memorandum Discounting Statement. reduce the Prepayment Percentage to a lower percentage or zero. withdraw any Limit without notice and/or designate Debts as Ineligible Debts. create a special reserve against the Availability to cover Client Responsibility. consolidate the balances on all accounts of the Client and demand payment of any balance due to the Bank after such consolidation. demand payment of any debit balance on the Memorandum Discounting Statement that exceeds the lesser of either the Availability or the Prepayment Review Level set by the Bank now or in the future plus Administration Fees and Discounting Charges accrued but not yet debited and an amount equal to all credit balances on Customers’ accounts. require the Client to Repurchase any Outstanding Debts. delay paying any sum due to the Client to allow for clearance of Remittances. cancel the agency to collect Debts and remind Customers of the Banks’s ownership of the Debts. send to any Customer notice of the assignment of the Debts by the Client to the Bank. enforce the Security Documents. terminate the Agreement immediately by notice to the Client. On the date of termination of this Agreement for whatever reason (the Termination Date): the Client must Repurchase all Outstanding Debts at the Repurchase price equivalent to the debit balance on the Memorandum Discounting Statement and pay all other sums due to the Bank. the Client must not cancel any notices of assignment given to Customers or attempt to collect Debts until the Client has complied with the Repurchase requirements and the Bank will continue to own all Debts until paid. the Client will be responsible for all credit balances on Customers’ accounts and indemnify the Bank in respect of all claims for them. the Client will not Notify the Bank of any Debts arising after the Termination Date. As soon as practicable following the Termination Date, the Bank will pay the Clien...
