Noncompliance Termination Clause Samples
The Noncompliance Termination clause allows one party to end the agreement if the other party fails to meet its contractual obligations. In practice, this clause typically outlines the types of noncompliance that can trigger termination, such as missed deadlines, failure to deliver goods or services, or breaches of key terms, and may require written notice before termination takes effect. Its core function is to provide a clear and enforceable mechanism for exiting the contract when the other party does not fulfill their responsibilities, thereby protecting parties from ongoing harm or loss due to nonperformance.
Noncompliance Termination. In the event that Servicer does not remedy a Noncompliance Event as required by Section 5.03, Lender shall be entitled to terminate this Loan Origination Agreement upon 10 days prior written notice. Notwithstanding the foregoing, Lender shall continue to be obligated to fund all unfunded Loans that conform to the Credit Policy approved as of the day prior to the termination date set forth in the notice of the Noncompliance Event.
Noncompliance Termination. In the event that Servicer is required to correct any compliance deficiency pursuant to Section 5.01(a)(v) above, and Servicer does not correct any such deficiencies material to the Loans taken as a whole within thirty (30) days of such notice (“Noncompliance Event”), Lender is permitted to terminate this Origination Agreement upon ten (10) days notice. Notwithstanding the foregoing, Lender shall continue to be obligated to (i) originate all approved but unfunded Loans that conform to the Underwriting Criteria as of the day prior to the termination date set forth in the notice of the Noncompliance Event until such time as all such Loans have been originated and (ii) pay Servicer the Performance Fee and Servicing Fee, less any commercially reasonable fees of the Successor Servicer in accordance with
Noncompliance Termination. In the event that Servicer is required to correct any compliance deficiency pursuant to Section 5.01(a)(v) above, and Servicer does not correct any such deficiencies material to the Loans taken as a whole within thirty (30) days of such notice (“Noncompliance Event”), Lender is permitted to terminate this Origination Agreement upon ten (10) days notice. Notwithstanding the foregoing, Lender shall continue to be obligated to (i) originate all approved but unfunded Loans that conform to the Underwriting Criteria as of the day prior to the termination date set forth in the notice of the Noncompliance Event until such time as all such Loans have been originated and (ii) pay Servicer the Performance Fee and Servicing Fee, less any commercially reasonable fees of the Successor Servicer in accordance with CERTAIN CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT, MARKED BY [*****] HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
Noncompliance Termination. Failure of the Grantee to comply promptly with any and all provisions of this Agreement shall be sufficient cause for the Foundation to terminate this agreement. Such termination shall be effective on receipt by the Grantee of written notice from the Foundation. In the event of termination, Grantee must still comply with the reporting, refund and reimbursement portions of this Agreement. Termination and/or failure to comply with the reporting, refund, and reimbursement portions of this agreement may adversely affect future funding considerations submitted to the Foundation.
Noncompliance Termination. In the event that Servicer does not remedy a Noncompliance Event as required by Section 5.03 within 30 days after receipt of written notice or Servicer does not remedy a Violation as required by Section 5.01(a)(xiii) within 60 days after receipt of written notice, Lender shall be entitled to terminate this Loan Origination Agreement upon 10 days prior written notice. Notwithstanding the foregoing, Lender shall continue to be obligated to fund all Loans that conform to the Credit Policy that have been approved but not fully funded as of the day prior to the termination date set forth in the notice of the Noncompliance Event.