Continuing Responsibilities of the Buyer in the Event of Resolution. In the event that the Federal Deposit Insurance Corporation is appointed receiver, conservator or liquidator of the Seller, and the Buyer has grounds to terminate this Agreement other than those contemplated by 12 U.S.C. § 1821(e)(12), the FDIC may request that the Buyer not immediately terminate the Agreement, and, upon such request, the Buyer shall continue to fulfill its obligations as set forth in this Agreement for a period of ninety (90) days or for such other period as may be mutually agreed by the Buyer and the FDIC (the “Continuation Period”). As compensation for the services provided to the Seller during the Continuation Period, the Buyer shall retain or receive an amount equal to the market rate for such services, as mutually agreed by the FDIC and the Buyer.
Appears in 4 contracts
Samples: Receivables Purchase Agreement, Receivables Purchase Agreement (Metris Master Trust), Affinity Receivables Purchase Agreement (HSBC Credit Card Master Note Trust (Usa) I)
