Common use of Participant Termination Clause in Contracts

Participant Termination. Upon the occurrence of any one or more of the following events, the Authority or the Servicer (not applicable for MCC) may terminate this Origination Agreement with respect to the Participant as provided in Section 5.02 hereof and shall have the other remedies specified therein: (a) Failure by the Participant to fully observe or perform in any respect any warranty, covenant, condition or agreement, or failure to remain in compliance with any representation in the applicable Program Guide or the GNMA Guide, the FHLMC Guide or the FNMA guidelines, as applicable to the type of financing. (b) Failure by the Participant to timely comply with the reporting requirements required by the applicable Program Guide or the GNMA Guide, the FHLMC Guide or FNMA guidelines, as applicable to the type of financing. (c) Participant receives an unfavorable decree, order, determination, or designation from a court or agency or supervisory authority having jurisdiction over the Participant such as, the FDIC, the Office of Thrift Supervision (“OTS”), the Office of the Comptroller of the Currency (“OCC”), CFPB, FHFA or another similar regulatory action. The Participant must promptly notify the Authority, no later than 10 days after knowledge thereof, if any such order, determination, or decree is issued. (d) A decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a trustee in bankruptcy, a conservator or receiver or liquidator in any solvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Participant. (e) The Participant shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Participant or relating to the Participant or of or relating to all or substantially all of its property. (f) The Participant shall admit its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations. (g) The Servicer or Authority shall discover that any representation of or warranty by the Participant is false or misleading in any respect. (h) The Participant submits one (1) or more Non-Qualifying Mortgage Loans or improperly or inadequately documented Loans and/or fails to submit any documentation necessary to complete the Loan and/or clear any conditions listed in the IHCDA Online.

Participant Termination. Upon the occurrence of any one or more of the following events, the Authority or the Servicer (not applicable for MCC) may terminate this Origination Agreement with respect to the Participant as provided in Section 5.02 hereof and shall have the other remedies specified therein: (a) Failure by the Participant to fully observe or perform in any respect any warranty, covenant, condition or agreement, or failure to remain in compliance with any representation in the applicable Program Guide or the GNMA Guide, the FHLMC Guide or the FNMA guidelines, as applicable to the type of financing. (b) Failure by the Participant to timely comply with the reporting requirements required by the applicable Program Guide or the GNMA Guide, the FHLMC Guide or FNMA guidelines, as applicable to the type of financing. (c) Participant receives an unfavorable decree, order, determination, or designation from a court or agency or supervisory authority having jurisdiction over the Participant such as, the FDIC, the Office of Thrift Supervision (“OTS”), the Office of the Comptroller of the Currency (“OCC”), CFPB, FHFA or another similar regulatory action. The Participant must promptly notify the Authority, no later than 10 days after knowledge thereof, if any such order, determination, or decree is issued. (d) A decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a trustee in bankruptcy, a conservator or receiver or liquidator in any solvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Participant. (e) The Participant shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Participant or relating to the Participant or of or relating to all or substantially all of its property. (f) The Participant shall admit its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations. (g) The Servicer or Authority shall discover that any representation of or warranty by the Participant is false or misleading in any respect. (h) The Participant submits one (1) or more Non-Qualifying Mortgage Loans or improperly or inadequately documented Loans and/or fails to submit any documentation necessary to complete the Loan and/or clear any conditions listed in the IHCDA Online.

Participant Termination. Upon the occurrence of any one or more of the following events, the Authority or the Servicer (not applicable for MCC) may terminate this Origination Agreement with respect to the Participant as provided in Section 5.02 hereof and shall have the other remedies specified therein: (a) Failure by the Participant to fully observe or perform in any respect any warranty, covenant, condition or agreement, or failure to remain in compliance with any representation in the applicable Program Guide or the GNMA Guide, the FHLMC Guide or the FNMA guidelines, as applicable to the type of financing. (b) Failure by the Participant to timely comply with the reporting requirements required by the applicable Program Guide or Guide, the GNMA Guide, the FHLMC Guide or FNMA guidelines, as applicable to the type of financing. (c) Participant receives an unfavorable decree, order, determination, or designation from a court or agency or supervisory authority having jurisdiction over the Participant such as, the FDIC, the Office of Thrift Supervision (“OTS”), the Office of the Comptroller of the Currency (“OCC”), CFPB, FHFA or another similar regulatory action. The Participant must promptly notify the Authority, no later than 10 days after knowledge thereof, if any such order, determination, or decree is issued. Notwithstanding the foregoing, Participant shall not be required to provide any information required pursuant to this subsection to the extent applicable law prohibits the disclosure of such information to the Authority. (d) A decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a trustee in bankruptcy, a conservator or receiver or liquidator in any solvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Participant. (e) The Participant shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Participant or relating to the Participant or of or relating to all or substantially all of its property. (f) The Participant shall admit its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations. (g) The Servicer or Authority shall discover that any representation of or warranty by the Participant is false or misleading in any respect. (h) The Participant submits one (1) or more Non-Qualifying Mortgage Loans or improperly or inadequately documented Loans and/or fails to submit any documentation necessary to complete the Loan and/or clear any conditions listed in the IHCDA OnlineIHCDA’s DMS Authority Online (“DMS”).

