Common use of Participant Termination Clause in Contracts

Participant Termination. Upon the happening of any one or more of the following events, the Authority or the Servicer 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 duly observe or perform in any respect any warranty, covenant, condition or agreement, or failure to remain in compliance with any representation in this Origination Agreement, the Program Guide, the Xxxxxx Mae Guide, the Xxxxxxx Mac Guide, or the GNMA Guide. (b) 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 and such decree or order shall have remained in force undischarged or unstayed for a period of thirty (30) days. (c) 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 all or substantially all of its property. (d) 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. (e) The Servicer or Authority shall discover that any representation of or warranty by the Participant is false or misleading in any respect. (f) The Participant submits Non-Qualifying Mortgage Loans or improperly or inadequately documented Loans.

Participant Termination. Upon the happening occurrence of any one or more of the following events, the Authority or the Servicer 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 duly fully observe or perform perform, in any respect respect, any warranty, covenant, condition or agreement, or failure to remain in compliance with any representation in this Origination Agreement, Agreement or the Program Guide, the Xxxxxx Mae Guide, the Xxxxxxx Mac Guide, or the GNMA Guide. (b) Failure by the Participant to timely comply with the reporting requirements required by the Program Guide and the Code. (c) 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 and such decree or order shall have remained in force undischarged or unstayed for a period of thirty (30) daysParticipant. (cd) 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 of or relating to all or substantially all of its property. (de) 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. (ef) The Servicer or Authority shall discover or be notified that any representation of or warranty by the Participant is false or misleading in any respect. (fg) The Participant submits one or more Non-Qualifying Mortgage MCC Loans or improperly or inadequately documented MCC Loans.

Participant Termination. Upon the happening occurrence of any one (1) or more of the following events, the Authority or the Servicer 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 duly fully observe or perform perform, in any respect respect, any warranty, covenant, condition condition, or agreement, or failure to remain in compliance with any representation in this Origination Agreement, Agreement or the Program Guide, the Xxxxxx Mae Guide, the Xxxxxxx Mac Guide, or the GNMA Guide. (b) Failure by the Participant to timely comply with the reporting requirements required by the Program Guide and the Code. (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”), etc. (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 and such decree or order shall have remained in force undischarged or unstayed for a period of thirty (30) daysParticipant. (ce) 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 of or relating to all or substantially all of its property. (df) 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. (eg) The Servicer or Authority shall discover or be notified that any representation of or warranty by the Participant is false or misleading in any respect. (fh) The Participant submits one (1) or more Non-Qualifying Mortgage MCC Loans or improperly or inadequately documented MCC Loans.

Participant Termination. Upon the happening occurrence of any one (1) or more of the following events, the Authority or the Servicer 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 duly fully observe or perform in any respect any warranty, covenant, condition or agreement, or failure to remain in compliance with any representation in this Origination Agreement, the Program Guide, the Xxxxxx Xxx Guide or the GNMA Guide, as applicable. (b) Failure by the Participant to timely comply with the reporting requirements required by the Program Guide, the Xxxxxx Mae Guide, the Xxxxxxx Mac Guide, GNMA Guide or the GNMA GuideCode. (ba) 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 or FHFA, etc. The Participant must notify IHCDA if any such order, determination, or decree is issued. (c) 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 and such decree or order shall have remained in force undischarged or unstayed for a period of thirty (30) daysParticipant. (cd) 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. (de) 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. (ef) The Servicer or Authority shall discover that any representation of or warranty by the Participant is false or misleading in any respect. (fg) The Participant submits one (1) or more Non-Qualifying Mortgage Loans or improperly or inadequately documented Loans.