Participant Termination. Upon the occurrence of any one or more of the following events, the Authority or the Servicer (not applicable for MCC) may terminate this Origination Agreement with respect to the Participant as provided in Section 5.02 hereof and shall have the other remedies specified therein: (a) Failure by the Participant to fully observe or perform in any respect any warranty, covenant, condition or agreement, or failure to remain in compliance with any representation in the applicable Program Guide or the GNMA Guide, the FHLMC Guide or the FNMA guidelinesGuide, as applicable to the type of financing. (b) Failure by the Participant to timely comply with the reporting requirements required by the applicable Program Guide or Guide, the GNMA Guide, the FHLMC Guide or FNMA guidelinesGuide, as applicable to the type of financing. (c) Participant receives an unfavorable decree, order, determination, or designation from a court or agency or supervisory authority having jurisdiction over the Participant such as, the FDIC, the Office of Thrift Supervision (“OTS”), the Office of the Comptroller of the Currency (“OCC”), CFPB, FHFA or another similar regulatory action. The Participant must promptly notify the Authority, no later than 10 days after knowledge thereof, if any such order, determination, or decree is issued. Notwithstanding the foregoing, Participant shall not be required to provide any information required pursuant to this subsection to the extent applicable law prohibits the disclosure of such information to the Authority. (d) A decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a trustee in bankruptcy, a conservator or receiver or liquidator in any solvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Participant. (e) The Participant shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Participant or relating to the Participant or of or relating to all or substantially all of its property. (f) The Participant shall admit its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations. (g) The Servicer or Authority shall discover that any representation of or warranty by the Participant is false or misleading in any respect. (h) The Participant submits one (1) or more Non-Qualifying Mortgage Loans or improperly or inadequately documented Loans and/or fails to submit any documentation necessary to complete the Loan and/or clear any conditions listed in IHCDA’s DMS Authority Online (“DMS”). (i) The Participant fails to reimburse IHCDA for funds advanced to it for the Second Mortgage Loan when Servicer has failed to purchase the First Mortgage originated by the Participant or has made a Request to Repurchase upon the occurrence of any of the events set forth in Section 2.02(z), or any other case in which the Participant must reimburse IHCDA Onlinepursuant to requirements of the applicable Program or Program Guide.

Participant Termination. Upon the occurrence of any one or more of the following events, the Authority or the Servicer (not applicable for MCC) may terminate this Origination Agreement with respect to the Participant as provided in Section 5.02 hereof and shall have the other remedies specified therein:therein:‌ (a) Failure by the Participant to fully observe or perform in any respect any warranty, covenant, condition or agreement, or failure to remain in compliance with any representation in the applicable Program Guide or the GNMA Guide, the FHLMC Guide or the FNMA guidelines, as applicable to the type of financing. (b) Failure by the Participant to timely comply with the reporting requirements required by the applicable Program Guide or the GNMA Guide, the FHLMC Guide or FNMA guidelines, as applicable to the type of financing. (c) Participant receives an unfavorable decree, order, determination, or designation from a court or agency or supervisory authority having jurisdiction over the Participant such as, the FDIC, the Office of Thrift Supervision (“OTS”), the Office of the Comptroller of the Currency (“OCC”), CFPB, FHFA or another similar regulatory action. The Participant must promptly notify the Authority, no later than 10 days after knowledge thereof, if any such order, determination, or decree is issued. (d) A decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a trustee in bankruptcy, a conservator or receiver or liquidator in any solvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Participant. (e) The Participant shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Participant or relating to the Participant or of or relating to all or substantially all of its property. (f) The Participant shall admit its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations. (g) The Servicer or Authority shall discover that any representation of or warranty by the Participant is false or misleading in any respect. (h) The Participant submits one (1) or more Non-Qualifying Mortgage Loans or improperly or inadequately documented Loans and/or fails to submit any documentation necessary to complete the Loan and/or clear any conditions listed in the IHCDA Online.

Participant Termination. Upon the occurrence of any one or more of the following events, the Authority or the Servicer (not applicable for MCC) may terminate this Origination Agreement with respect to the Participant as provided in Section 5.02 hereof and shall have shallhave the other remedies specified therein: (a) Failure by the Participant to fully observe or perform in any respect any warranty, covenant, condition or agreement, or failure to remain in compliance with any representation in the applicable Program Guide or the GNMA Guide, the FHLMC Guide or the FNMA guidelines, as applicable to the type of financing. (b) Failure by the Participant to timely comply with the reporting requirements required by the applicable Program Guide or Guide, the GNMA Guide, the FHLMC Guide or FNMA guidelines, as applicable to the type of financing. (c) Participant receives an unfavorable decree, order, determination, or designation from a court or agency or supervisory authority having jurisdiction over the Participant such as, the FDIC, the Office of Thrift Supervision (“OTS”), the Office of the Comptroller of the Currency (“OCC”), CFPB, FHFA or another similar regulatory action. The Participant must promptly notify the Authority, no later than 10 days after knowledge thereof, if any such order, determination, or decree is issued. (d) A decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a trustee in bankruptcy, a conservator or receiver or liquidator in any solvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Participant. (e) The Participant shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Participant or relating to the Participant or of or relating to all or substantially all of its property. (f) The Participant shall admit its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations. (g) The Servicer or Authority shall discover that any representation of or warranty by the Participant is false or misleading in any respect. (h) The Participant submits one (1) or more Non-Qualifying Mortgage Loans or improperly or inadequately documented Loans and/or fails to submit any documentation necessary to complete the Loan and/or clear any conditions listed in the IHCDA OnlineIHCDA’s DMS Authority Online (“DMS”).